Economy

Godrej Agrovet IPO subscribed 51% on first day

Godrej Agrovet IPO subscribed 51% on first day”

The company on Tuesday raised Rs 341.19 crore ($52 million) from anchor investors including Singapore sovereign wealth fund GIC ahead of its initial public offering.

Godrej Agrovet, a subsidiary of Godrej Industries, will raise up Rs 1,157 crore by selling 2.52 crore shares in its Initial Public Offer (IPO) offer.

The company has set the IPO price at Rs450-460 per share, sale of which opened today.

The IPO of the company, part of Godrej Industries, would remain open for subscription till October 6. Out of the fresh issue of Rs 292 crore, Godrej Agrovet plans to use Rs 100 crore for repayment of working capital, Rs 150 crore for repayment of commercial papers and the rest for general corporate purposes. The shares of Godrej Agrovet are proposed to be listed on BSE and NSE.

In four years to FY17, the company's top line and bottom line grew at a compounded annual growth rate of 12.2 per cent and 27.3 per cent respectively. The total bids received stood at 20,57,760 shares while total bids received at cut-off price stood at 17,69,632 shares. The company has consistently reported more than 30 per cent return on equity between FY14-16. The brokerage recommended a subscribe rating on the issue. "At 33.5x, GAVL does not appear expensive". The IPO got subscribed by 11% as of 1145 hours on Wednesday. Godrej Industries owns 60.81 per cent in Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, and poultry and processed foods.



Like this

loading...
loading...

Latest


05 October 2017
Grace Episcopal in The Plains holds vigil tonight for Las Vegas victims
On Tuesday Cathedral of the Incarnation l, will hold another prayer called "A Service of Lament for the Victims of Gun Violence". Episcopal churches across central NY tolled their bells at noon on Tuesday to honor the victims of the shooting in Las Vegas.

05 October 2017
Opec oil cut deal may be extended: Russian Federation
While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict. The pact has helped reduce the glut of crude supplies on the market and the price to climb to around $55 per barrel now .

05 October 2017
Street Fighter V Arcade Edition information leaked via Amazon
In late August, dataminer X-Kira found files that indicated that an arcade mode and additional V-Triggers were coming to the game. Also being added is a new Arcade Mode "ripe with nostalgia", an Extra Battle Mode, a gallery, and a redesigned user-interface.

05 October 2017
Analysts See $3.28 EPS for International Business Machines Corp. (IBM)
They expect this year's earnings to rise 296% year-over-year to $3.96, followed by 14.9% growth in the next year to $4.55. Stifel Nicolaus has "Buy" rating and $192 target. (NYSE: IBM ) has "Neutral" rating given on Tuesday, October 20 by UBS.

05 October 2017
TODAY'S FORECAST: Sunny, high near 71
Much more pleasant fall weather is expected for Sunday , with sunny skies and temperatures above average in the upper 60s. Light and variable wind becoming southwest around 5 miles per hour in the afternoon.

05 October 2017
Trump calls Vegas shooter 'demented,' praises police for quick response
Bump stocks essentially turn standard civilian AR-15's and AK-47's into automatic weapons, though accuracy is diminished. Let's let these people that lost loved ones in Las Vegas have some time to mourn before you start ripping on gun laws.

05 October 2017
More than 12 dead, several injured in Jhal Magsi blast
According to police, the suicide attacker tried to enter the shrine and blew himself up when he was stopped by the police. Medical superintendant at Jhal Magsi district hospital has confirmed to media that they have received seven bodies.

05 October 2017
Red Cross Sends Extra Blood Donations To Las Vegas
Although they love the donations the regional blood center says they hope to keep these donors coming back all year round. People are eager to give blood. "I think we had 15 [or] 20 walk-ins as a result of what's happened", said Dressler.

05 October 2017
Calvin Harris unhappy over Conservative conference song
Florence Welch and Calvin Harris have complained about their music being used at the Conservative Party conference. This is not the first time a musician has taken issue with their music being used in politics.

05 October 2017
Helmut Marko: 'Red Bull strength good for Sebastian Vettel'
Hopefully as competitive as I would like to see. " Mercedes has been winning for too long". That's obviously the plan, that's everyone's wish, I guess we go from there.