IPO: Nova AgriTech Decides Price Range At 39-41; IPO TO Open On January 22

Nova Agritech IPO:  Nova Agritech, an agricultural input maker Ltd, on Wednesday, informed that it has decided a price band of Rs 39-41 per share for its Rs 144 crore initial public offering (IPO).

The company said the public offering will open for subscription on January 22 and will close on January 24.

Nova Agritech IPO issue size

The IPO comprises a fresh issue of equity shares worth up to Rs 112 crore and an offer-for-sale (OFS) component of 77.58 lakh equity shares by shareholder Nutalapati Venkatasubrao, who holds an 11.9 per cent stake in the company.

The proceeds from the fresh issue of Rs 14.20 crore will be used to set up a new formulation plant at its subsidiary Nova Agri Sciences, to fund capital expenditure of Rs 10.49 crore by Nova Agritech and expand the existing formulation plant.

Also Read: Apple Opens New 15-Storey Office In Bengaluru; All You Need To Know About Apple's New Splashy Workplace

The company will use Rs 26.65 crore to finance the working capital requirements of Nova Agritech and Rs 43.36 crore to finance the working capital requirements of Nova Agri Sciences.

At the upper end of the price band, the first public offering is expected to raise Rs 143.81 crore.

About Company

Established in 2007, the firm manufactures distributes and markets a wide range of product categories including soil health management products, crop nutrition, bio-stimulants, bio-pesticides, Integrated Pest Management (IPM) products and crop protection products.

Keynote Financial Services Limited and Bajaj Capital Limited are the book-running lead managers to the issue.

Also Read: Indians Strive For Work-Life Balance, Better Wages As 88% Employees Mull Job Change In 2024: Report