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.
Nova Agritech, an agri-input manufacturer, witnessed a solid listing for its IPO. The company s strong market position, diverse product portfolio, and effective marketing strategy contributed to its growth potential. Nova Agritech s consistent financial performance, impressive return on equity (ROE) of 32.1%, and robust PAT margins at 9.7% in FY23 further bolstered investor sentiment. The proceeds from the IPO will be used for investment in its subsidiary, funding capex, working capital requirements, and investment in Nova Agri Sciences.
Nova Agritech has fixed a price band of Rs 39-41 per share for its IPO. Investors can bid for 365 shares in 1 lot and in multiples thereafter. The IPO comprises fresh equity issue worth Rs 112 crore and an offer for sale (OFS) of 77.5 lakh shares.