Daijiworld Media Network – Chennai
Chennai, Sep 30: Advance Agrolife’s initial public offering (IPO) opened for subscription on Tuesday, aiming to raise Rs 192.86 crore from the primary market. As of 11:45 a.m., the IPO was subscribed 0.12 times.
The book-built issue comprises a fresh issue of 1.93 crore shares, with the price band fixed between Rs 95 and Rs 100 per share. Retail investors can bid for a single lot of 150 shares, requiring an investment of Rs 15,000. Small Non-Institutional Investors (NII) must bid for 14 lots, while Big NII investors need to bid for a minimum of 67 lots.
The subscription window will remain open until October 3. Allotment is expected on October 6, and successful bidders will have shares credited to their demat accounts on October 7, the same day refunds will be issued for non-allottees. The company’s shares are scheduled to list on the BSE and NSE on October 8.
Allocation under the IPO includes 50% for Qualified Institutional Buyers (QIBs), a minimum of 35% for retail investors, and at least 15% for Non-Institutional Investors. Choice Capital Advisors Ltd. is the book-running lead manager, and KFin Technologies Ltd. is the registrar.
Market buzz shows a Grey Market Premium (GMP) of Rs 10, indicating a potential listing price of Rs 110, a 10% premium over the upper price band.