overview:
Nova AgriTech plans to conclude the basis of allotment for its latest initial public offering (IPO) on Monday, January 29. Investors who participated in the bidding for the issue can expect to receive notifications, alerts, or emails regarding the debit of funds or the revocation of the IPO mandate by the close of Monday. The agricultural nutrition company experienced significant interest from investors throughout the bidding process.
The Nova AgriTech IPO took place from January 23 to January 25, with a set price range of Rs 39-41 per share. The company generated approximately Rs 143.81 crore through its primary route, comprising a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) involving up to 77.58 lakh equity shares.
key highlights :
The subscription for the issue reached an impressive 109.37 times, with non-institutional bidders leading at 224.08 times. Qualified institutional bidders (QIBs) subscribed 79.31 times, while retail investors’ portion saw a subscription of 77.12 times during the bidding process.
Nova AgriTech’s grey market premium (GMP) experienced an upward trend due to robust investor interest, despite broader market volatility. As of the latest update, the company is enjoying a premium of Rs 23 per share, indicating a potential listing gain of 55-56 percent. Previously, Nova AgriTech’s GMP was at Rs 20 per share in the unofficial market.
Brokerage firms generally expressed optimism about the Nova AgriTech IPO. Analysts appreciated Nova AgriTech’s robust business model, emphasis on the agriculture sector, favorable profit margins, and potential for expansion. However, there were some skeptics who raised concerns. Despite reservations, they recommended subscribing to the issue for long-term gains, acknowledging the rich valuations and geographical concentration as factors to consider.
Investors who participated in the bidding for the issue can verify the allotment status on the BSE website’s IPO application check page. Navigate to the equity section, choose Nova AgriTech Limited from the drop-down menu under the issue type, enter the application number, and input the PAN card number. Complete the verification process by checking the ‘I am not a Robot’ box and then proceed to submit the request.
documents :
Investors have the option to verify the allotment status through the online portal of Bigshare Services, the registrar to the issue. Access the Bigshare Services web portal, choose the Nova AgriTech IPO from the drop-down menu. Specify the application type and enter either the PAN card number, application number, or DP client ID in the designated tab. After completing the captcha, click on ‘search’ to retrieve the allotment status for your application.