Nova Agritech IPO subscribed 33.82x on Day 2; NII category booked 71.19x

The Initial Public Offering of Nova Agritech, a manufacturer of agricultural inputs, was subscribed 33.82 times on the second day of the offer on Wednesday

The Initial Public Offering (IPO) of Nova Agritech Ltd, a manufacturer of agricultural inputs, got subscribed 33.82 times on the second day of subscription on Wednesday.

The IPO received bids for 859,622,815 shares against 25,414,746 shares on offer, as per NSE data.

The category for Non-Institutional Investors (NIIs) received 71.19 times subscriptions, while the portion for Retail Individual Investors (RIIs) subscribed 36.19 times. Qualified Institutional Buyers (QIBs) part got subscribed 1.12 times.

The IPO comprises a fresh issue of equity shares worth up to Rs 112 crore and an Offer For Sale (OFS) component of 7.76 million equity shares by a shareholder Nutalapati Venkatasubbarao, who owns an 11.9 per cent stake in the company.

On Friday, Nova Agritech had raised a little over Rs 43 crore from anchor investors. It has set a price band of Rs 39-41 per share for the issue.

At the upper end of the price band, the maiden public issue is expected to mobilise Rs 143.81 crore.

Incorporated in 2007, the firm manufactures, distributes and markets a wide range of product categories consisting of soil health management products, crop nutrition, biostimulants, bio-pesticide, integrated pest management products and crop protection products.

Keynote Financial Services Ltd and Bajaj Capital Ltd are the book-running lead managers to the issue.

The equity shares are proposed to be listed on BSE and NSE.