Nova Agri lists at premium

about 6 months ago
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A new listing today – Nova Agri Tech. As against the IPO price of Rs.41, the stock had a muted but ‘premium’ listing at Rs.56 and is currently trading at almost Rs.59.

The company is engaged in the manufacture of crop nutrition (fertilizer) and crop protection (insecticides, fungicides, herbicides) products, with 70% of its revenue generated from home state Telangana and Andhra Pradesh.

The IPO had met with a great response, overall subscribing 109.36x, with HNIs taking the lion’s share at 224.06x, QIBs at 79.31x and Retail Investors at 77.1x.

Out verdict in the IPO Analysis had been - given healthy growth outlook and strong margins, one can apply in the IPO of Nova Agri, but only a limited exposure, due to small size of company and regional presence.

69.52 (-3.50)

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