For its first initial public offering, agri-input maker Nova Agritech Limited, which focuses on tech-based farmer-driven solutions and provides crop protection, crop nutrition, and soil health management products, has set a price range of ₹39/-to ₹41/-per equity share with a face value of ₹2/-each. The company’s initial public offering, often known as the “IPO” or “Offer,” will go live for subscription on Monday, January 22, 2024, and close on Wednesday, January 24, 2024. Following the initial 365 Equity Share minimum, investors may bid in multiples of 365 Equity Shares.

The offering for sale (OFS) of up to 77,58,620 equity shares by the selling shareholder, Nutalapati Venkatasubbarao, complements the newly issued equity shares totaling 11,200 Lakhs.

The net proceeds of the new issue will be allocated as follows:

• Rs 1,420.11 lakhs will be used to establish a new formulation plant in its subsidiary, Nova Agri Sciences Private Limited
• Rs 1,048.95 lakhs will finance capital expenditures by the company to expand its current formulation plant
• Rs 2,665.47 lakhs will fund the company’s working capital requirements
• Rs 4,335.85 lakhs will fund working capital requirements in its subsidiary, Nova Agri Sciences Private Limited, and the remaining net proceeds will be used for general corporate purposes.

Through the book-building process, the offer is being made. Of the offer, not less than 15% will be made available to non-institutional investors, not less than 35% will be made available to retail individual investors, and not more than 50% will be made available to qualified institutional buyers.

Priyanka Dutta