Nova AgriTech IPO To Open On January 22 – Check Price Band And Other Details

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Nova AgriTech will spend on Nova Agri Sciences for setting-up a new formulation plant funding capital expenditure in the company; and general corporate purposes.

New Delhi: The Nova AgriTech is all set to open its initial public offer (IPO) for public subscription on Monday, January 22, 2024. According to the reports, the Hyderabad-based company has fixed the IPO price band at Rs 39-41 per share and suggested a lot size of 365 shares. Notably, the three-day bidding process for the issue will conclude on Wednesday, January 24.

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Nova AgriTech manufactures products that help farmers grow crops better. It was in the year 2007, when the company came into existence. It mainly focused on three segments namely soil health, plant nutrition and crop protection. The products are manufactured using environmental friendly technology.

The company is eyeing to grow Rs 143.81 crore via primary offering at the upper end of price band, which includes a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) of more than 77.58 lakh equity shares by Nutalapati Venkatasubbarao, amounting to Rs 31.81 crore.

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Nova AgriTech reported a net profit of Rs 10.38 crore with a total revenue of Rs 103.24 crore for the quarter ended on September 30, 2023. The company clocked a profit-after-tax (PAT) 20.49 crore with a revenue of Rs 210.93 crore for the financial year ended on March 31, 2023.

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Here are some of the key details:

• Nova AgriTech is looking to raise Rs 143.81 crore via primary offering at the upper end of price band, which includes a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) of more than 77.58 lakh equity shares by Nutalapati Venkatasubbarao, amounting to Rs 31.81 crore.
• The net proceeds from the fresh issue will be utilised towards investment in the subsidiary, Nova Agri Sciences.
• Nova AgriTech will spend on Nova Agri Sciences for setting-up a new formulation plant funding capital expenditure in the company; and general corporate purposes.
• The company manufactures, distributes and markets a broad range of product categories.
• Nova AgriTech manufactures soil health products, crop nutrition products, biostimulants, biopesticides, integrated pest management products, new technologies and crop protection products.
• Its subsidiary Nova Agri Sciences is currently responsible for the production of crop protection products.