Nova Agritech IPO: Issue opens for subscription, check details here

23 Jan 2024 , 12:07 PM

Due to a stock market holiday, Nova Agritech’s initial public offer (IPO) will now take place on January 23 rather than January 22. The deadline for this issue is January 25. The company is preparing for its January 31 IPO, and on January 29 shares will be allocated for the public offering. Click here to subscribe the IPO.

Nova Agritech IPO has been fully subscribed in the first 2 hours. The IPO has been subscribed 2.59 times by 12.00 PM. The retail portion has been subscribed 3.95 times while the non-institutional portion has been subscribed 2.87 times.

The agri-input company Nova AgriTech specializes in providing tech-based farmer-driven solutions for soil health management, crop nutrition, and crop protection. Its R&D-driven products are mostly balanced and environmentally friendly.

The main products of the crop nutrition sector are biostimulants and fertilizers (chemical, organic, and bio-fertilizers). Any substance, synthetic or natural, that is applied to soil or plant tissues to provide nutrients to the plants is called fertilizer. The three main macronutrients that are targeted for fertilization in the majority of modern agricultural methods are nitrogen, phosphorus, and potassium.

The company’s operating revenue in FY23 increased 13% year over year to Rs 210 crore, while its profit after tax (PAT) increased 50% to Rs 20.48 crore. Revenue for the six months that concluded in September 2023 was Rs 103 crore, and profit came in at Rs 10.3 crore.

The IPO’s proceeds will be utilized to finance working capital needs, capital expenditures, and subsidiary investments.

Bigshare Services is the offer registrant, and Keynote Financial Services and Bajaj Capital are the book-running lead managers.

The IPO’s share allotment will be completed on January 29, and January 31 is the set date for listing.

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