Analysts expect the listing price to be in Rs 550-600 per share range, given the overwhelming response to the issue and hefty grew market demand.
Godrej Agrovet, the diversified agro-business company, will make a Dalal Street debut on Monday, October 16, 2017.
The final issue price is fixed at Rs 460 per share, at the higher end of price band.
Analysts expect the listing price to be in Rs 550-600 per share range, given the overwhelming response to the issue and market demand.
Sources told Moneycontrol that market premium for the stock is in the range of Rs 140-155 per share.
The Rs 1,157-crore initial public offer was oversubscribed 95.41 times on October 6, the last day of bidding.
The issue received bids for 171.99-crore equity shares against the IPO size of 1.8 crore shares. The reserved portion of qualified institutional buyers (QIBs) had seen oversubscription of 150.96 times while the category reserved for non-institutional investors was oversubscribed 236.04 times and retail investors 7.67 times.
The initial public offering, which opened for subscription on October 4 with a price band of Rs 450-460 per share, comprised of fresh issue of shares worth Rs 291.51 crore and offer for sale of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based investment company Temasek.
On October 3, Godrej Agrovet had raised a little over Rs 341 crore from anchor investors.
Post issue, Godrej Industries holds 60.81 percent stake 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.
Agrovet will use fresh issue proceeds towards repayment of loans and other general purposes.Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Private Limited are book running lead managers to the issue.