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Godrej Agrovet makes strong debut on bourses, shares jump 37%

Indian companies have so far raised around $8 billion in IPOs this year


Godrej Agrovet bets on Astec, innovation to improve topline
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Animal feed producer Ltd's shares surged as much as 37 percent on market debut on Monday after an of about $179 million.

stock jumped to as much as 630 rupees from its price of 460 rupees after raising 11.6 billion rupees in the that was subscribed over 95 times earlier this month.

Analysts at Angel Broking have given the stock a "subscribe" rating, considering the company's diversified business profile, decent margins, strong return ratios, healthy balance sheet and strong history of its parent.

Besides its main animal feed business, is into crop protection, oil palm, dairy and poultry, as well as processed foods.

Indian have so far raised around $8 billion in this year, and look set to surpass the record $8.65 billion raised in 2007.

First Published: Mon, October 16 2017. 13:24 IST