Godrej Agrovet makes stellar debut, shares list at 35% premium against issue price

New Delhi: Shares of Godrej Agrovet made a strong debut at bourses on Monday after successfully concluding the initial public offer (IPO).

Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange (NSE), a whopping premium of 33.82 percent over its issue price of Rs 460 per share.

On BSE, the stock opened at Rs 621, higher by 35 percent against issue price.

The Rs 1,157 crore IPO was a huge hit and oversubscribed 95.41 times during October 4-6.

The portion meant for qualified institutional buyers (QIBs) was oversubscribed 150.96 times, non institutional investors 236.04 times and retail investors 7.67 times, as per NSE data.

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.

The price band was fixed at Rs 450-460 per share.

Proceeds of the IPO would be utilised towards repayment of loans and other general purposes.

Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd managed the companys issue.

The shares are proposed to be listed on BSE and NSE.

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