Nova AgriTech is scheduled to finalise the basis of allotment for its recent initial public offer (IPO) on Monday, January 29. Investors, who bade for the issue, would be receiving messages, alerts or emails for debit of funds or revocations of IPO mandate by the end of Monday. The crop nutrition player had received a strong response from investors during the bidding process.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.The issue was subscribed 109.37 times, led by 224.08 times subscription by non-institutional bidders. 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.The grey market premium (GMP) of Nova AgriTech inched higher following the strong investor interest despite volatility in the broader market. Last heard, the company was commanding a premium of Rs 23 per share, suggesting a listing pop of 55-56 per cent. Earlier the GMP for Nova AgriTech stood at Rs 20 apiece in the unofficial market.Incorporated in May 2007, the Hyderabad-based Nova AgriTech mainly focuses on three segments: soil health, plant nutrition and crop protection.
Brokerage firms were mostly positive on the Nova AgriTech IPO. Anlaysts liked Nova AgriTech’s strong business model, focus in the agri sector, margins and scope for expansion. However, others were sceptical. They had, however, suggested subscribing the issue for long-term gains due to rich valuations and geographical concentration.
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. Shares of the company shall be listed on both BSE and NSE with January 31, 2024, Wednesday as the tentative date of listing.Investors, who bade for the issue, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Nova AgriTech Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.Investors can also check the allotment status on the online portal of Bigshare Services, the registrar to the issue. Visit the web portal of Bigshare Services and select the IPO of Nova AgriTech in the dropbox. Select the type of application and enter the either PAN card number, application number or DP client ID as selected tab and hit ‘search’ after filling in the captcha to get the allotment status for your application.