Nova AgriTech IPO: GMP, subscription status, review, other details. Should you apply as bidding ends today?
Nova AgriTech IPO: Bidding for the initial public offering (IPO) of Nova AgriTech Limited, which means investors have just one day in hand to apply for the book build issue. As per the Nova AgriTech IPO subscription status, the public issue has been subscribed 33.87 times in the first two days of bidding. Meanwhile, shares of Nova AgriTech Limited have remained steady in the grey market despite high volatility on Dalal Street in recent sessions.
According to stock market observers, Nova AgriTech IPO grey market premium (GMP) today is ₹20, which is unchanged from its GMP for the last few sessions. Market observers went on to add that a steady GMP signals high conviction of the grey market regarding Nova AgriTech IPO. Observers further added that steady GMP can be attributed to the strong response given by investors to the public issue in the first two days of bidding.
In the first two days of bidding, the public issue got subscribed 33.87 times whereas its retail portion got subscribed 36.28 times. The NII portion of the book buyild issue was subscribed 71.23 times while the QIB segment got subscribed 1.12 times.
See Nova AgriTech IPO details below:
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Last week, Nova Agritech Ltd raised ₹43.14 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were AG Dynamic Funds Limited, Neomile Growth Fund – Series I, Saint Capital Fund, and Quantum-State Investment Fund.
Giving a subscribe tag to the book build issue, BP Equities said, “Turning to valuations, the PE ratio stands at 12.3x based on the annualized diluted H1FY24 EPS which appears relatively low compared to peers in the industry. The valuation outlook hinges on Nova AgriTech’s ability to maintain its current sales growth rate, preserve net margins, and gradually improve them. Based on the positives discussed, we give the issue a “SUBSCRIBE” rating.”
Ventura Securities has also given a ‘subscribe’ tag to the public issue saying, “NATL emphasizes regulatory compliance for agri inputs and mitigates sector-related risks by diversifying across states. The company plans to invest in obtaining registrations and licenses, expanding its presence in domestic and international markets. Focused on innovation, NATL aims to continuously develop and register new formulations through its R&D process. As of November 30, 2023, it has received 720 product registrations, with ongoing efforts to secure additional registrations and leverage process automation for improved products and services. It intends to apply for DSIR certification to enhance collaboration with universities and capitalize on government research projects in the evolving agricultural sector.”
Swastika Investmart and StoxBox have also given ‘buy’ tag to the book build issue whereas Keynote Financial Services has not rated the public offer.
Nova AgriTech IPO details
Nova AgriTech IPO allotment date is most likely on 29th January 2024 whereas Nova AgriTech IPO listing date is likely to take place on 31st January 2024.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 25 Jan 2024, 09:39 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.