New Delhi: Godrej Agrovet Ltd’s initial public offering (IPO) has been subscribed 2.32 times so far on Thursday, the second day of the share sale.
As of 5.00pm, the IPO received bids for 4,18,15,776 shares against the total issue size of 1,80,27,464 shares, according to data available with the NSE.
On the first day on Wednesday, the IPO was subscribed 53%. The portion of shares reserved for institutional investors saw a subscription of 28%, while the portions reserved for retail investors and non-institutional investors were subscribed 88% and 10%, respectively.
Godrej Agrovet, the agri-business unit of Godrej Industries Ltd, has priced its shares in a band of Rs450-460 per share. The Rs1,157 crore IPO will close on 6 October.
The IPO comprises a fresh issue of shares worth Rs291.5 crore. The proceeds from the fresh issue will be used by the company for repayment or prepayment of working capital facilities, repayment of commercial papers issued by the company, and to meet general corporate expenses.
The promoters and investors will collectively sell around 18.82 million shares. Promoter Godrej Industries plans to offload shares worth Rs300 crore.