Nova AgriTech’s IPO has seen overwhelming response, fully subscribed on the first day itself with more than 10 times the demand. The IPO opened on January 23, 2024, and is set to remain open for subscription until January 25, 2024. The total size of Nova AgriTech’s IPO stands at INR 143.81 crores, and the company’s shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Investors are eyeing a potential 50% gain on the listing day. The IPO price band for Nova AgriTech is set between INR 39 to INR 41 per share. In the grey market, shares of Nova AgriTech are trading at a premium of INR 20, indicating a possible listing price of around INR 61 per share. This suggests that investors participating in the IPO could see close to a 50% return on the first day of listing. The allotment of shares for Nova AgriTech’s IPO is scheduled to be finalized on January 29, 2024, while the shares will be officially listed on January 31, 2024.
The IPO has witnessed a remarkable subscription rate, surpassing 10 times on the first day. The retail investors’ quota is oversubscribed by 13.32 times, while non-institutional investors (NII) have subscribed 15.29 times their allocated quota. Qualified Institutional Investors (QIB) have subscribed 0.63 times their quota in Nova AgriTech’s IPO. Retail investors have the flexibility to apply for a minimum of 1 lot and a maximum of 13 lots. Each lot consists of 365 shares, requiring an investment of INR 14,965. For those opting for the maximum 13 lots, the investment will amount to INR 1,94,545.
In summary, Nova AgriTech’s IPO has generated significant investor interest, resulting in an oversubscription across all investor categories. The strong demand in the grey market indicates potential gains for investors, making it an eagerly anticipated listing.
Nova AgriTech IPO Overview:
Nova AgriTech, a company operating in the agricultural technology sector, has successfully closed its IPO on the first day of opening, achieving a subscription rate exceeding 10 times the offer size. The IPO, which opened on January 23, 2024, will continue to accept subscriptions until January 25, 2024, with a total offering size of INR 143.81 crores.
Listing Day Expectations:
Investors are anticipating substantial gains on the listing day, given the IPO price band of INR 39 to INR 41 per share. Grey market trading indicates a premium of INR 20, suggesting a potential listing price of approximately INR 61 per share. This implies a potential profit of close to 50% for investors who secure shares through the IPO. The final allotment of shares is scheduled for January 29, 2024, and the shares will be officially listed on January 31, 2024.
Subscription Details:
Nova AgriTech’s IPO has witnessed robust demand, with a total subscription rate of 10.12 times on the first day. Retail investors have shown significant interest, oversubscribing their quota by 13.32 times. Non-institutional investors (NII) have also demonstrated strong demand, subscribing 15.29 times their allocated quota. Qualified Institutional Investors (QIB) have subscribed 0.63 times their quota.
Investment Opportunities:
Retail investors have the flexibility to apply for a minimum of 1 lot, which consists of 365 shares, requiring an investment of INR 14,965. Those looking to maximize their investment can apply for up to 13 lots, necessitating a total investment of INR 1,94,545. This presents diverse investment opportunities for investors with varying risk appetites.
In conclusion, Nova AgriTech’s IPO has garnered significant attention from investors, showcasing a strong appetite for shares in the agricultural technology sector. The oversubscription across all investor categories and positive indications from the grey market underscore the potential success of Nova AgriTech’s listing. Investors are eagerly awaiting the listing day to capitalize on the anticipated gains.