Stocks

Godrej Agrovet to list on bourses on Oct 16

| Updated on January 08, 2018

Godrej Agrovet will make its debut on the bourses on Monday after successfully concluding the initial public offer (IPO) last week.

The Rs 1,157 crore IPO was a huge hit and oversubscribed 95.41 times during October 4-6. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 150.96 times, non-institutional investors 236.04 times and retail investors 7.67 times, as per NSE data.

The issue comprised 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 was fixed at Rs 450-460 per share.

Proceeds of the IPO would be utilised towards repayment of loans and for other general purposes.

Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd were the book running lead managers to the issue. The company shares are proposed to be listed on the BSE and the NSE.

Godrej Agrovet is an agri-business company with operations across five verticals — animal feed, crop protection, oil palm, dairy, poultry and processed foods.

Published on October 13, 2017

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