Godrej Agrovet's Rs 1,170-cr IPO subscribed 95 times

The Rs 1,170-crore initial public offering (IPO) of Godrej Agrovet saw 95 times more demand than shares on offer. The institutional portion of the issue was subscribed 151 times, while the non-institutional category comprising high net-worth individuals (HNIs) was subscribed 236 times. The retail investor portion was subscribed 7.3 times. Godrej Agrovet is a leading player in the animal feed segment and it also has a presence across segments, including the crop protection, palm oil, dairy and poultry businesses.

The price band for the offering was fixed at Rs 450-460 per share.

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

Kotak Mahindra, Axis Capital and Credit Suisse are the book-running lead managers for the issue.