Advance Agrolife IPO gets 6.5 times subscription on Day 3 so far; check latest GMP

Advance Agrolife IPO gets 6.5 times subscription on Day 3 so far; check latest GMP

The initial share sale of Advance Agrolife Ltd got 6.5 times subscription on the third day of bidding on October 3.

The company's Rs 193-crore IPO received bids for 8,80,10,850 shares against 1,35,09,004 shares on offer, implying 187% subscription so far, according to NSE data.

The component meant for qualified institutional buyers got 3.5 times subscription while the portion for retail individual investors received 451% subscription. The quota for non-institutional investors got subscribed 15.1 times.

The initial share sale will conclude on October 3.

Advance Agrolife raised Rs 57.76 crore via anchor book ahead of IPO on September 29.

Advance Agrolife IPO Details

The Jaipur-based company's IPO is entirely a fresh issue of 1.93 crore equity shares worth Rs 193 crore at the upper end of the price band.

Proceeds from the fresh issue to the tune of Rs 135 crore will be utilised for funding working capital requirements, and rest for general corporate purposes.

Advance Agrolife is engaged in manufacturing a wide range of agrochemical products that support the entire lifecycle of crops. The company's product portfolio includes insecticides, herbicides, fungicides, and plant growth regulators. It also manufactures other agrochemical products such as micro-nutrient fertilisers and biofertilisers.

The company's revenue from operations was Rs 502 crore and net profit at Rs 25.6 crore in FY25.

Choice Capital Advisors is the sole book-running lead manager of the public issue. The equity shares are proposed to be listed on the NSE and BSE.

Advance Agrolife GMP

According to InvestorGain, the Grey Market Potential (GMP) of Advance Agrolife stood at Rs 15 as of October 3, 11:40 am. The estimated listing price is expected to be Rs 115 based on the upper price band of Rs 100. The expected percentage gain per share is 15%.