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Oct 06, 2017 09:04 PM IST | Source: PTI

Godrej Agrovet IPO draws heavy demand, oversubscribed 95 times

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 155.17 times, non-institutional investors 238.68 times and retail investors 7.55 times, merchant banking sources said.

Godrej Agrovet IPO draws heavy demand, oversubscribed 95 times

The initial public offer of Godrej Agrovet was a big hit as the issue oversubscribed 95.34 times on the last day of bidding today.

The Initial Public Offering (IPO) to raise around Rs 1,157 crore received bids for 1,71,86,73,920 shares against the total issue size of 1,80,27,464 shares, as per NSE's data till 1930 hrs.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 155.17 times, non-institutional investors 238.68 times and retail investors 7.55 times, merchant banking sources said.

Till yesterday, the IPO was oversubscribed 2.33 times.

Godrej Agrovet earlier this week raised a little over Rs 341 crore from anchor investors.

The issue comprises a fresh issue of shares worth Rs 291.51 crore besides an offer for sale worth up to Rs 300 crore by Godrej Industries and sale of up to 1.23 crore shares by V- Science.

The price band has been fixed at Rs 450-460 per share. At the upper end of the band, the sale would fetch around Rs 1,157 crore.

Godrej Industries owns 60.81 percent in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.

The proceeds of the IPO would be utilised towards repayment of loans and other general purposes.

Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Private Limited are managing the company's issue. The shares are proposed to be listed on BSE and NSE.
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