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The Rs 1,157 crore initial public offer (IPO) of Godrej Agrovet (GAVL) kicked off on Wednesday.
Of the ₹1,157 crore that the company plans to raise, only ₹292 crore will be a fresh issue that will accrue to the company; the balance is an offer-for-sale by the promoter company Godrej Industries and Temasek Holdings’ subsidiary, V Sciences.
Godrej Agrovet has raised ₹341.19 crore from 25 anchor investors. The company, which is planning to raise as much as ₹1,157 crore through an initial public offering, had allotted 74.17 lakh shares on Tuesday at ₹460 a share to 25 anchor investors.
Kotak Investment Banking, Axis Capital and Credit Suisse are the banks managing the IPO. This is the second IPO by a Godrej group company within a decade after Godrej Properties’ IPO in December 2009.
Godrej Agrovet is a leading agri-business company operating across five different business verticals — animal feed, crop protection, oil palm, dairy, poultry and processed foods. In FY17, it reported a revenue of ₹4,983 crore and profit of ₹273.9 crore.
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