Advance Agrolife IPO: A Comprehensive Overview
Advance Agrolife Ltd.’s initial public offering (IPO), which opened on September 30, is scheduled to close for subscription on Friday, October 3. The Jaipur-based agrochemical products manufacturing company distributes a variety of agrochemicals such as insecticides, fungicides, herbicides and plant growth regulators.
The IPO has been booked 56.61 times as of 4:42 p.m. on Friday, with investors subscribing to 12,38,19,900 shares against the 76,47,62,100 shares on offer.
IPO Subscription Details
On Wednesday, the issue was oversubscribed 1.87 times, receiving bids for 2,52,97,650 shares against 1,35,09,004 shares on offer. The Non-Institutional Investors (NIIs) segment was oversubscribed 1.22 times, retail investors 1.22 times and Qualified Institutional Buyers (QIBs) 3.5 times.
Grey Market Premium (GMP)
With just a day left before the subscription closes, the grey market premium (GMP) for the Advance Agrolife IPO is in focus today. According to the current trends, the GMP for the mainboard issue has gained since the IPO opened for subscription on September 30.
The grey market premium (GMP) of the Advance Agrolife IPO was Rs 11 as of 4:00 p.m. on October 3. Considering the upper end of the IPO’s price band of Rs 100, the estimated listing price is Rs 111 (base price plus the latest GMP), indicating a gain of around 11% per share.
Listing Details
The share allotment of Advance Agrolife IPO is expected to be finalised on October 6. The company will transfer shares to the demat accounts of successful bidders on October 7, and refunds for non-allottees will be done on the same day.
Shares of the company are scheduled to list on the BSE and NSE on October 8.
Investor Participation
Retail investors can participate in the IPO by bidding for a single lot size of 150 shares, requiring an investment of Rs 15,000. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,10,000. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 67 lots. It will lead to an investment of Rs 10,05,000.
The price band for the IPO is set between Rs 95 and Rs 100 per share.
Book Running Lead Manager and Registrar
Choice Capital Advisors Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.
Use of IPO Proceeds
The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes.
Disclaimer
Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
