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Nova AgriTech IPO grey market premium halves a day before listing; D-St debut on Wednesday

Nova AgriTech IPO grey market premium halves a day before listing; D-St debut on Wednesday

Bajaj Capital and Keynote Financial Services are the book running lead managers of the Nova AgriTech IPO, while Bigshare Services is the registrar for the issue.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Jan 30, 2024 3:54 PM IST
Nova AgriTech IPO grey market premium halves a day before listing; D-St debut on Wednesday Incorporated in May 2007, the Hyderabad-based Nova AgriTech mainly focuses o
SUMMARY
  • Nova AgriTech IPO shares at Dalal Street on Wednesday.
  • The issue was sold at Rs 230 apiece between Jan 23-25.
  • It raised Rs 134.91 crore via issue; overall booked 109.37x.

Nova AgriTech is set to make its Dalal Street debut on Wednesday and the company has lost more than 50 per cent of its premium in the grey market amid the rising volatility in the broader markets and muted listings of recent IPOs. However, the company was earlier signaling a bumper listing pop for the investors. Last heard, Nova AgriTech was commanding a premium of Rs 11 apiece in the grey market, signaling a decent listing pop of 25-27 per cent to the investors. However, the premium in the unofficial market has tumbled sharply as the Nova was once commading a premium of Rs 21-23 per share earlier. Nova is strategically positioned to capitalize on the substantial growth potential within the Indian agricultural sector. The government's focus on enhancing farm productivity, coupled with initiatives creates a conducive environment for sustained growth. Its expansion plans align with the industry's upward trajectory, said Dhruv Mudaraddi, Research Analyst at Stoxbox. "Nova AgriTech boasts two key qualitative advantages. Its well-established distribution network across cities and a robust farmer outreach program ensure a high degree of acceptance for its products. We believe the company is an attractive proposition considering its reasonable valuation and advise investors who have received allotment to hold shares from a medium-term perspective," he said. The Nova AgriTech IPO ran from January 23 to January 25. The IPO price band was fixed at Rs 39-41 per share. The company raised around Rs 143.81 crore from its primary route, which included a fresh share sale of Rs 112 crore and offer-for-sale (OFS) of up to 77.58 lakh equity shares.  

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Incorporated in May 2007, the Hyderabad-based Nova AgriTech mainly focuses on three segments: soil health, plant nutrition and crop protection. Bajaj Capital and Keynote Financial Services are the book running lead managers of the Nova AgriTech IPO, while Bigshare Services is the registrar for the issue. 

 

 

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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.
Published on: Jan 30, 2024 3:54 PM IST
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