Economy

Godrej Agrovet debut: Shares price up 121 points to 581

Godrej Agrovet debut: Shares price up 121 points to 581”

The scrip listed for a 35 per cent premium to the issue price of Rs 460 at Rs 621.

The stock touched a high of Rs 630 and low of Rs 563.40 during the day's trade.

Shares of agri-business company Godrej Agrovet today made a spectacular debut on the bourses, ending 29.5 per cent higher over the issue price of Rs 460. The company will feature in both NSE and BSE. The IPO was subscribed 95.41 times. The portion set aside for QIBs (qualified institutional buyers) was subscribed 151 times, the shares allocated to non-institutional investors got subscribed 236.04 times while the quantum reserved for retail investors was subscribed 7.67 times as the bidding closes.

The company was valued at Rs 1,073 crore at the end of quarter ended June and by end of August, the company had amassed a debt of Rs 990 crore.

Godrej Agrovet Ltd is now trading at Rs 571.7, up by Rs 111.7 or 24.28% from its previous closing of Rs 460 on the BSE.

The issue comprised fresh issue of shares worth Rs 291.51 crore besides an offer for sale worth up to Rs 300 crore by Godrej Industries and sale of up to 1.23 crore shares by V- Science.

Estimates of ICICIdirect said the company's valuation to be Rs 11,012 crore at Rs 575 per share.

The objects of the issue were to spend around Rs 100 crore on repayment of working capital facilities availed by the company, Rs 150 crore for repayment of commercial papers and rest for general corporate purposes, apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

Godrej Industries owns 60.81% in Agrovet, which is in businesses such as agri-inputs, animal feeds, palm oil manufacturing, dairy, poultry and processed foods. Godrej Agrovet has raised about Rs 341 crore from anchor investors ahead of its initial public offer.



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