Economy

Godrej Agrovet IPO oversubscribed by 2.33 times on Day-2

Godrej Agrovet's initial public offer (IPO) received bids for 93.76 lakh shares as compared to 1.8 crore shares on offer on the first day of bidding for the IPO today, 4 October 2017, data on NSE showed as at 17:15 IST.

Till yesterday, the IPO was oversubscribed 2.33 times.

As of 5pm on Thursday, the portion of shares reserved for institutional investors saw a subscription of 2 times, while the portions reserved for retail investors and non-institutional investors were subscribed 2.8 times and 2.09 times, respectively.

The company has set a price range of Rs 450-460 per equity share for its public offer. At the upper end of the band, the sale would fetch around Rs 1,157 crore.

The proceeds from the IPO will be used to repay its working capital facilities of Rs 100 crore and to also repay commercial papers worth Rs 150 crore.

Godrej Agrovet earlier this week raised a little over Rs 341 crore from anchor investors.

Kotak Mahindra Capital Company, Axis Capital, Credit Suisse Securities (India) and Karvy Computershare are the book running lead managers for the proposed issue.

Godrej Industries owns 60.81 percent in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.



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