Godrej Agrovet subscribed 2.33 times on Day 2

By: | Published: October 6, 2017 3:53 AM

The initial public offering (IPO) of Godrej Agrovet was subscribed by 2.33 times on Thursday with investors bidding for 4.19 crore shares of the 1.80 crore shares on offer.

Godrej Agrovet, Godrej Agrovet ipo, Godrej Agrovet ipo subcriptionQualified institutional buyers bid for 98.98 lakh shares against 50.82 lakh shares reserved for them. (Reuters)

The initial public offering (IPO) of Godrej Agrovet was subscribed by 2.33 times on Thursday with investors bidding for 4.19 crore shares of the 1.80 crore shares on offer. Qualified institutional buyers bid for 98.98 lakh shares against 50.82 lakh shares reserved for them. High net worth individuals bid for 77.37 lakh shares and retail investors bid for 2.42 crore shares against 87.50 lakh shares reserved for them.

On Tuesday, Godrej Agrovet allotted 74.17 lakh equity shares worth `341.19 crore at `460 per share to 25 anchor investors. The government of Singapore, JP Morgan, Goldman Sachs India, ICICI Prudential AMC, SBI Life Insurance, Motilal Oswal, Kotak Mutual Fund, Sundaram MF and Axis Mutual Funds are among the anchor investors who were allotted shares.

The IPO of the company, part of Godrej Industries, would remain open for subscription till Friday. GAVL, a agri-business company is planning to raise around `1,157 crore from its initial public offering (IPO). The company has set a price band of `450-460 per share for its IPO and when calculated at the upper band of the issue price the company will be valued at around `8,816.40 crore.

The issue consists of the fresh issue up to `291.51 crore and offer for sale (OFS) shares worth `300 crore by promoter selling shareholder Godrej Industries and up to `565.8 crore by investor selling shareholder V-Sciences Investments.

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