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Godrej Agrovet IPO subscribed 52% on first day

The IPO committee at a meeting held yesterday finalised allocation of Rs 74.17 lakh shares to 25 anchor investors at an upper end of the IPO band at Rs 460 per share aggregating Rs 341.19 crore

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Godrej Agrovet IPO subscribed 52% on first day

Godrej Agrovet's initial public offer (IPO) received bids for 93.76 lakh as compared to 1.8 crore on offer on the first day of bidding for the IPO on Wednesday, 4 October 2017, data on showed as at 17:15 IST. The IPO was subscribed 52%. The price band for the IPO has been fixed at Rs 450-460 per share. The IPO opened on Wednesday, 4 October and closes on 6 October 2017.

The IPO comprises of fresh issue of Rs 291.51 crore. The offer also comprises of offer for sale of 1.23 crore by V-Sciences Investments Pte Ltd (an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited). The offer also comprises of offer for sale of Rs 300 crore by the promoter,

Ahead of the IPO, the IPO committee of the board of directors of Godrej Agrovet at a meeting held yesterday, 3 October 2017, finalized allocation of 74.17 lakh to 25 anchor at a upper end of the IPO price band at Rs 460 per share aggregating Rs 341.19 crore.

The objects of the issue is to spend around Rs 100 crore on repayment of working capital facilities availed by the company, Rs 150 crore for repayment of commercial papers and rest for general corporate purposes, apart from the benefits of listing the equity on the and the and to enhance its visibility and brand image and provide to its existing shareholders.

Godrej Agrovet reported net profit of Rs 63.54 crore on revenue from operations of Rs 1342.7 crore in Q1 June 2017.

Incorporated in 1991 and a part of Godrej group and promoted by Adi Godrej and Nadir Godrej and Godrej Industries, Godrej Agrovet (GA) is a diversified research and development focused with operations across five business verticals: animal feed, crop protection, oil palm, dairy and poultry and

First Published: Wed, October 04 2017. 18:24 IST
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