Jaipur-based agrochemical products maker Advance Agrolife has raised Rs 57.76 crore from nine anchor investors on September 29, a day before the IPO opening for public.
The company aims to mop up Rs 192.86 crore via its initial public offering (IPO) which comprises of entirely fresh issue of 1.92 crore equity shares. The price band for the issue is Rs 95-100 per share.
The initial share sale will open for public subscription on September 30, while October 3 will be the last day for participating in the offer.
Advance Agrolife on Monday finalised allocation of 57,76,716 equity shares to anchor investors at Rs 100 per equity share.
Wealthwave Capital Trust and Meru Investment Fund were the largest investors in the anchor book, buying Rs 10 crore worth shares each, while Aidos India Fund, Astrone Capital, Pine Oak Global Fund, and Santosh Industries each picked shares worth Rs 5 crore.
Shine Star Build-Cap, Sunrise Investment Trust, and Venus Investments were other investors participated in the anchor book.
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The company that manufactures insecticides, herbicides, fungicides, and plant growth regulators will utilise Rs 135 crore of IPO proceeds mainly for its working capital requirements, and the remaining amount will be used for general corporate purposes.
Choice Capital Advisors is acting as the merchant banker for the Advance Agrolife IPO.
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