Nova Agritech Raises Rs 43 Crore from Anchor Investors

Nova Agritech Ltd, a manufacturer of agri-input products such as bio-fertilizers, bio-pesticides, micronutrients and plant growth promoters, has raised Rs 43.14 crore from anchor investors ahead of its initial public offering (IPO) that opens on January 22, 2024.

Anchor Investors

The company informed the bourses that it allocated 1,05,22,220 equity shares at Rs 41 per share on Friday, January 19, 2024 to 10 anchor investors. The anchor investors include SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Axis Mutual Fund and Sundaram Mutual Fund.

IPO Details

The IPO comprises a fresh issue of equity shares aggregating up to Rs 112 crore and an offer for sale (OFS) of up to 77.5 lakh equity shares by the existing shareholders. The price band for the IPO has been fixed at Rs 39-41 per share. The issue will close on January 24, 2024 and the listing is expected on January 31, 2024.

Company Profile

Nova Agritech was incorporated in 2005 and is headquartered in Hyderabad. The company offers soil health management, crop nutrition and crop protection products focused on tech-based farmer driven solution approach. The company has a pan-India presence with over 1,000 distributors and dealers across 18 states and one union territory. The company’s revenue in FY23 was Rs 210 crore with a profit of Rs 20.48 crore.