The subscription period for the Nova Agritech IPO has been rescheduled and is now set to run from today, i.e., January 23, Tuesday, until Thursday, January 25. Originally slated to commence on Monday, January 22, the opening was postponed due to a public holiday marking the inauguration of the Ram Temple in Ayodhya, causing the equity market to remain closed.
The Nova Agritech IPO, with a price band ranging from ₹39 to ₹41 per equity share of a face value of ₹2, raised ₹43.14 crore from anchor investors on Friday, January 19. The company allocated over 1.05 crore equity shares at ₹41 per share to anchor investors.
Valued at ₹143.81 crore, the Nova Agritech IPO consists of a fresh issue of ₹112 crore and an offer-for-sale (OFS) of 7,758,620 equity shares of ₹2 each, aggregating up to ₹31.81 crore by the selling shareholder, Nutalapati Venkatasubbarao.
The lot size for the Nova Agritech IPO is 365 equity shares, with subsequent multiples in the same denomination. Allocation percentages for the public issue are set at not more than 50% for qualified institutional buyers (QIB), not less than 15% for non-institutional investors (NII), and a minimum of 35% for retail investors.
Nova AgriTech Ltd shares are reportedly trading in the grey market at a premium of ₹20 today, according to stock market observers.
Prominent figures such as Malathi S, Kiran Kumar Atukuri, Yeluri Family Trust, Suraksha Agri Retails (India) Private Limited, among others, serve as the company’s promoters. As of January 12, they collectively hold 5,49,44,020 equity shares, equivalent to 84.27% of the issued shares, according to the Red Herring Prospectus (RHP).
The net proceeds from the IPO are earmarked for various purposes, including investments in the subsidiary Nova Agri Sciences Private Limited for constructing a new formula factory, financing the expansion of an existing formula plant, meeting working capital needs, and supporting general business purposes.