The initial public offering (IPO) of Godrej Agrovet was oversubscribed 2.33 times on the second day of subscription on Thursday. The IPO to raise around Rs 1,157 crore received bids for 41,993,536 shares against the total issue size of 18,027,464 shares, data available with the NSE showed. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 1.95 times, non institutional investors 2.06 times and retail investors 2.77 times. IPO was subscribed 52 per cent on Day 1. Godrej Agrovet earlier this week raised a little over Rs 341 crore from anchor investors.
The IPO of the company, part of Godrej Industries, would remain open for subscription till tomorrow. The issue comprises fresh issue of shares worth Rs 291.51 crore besides an offer for sale worth up to Rs 300 crore by Godrej Industries and sale of up to 12.3 million shares by V- Science. The price band has been fixed at Rs 450-460 per share. At the upper end of the price band, the sale would fetch around Rs 1,157 crore. Godrej Industries owns 60.81 per cent in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.