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The Nova AgriTech initial public offering (IPO) was oversubscribed 109.37 times during its price range of Rs 39–41 per share, which was held from January 23 to January 25.

On January 29, Nova AgriTech is scheduled to disclose the allocation methodology for its initial public offering (IPO). Investors can expect updates about any fund withdrawals or modifications to the IPO mandate.

Investors responded favorably to the company, a major participant in crop nutrition, during the IPO bidding process. The price range for the IPO, which took place between January 23 and January 25, was Rs 39 to Rs 41 per share.

Through a primary route that included an offer-for-sale (OFS) of up to 77.58 lakh equity shares and a fresh share sale of Rs 112 crore, Nova AgriTech successfully raised approximately Rs 143.81 crore.

The initial public offering (IPO) attracted a lot of attention with a subscription rate of 109.37 times, especially from non-institutional bidders who subscribed 224.08 times. QIBs, or qualified institutional bidders, made 79.31 subscriptions, and retail investors showed strong interest with a subscription rate of 77.12 times.

The grey market premium (GMP) for Nova Agritech increased despite market volatility, hitting Rs 23 per share, suggesting a potential listing pop of 55–56 percent. Compared to the previous GMP of Rs 20 per share in the unofficial market, this represented an increase.

The majority of brokerage firms had positive things to say about the Nova Agritech IPO. The company’s robust business model, emphasis on the agribusiness, robust margins, and prospects for growth were highly praised by analysts.

Some, however, remained cautious because of the high valuations and geographic concentration, recommending long-term subscription in anticipation of possible gains.

For the Nova Agritech IPO, Bigshare Services is the registrar, and Bajaj Capital and Keynote Financial Services are the book running lead managers.

On January 31, the company’s shares are scheduled to be listed on the BSE and NSE.

 

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