MUMBAI - Nova Agritech, an emerging player in the agriculture sector, has announced the launch of its initial public offering (IPO) with a price range set at Rs 39-41 per share. The company aims to raise Rs 112 crore through the public offering, which opens on January 23 and will be available for subscription until January 25.
Investors interested in the IPO will have a limited window to subscribe, with the company set to finalize share allotment by January 29. Following the subscription period, Nova Agritech's shares are anticipated to make their debut on stock exchanges on January 31.
The investment distribution for the IPO heavily favors Qualified Institutional Buyers (QIBs), which are allocated half of the investment opportunity. The remaining shares are split between retail investors and non-institutional investors, providing a diverse investor base.
The funds raised from the IPO are earmarked for several key areas of the company's growth strategy. Specifically, Nova Agritech plans to use the proceeds for capital expenditure and to meet working capital requirements. Additionally, a portion of the funds will be invested in the company's subsidiary.
Nova Agritech's decision to go public comes on the heels of a period of strong financial performance. The company reported a significant increase in revenue and net profit for a recent six-month financial period, with revenues reaching Rs 103 crore.
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