The initial public offer of Godrej Agrovet was subscribed 52 percent on the first day of bidding today.
The IPO to raise around Rs 1,157 crore received bids for 93,76,928 shares against the total issue size of 1,80,27,464 shares, data available with the NSE till 1730 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 27 percent, non institutional investors 10 per cent and retail investors 87 percent.
Godrej Agrovet yesterday raised a little over Rs 341 crore from anchor investors.
The IPO of the company, part of Godrej Industries, would remain open for subscription till October 6.
The issue comprises 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 price 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, and poultry and processed foods.
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) Pvt Ltd would manage the company's public issue. The shares are proposed to be listed on BSE and NSE.
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