Advance Agrolife shares settled over 8 percent higher from its IPO price on the debut day at Rs 108.30 per share on the NSE. The stock finished the trade at 5 percent lower circuit from its open price.
The stock had made a decent stock market debut on October 8, listing with a premium of 14 percent over its IPO price on the National Stock Exchange (NSE), following a 56.85 times subscription. The IPO received bids for 76.80-crore shares against 1.35-crore shares on offer, as per NSE data.
Shares of Advance Agrolife Ltd were listed at Rs 114 per share on the NSE, a premium of 14 percent over its issue price. The initial share sale had a price band of Rs 95-100 per share.
On the BSE, the shares were listed at Rs 113 per share, a premium of 13 percent over its issue price. The Jaipur-based company's market capitalization post listing of shares stood at Rs 726.43-crore.
Advance Agrolife IPO share debut was at par with the expectations in the grey market, which had expected a 13 percent listing gain. The IPO was entirely a fresh issue of 1.93 crore equity shares.
Proceeds from the fresh issue to the tune of Rs 135 crore will be utilised for funding working capital requirements, and the 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.
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