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HomeBusinessNova Agritech raises ₹ 43.14 crore from Anchor Investors

Nova Agritech raises ₹ 43.14 crore from Anchor Investors

MUMBAI, Jan 19 (The CONNECT) -Agri-input manufacturer, Nova Agritech Limited has garnered ₹ 43.14 crore from anchor investors ahead of its initial public offering that opens for public subscription on Monday, January 22, 2024.

The company informed the bourses that it allocated 1,05,22,220 equity shares at ₹ 41per share on Friday, January 19, 2024, to anchor investors.

Foreign and Domestic Institutions who participated in the anchor were Quantum- State Investment Fund, Neomile Growth Fund, AG Dynamic Funds limited and Saint Capital Fund.

Keynote Financial Services Limited and Bajaj Capital Limited are the book running lead managers and Bigshare Services Pvt. Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

The Offer of face value of ₹2 per equity share consists of a fresh issue of equity shares aggregating to  112 crore and an offer-for-sale (OFS) of up to 77,58,620 equity shares by the selling shareholder Nutalapati Venkatasubbarao.

The issue closes on Wednesday, January 24, 2024. The price band for the Offer has been determined at  39 to  41 per equity share.

The IPO will fetch  143.81 crore at the upper end of the price band.

Investors can bid for a minimum of 365 equity shares and in multiples of 365 equity shares thereafter.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.

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