Nova AgriTech IPO allotment status: Check application, latest GMP and listing date

Nova AgriTech is scheduled to announce the basis of allotment of its shares most likely on Monday, January 29. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended weekend or by Monday. The crop nutrition player received a robust response from the investors.

Nova AgriTech sold its IPO in the price band of Rs 39-41 per share with a lot size of 365 shares, which was open for bidding between January 23 to January 25. The company aimed to raise around Rs 143.81 crore from its primary offering, which included a fresh share sale of Rs 112  crore and offer-for-sale (OFS) of up to 77.58 lakh equity shares.

The issue was overall subscribed a stellar 109.37 times, thanks to strong bidding from non-institutional bidders, who joined the bidding party through the bidding. Their allocation was booked a whopping 224.08 times. The quota for qualified institutional bidders (QIBs) was subscribed 79.31 times, and the portion of retail investors was subscribed 77.12 times during the bidding.

Grey market premium (GMP) of Nova AgriTech has remained stable during the bidding process. Last heard, the company was commanding a premium of Rs 20 per share, suggesting a listing pop of 48-50 per cent for the investors. The premium has remained at this level throughout the bidding, despite volatile sentiments in the listed markets.

Nova AgriTech, incorporated in May 2007, manufactures products that help farmers grow crops better. Hyderabad-based Nova AgriTech mainly focuses on three things- soil health, plant nutrition and crop protection. The products are manufactured using technology and are designed to be environmentally friendly and nutritious.

Brokerage firms were mostly positive on Nova AgriTech IPO and suggested subscribing for the long term. on the back its strong business model, focus in the agri sector, robust margins and commendable expansion in the business. However, others are skeptical on citing rich valuations, climatic situations and geographical concentration.

Keynote Financial Services and Bajaj Capital are the book running lead managers of the Nova AgriTech IPO, while Bigshare Services is the registrar for the issue. Shares of the company will be listed on both BSE and NSE with January 31, 2024, Wednesday as the tentative date of listing.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Nova AgriTech Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.