Summary of this article
Advance Agrolife IPO Listing: Advance Agrolife Ltd shares are scheduled to debut on October 8. The agrochemical product maker's public issue saw strong demand in its three-day bidding window.
Advance Agrolife IPO Listing: Advance Agrolife Ltd shares are scheduled to list on the NSE and BSE on October 8. Shares of the agrochemical product maker listed with 14 per cent premium compared to the issue price.
On the NSE, Advance Agrolife shares made their debut at Rs 114 per share with gains of 14 per cent against the issue price of Rs 100 piece. Shares of Advance Agrolife listed at Rs 113 apiece with 13 per cent gains on the BSE.
Retail Individual Investors (RIIs) who were allotted at least one lot of Advance Agrolife’s shares would have received listing gains of Rs 2,100 per lot (Rs 114 - Rs 100 x 150). Following the listing of its shares on the NSE, 57.54 lakh shares of the company traded hands. Advance Agrolife’s market capitalization stood at Rs 65.59 crore.
Advance Agrolife IPO: Details
Advance Agrolife IPO sought to raise Rs 192.86 crore. Advance Agrolife’s issue consisted of a fresh issuance of 19.3 million shares. Advance Agrolife IPO price band was set between Rs 95 to Rs 100 per share.
The minimum lot size for application for retail investors was fixed at 1 lot comprising 150 shares, which aggregated to an investment of Rs 15,000. Advance Agrolife IPO saw strong demand in its three-day bidding window. The agrochemical product maker’s public issue was booked 56.85 times as investors bid for 768.03 million shares compared to the 13.5 million shares offered for subscription.
Non-institutional investors led the demand for Advance Agrolife shares, booking their quota 175.3 times. Qualified institutional buyers booked their quota in Advance Agrolife IPO 27.31 times. Advance Agrolife IPO was subscribed 23.06 times in the retail category. Employees of the agrochemical product manufacturer booked the shares set aside for them 38.42 times.
Advance Agrolife seeks to use the proceeds of the public issue for funding its working capital requirements and for fulfilling general corporate purposes.
Advance Agrolife manufactures and distributes a diverse range of crop protection products. Advance Agrolife’s product portfolio includes insecticides, herbicides, fungicides, and plant growth regulators. The company operates on a B2B model and supplies its products to large corporate clients who distribute and market them under their own brand names.
Advance Agrolife competes with other listed players which cater to the need for agrochemical products in India. Some of the key listed peers of the company in the Indian agrochemical space include Dharmaj Crop Guard Ltd, Insecticides (India) Ltd, Heranba Industries Ltd, P.I. Industries Ltd, Sharda Cropchem Ltd, Sumitomo Chemical India Ltd and Bayer CropScience Ltd.
