- By Vaamanaa Sethi
- Fri, 18 Aug 2023 02:08 PM (IST)
- Source:JND
Crop Life Science Limited initial public offering (IPO) has opened today, August 18, for subscription and will close on August 22. The agrochemical company has fixed the price band of the issue at Rs ₹52 per equity share of face value of ₹10 each.
The minimum lot size of this Crop Life Science IPO is 2000 shares. Crop Life Science IPO issue price is 5.2 times the face value of the equity share. The issue comprises fresh issue of 51.40 lakh equity shares aggregating to ₹26.73 crore. There is no offer for sale (OFS) component.
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The company plans to utilise the net proceeds raised through the issue to repay debt, meet long-term working capital requirements, and general corporate purposes.
Agrochemical company’s basis of allotment of shares will be finalized on Friday, August 25 and it will initiate refunds on Monday, August 28, while the shares will be credited to the demat account of allottees on Tuesday, August 29.
The shares of the Crop Life Science Limited will get listed on both exchange houses NSE and BSE on Wednesday, August 30. Interactive Financial Services Ltd. will be the lead manager of the IPO, while the registrar will be Purva Sharegistry Pvt Ltd.
The agrochemical company is engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations. Agriculture chemicals consists of Pesticides and Micro Fertilizer, moreover, the pesticides including Insecticides, Fungicides, Herbicides and Weedicides.
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GMP
Crop Life Science Limited grey market premium (GMP) is +3, similar to its previous session. This means that the shares of the company were trading at a premium of Rs 3 in the grey market on Wednesday, according to topsharebrokers.com. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
According to media reports, the issue recorded lowest GMP at Rs 0 and highest GMP at Rs 7. Considering the upper end of the price band and the current premium in the grey market, the estimated listing price of the share price is ₹55 per piece, which is 5.77% higher than its share of ₹52.
