Strong Demand Drives Advance Agrolife Ltd's IPO Success
Advance Agrolife Ltd's IPO was oversubscribed 1.87 times by the second day of sale, with strong demand from institutional buyers. The Jaipur-based agrochemical company plans to use the funds for working capital and corporate purposes. The IPO is completely a fresh issue of shares worth Rs 193 crore.
- Country:
- India
Advance Agrolife Ltd's initial public offering (IPO) demonstrated significant investor interest, being oversubscribed by 1.87 times as of the second day of its launch on Wednesday. Per stock exchange data, the company received bids for 2,52,90,300 shares against 1,35,09,004 shares available.
The IPO garnered impressive engagement from Qualified Institutional Buyers (QIBs), who contributed to a 3.50 times subscription. Additionally, both non-institutional and retail investor categories saw 1.22 times subscription each. The price range for shares was set at Rs 95-100, aiming to raise Rs 193 crore.
Based in Jaipur, Advance Agrolife Ltd focuses on manufacturing various agrochemicals, from insecticides to biofertilisers. The raised Rs 193 crore from the fresh issue will fund Rs 135 crore for working capital needs, with the balance directed towards general corporate purposes. The share offering will close on October 3.
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