Godrej Agrovet shares gain 29% in stellar market debut

Shares of Godrej Agrovet ended with 29 per cent gains during their trading debut on Monday. The stock ended at Rs 592 compared to Initial Public Offer (IPO) price of Rs 460 per share on the National Stock Exchange (NSE).

The stock touched a high of Rs 630 and a low of Rs 563.4 on the NSE with a total of Rs 1,441 crore worth of shares changing hands.

Another Rs 221 crore worth of shares were traded on the BSE where the scrip touched a high of Rs 630 and a low of Rs 564.

Godrej Agrovet is a leading player in the animal feed segment and also has a presence in crop protection, palm oil, dairy and poultry businesses.

The good listing day performance follows stellar response to Godrej Agrovet's Rs 1,170-crore IPO. The share sale had seen 95 times oversubscription.

"The company has a healthy balance sheet with FY17 debt-to-equity of 0.7 times. At upper band, the stock is available at 32.1 times of FY17 earnings," IIFL had said in a note advising it a client to subscribe to the offering.