Nova Agritech IPO: What latest GMP, subscription status signal ahead of Nova IPO allotment date

The Nova Agritech IPO allotment date has been scheduled for Monday, January 29. Investors will have to keep an eye on the Nova Agritech IPO registrar’s website, which is Bigshare Services Pvt Ltd. On Tuesday, January 30, shares for individuals who have been allotted will be credited to their demat accounts. The refund process for those who did not get shares will begin on the same day itself. Nova Agritech IPO shares will be listed on the NSE and BSE on Wednesday, January 31. 

Also Read: Nova Agritech IPO last date: Issue oversubscribed 109.37 times; GMP steady

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As a manufacturer of agricultural inputs, Nova Agritech specialises in crop protection, crop nutrition, and soil health management. Our tech-driven farmer-driven solution approach allows us to provide products that are both nutritionally balanced and environmentally sustainable, with a focus on research and development.

Also Read: Nova Agritech IPO: Issue continues to see robust demand on day 2, booked 33.87 times; GMP steady

Let’s check what does Nova Agritech IPO GMP today signal ahead of Nova Agritech IPO allotment date; 

Nova IPO GMP or grey market premium is +20, similar to the previous seven trading sessions. This indicates Nova Agritech share price were trading at a premium of ₹20 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Nova Agritech share price was indicated at ₹61 apiece, which is 48.78% higher than the IPO price of ₹41.

Based on last 19 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹20, as per analysts of investorgain.com.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Nova Agritech IPO Subscription Status

Investors responded to the Nova Agritech IPO with great enthusiasm on all the three days.

Nova Agritech IPO subscription status was 109.37 times on day 3, as per BSE data. Nova IPO’s retail investors portion was subscribed to 77.12 times, Non Institutional Investors (NII) portion was subscribed to 224.08 times, and Qualified Institutional Buyers (QIB) portion was booked 79.31 times.

At the end of day 2, Nova IPO subscription status was 33.87 times, and on day 1, Nova IPO subscription status was 9.75 times.

Also Read: Nova Agritech IPO: Issue fully subscribed as day 1 sees rush from NIIs, retail investors; GMP steady

Nova Agritech IPO details

Nova IPO, which is worth ₹143.81 crore, comprises a fresh issue of ₹112 crore, and an offer-for-sale (OFS) of 7,758,620 equity shares of ₹2 aggregating up to ₹31.81 crore by the selling shareholder, Nutalapati Venkatasubbarao.

The net proceeds of the issue are planned to be used as follows: Investment in the subsidiary Nova Agri Sciences Private Limited for the construction of a new formula factory; financing the company’s capital expenditures for the expansion of an existing formula plant; financing the company’s working capital needs; investment in subsidiary Nova Agri Sciences Private Limited to finance working capital needs; and for general business purposes.

Keynote Financial Services Ltd and Bajaj Capital Limited are the lead managers for the Nova AgriTech IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Also Read: Nova Agritech IPO announces price band at ₹39-41 per share; check GMP, issue details, key dates, more

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 26 Jan 2024, 11:21 AM IST