Nova Agritech listed on exchanges with a 36.6% premium, debuting at Rs 56 on BSE and Rs 55 on NSE. The IPO received over 100 times subscription as non-institutional and institutional investors bid heavily. The company s solid financial track record and impressive ROE of 32.1% attracted analysts. Proceeds from the IPO will be used for subsidiary investment, capex, working capital, and investment in Nova Agri Sciences. Nova Agri Sciences contributes significantly to Nova Agritech s revenue by manufacturing crop protection products.
Nova Agritech s share price made a stellar debut on the bourses today, listing at ₹55, an over 34 percent premium to the issue price of ₹41, on the BSE. Meanwhile, on NSE, Nova Agritech s share price was listed at ₹56 apiece, up 36.6 percent from the issue price.