Solid Listing: Godrej Agrovet debuts with 34% premium at Rs 615.60 per share

Moneycontrol News

Diversified agro-business company Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82 percent over its issue price of Rs 460 per share.

The stock touched a high of Rs 630 and low of Rs 605.55 in early trade.

At 10:05 hours IST, the stock price was trading at Rs 615, up 33.69 percent over issue price.

The hefty premium was warranted, given the huge oversubscription to the issue.

The Rs 1,157-crore initial public offer was oversubscribed 95.41 times on October 6, the last day of bidding. The issue was opened for subscription on October 4, with a price band of Rs 450-460 per share.

The IPO comprised of fresh issue of shares worth Rs 291.51 crore and offer for sale of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based investment company Temasek.

Post issue, Godrej Industries holds 60.81 percent stake in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.