Also Read: Nova AgriTech IPO: GMP, Subscription Status, Review, Other Details. Should you apply since the call ends today?
Investor response to Nova Agritech's IPO continued to be impressive on the second day of subscription. At the end of the second day, subscription status for Nova Agritech's IPO stood at 33.87, according to data available on BSE.
On the second day, the retail investor portion of Nova Agritech IPO was subscribed 36.28 times, the non-institutional investor (NII) portion was subscribed 71.23 times and the qualified institutional buyer (QIB) portion was subscribed 1.12 times.
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Nova Agritech IPO details
Nova Agritech's IPO was fully booked within the first hour of the IPO opening on the first day due to the overwhelming response from retail and non-institutional investors (NIIs). Nova IPO subscription status was 9.75x at the end of the first day.
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On the first day, the share of retail investors in Nova Agritech IPO was subscribed 12.77 times, the share of non-institutional investors (NII) was subscribed 14.68 times and the share of qualified institutional buyers (QIB) was subscribed 62%.
Also Read: Nova Agritech IPO: Issue fully subscribed as first day rush from NIIs and retail investors; GMP stable
The subscription date for Nova Agritech's IPO has been postponed to Tuesday, January 23rd and closes on Thursday, January 25th. Initially, the opening of Nova Agritech's IPO was scheduled for Monday, January 22, but the stock market remained closed on Monday due to public holiday in the country celebrating the inauguration of the Ram temple in the northern city of Ayodhya. Therefore the opening was postponed. The price range for Nova Agritech's IPO is in the range of ₹39 to ₹41 per share with a par value of ₹2.
The lot size of Nova Agritech's IPO is 365 shares and multiples of 365 shares thereafter. Nova Agritech IPO has reserved not less than 50% of the shares of the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Institutional Investors (NII) and not less than 35% of the offering has been reserved for retail investors.
Nova Agritech IPO Subscription Status
According to BSE data, Nova IPO has received offers for 1,68,07,99,450 shares against 2,54,14,746 shares on offer at 1:54 pm IST.
The retail investor portion of the Nova Agritech IPO received offers for 77,12,88,800 shares as against 1,27,66,799 shares offered for this segment.
The non-institutional investor portion of Nova IPO received offers for 84,62,94,840 shares as against 54,71,486 shares offered for this segment.
The QIBs unit of Nova Agritech IPO received offers for 6,32,15,810 shares as against 71,76,461 shares offered for this segment.
Also Read: Nova Agritech IPO: Issue continues to see strong demand on second day, booked 33.87 times; GMP stable
Nova Agritech IPO details
Nova IPO that is worthwhile ₹143.81 crore, includes a new edition of ₹112 crore and an offer for sale (OFS) of 7,758,620 shares of ₹2 in summary up to ₹31.81 crore from selling shareholder Nutalapati Venkatasubbarao.
The net proceeds of the issue are to be used as follows: Investment in subsidiary Nova Agri Sciences Private Limited for construction of a new formula factory; Financing the Company's capital expenditures for the expansion of an existing formulary plant; Financing the company's working capital needs; Investment in subsidiary Nova Agri Sciences Private Limited to fund working capital requirements; and for general business purposes.
Keynote Financial Services Ltd and Bajaj Capital Limited are the lead managers for the IPO of Nova AgriTech while Bigshare Services Pvt Ltd is the registrar for the issue.
Nova Agritech IPO GMP today
Nova IPO GMP or gray market premium is +20, similar to the last six trading sessions. This suggests that Nova Agritech's share price was trading at a premium of ₹20 on the gray market, according to investorgain.com.
Taking into account the upper end of the IPO price range and the current gray market premium, the estimated listing price of Nova Agritech shares has been included ₹61 per piece, which is 48.78% higher than the IPO price of ₹41.
Based on gray market activity over the last 18 sessions, IPO GMP is pointing higher today and expects a strong listing. The lowest GMP is ₹0, while the highest is GMP ₹20, according to analysts at investorgain.com.
“Gray market premium” indicates investors’ willingness to pay more than the issue price.
Also Read: Nova Agritech IPO opens today: Check GMP, verification and other important details. Should you register?
Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.
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Published: Jan 25, 2024 02:01 PM IST
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