Advance Agrolife Shares Debut at 14% Premium on NSE After 56.85x Subscription

Shares of Advance Agrolife Ltd made a strong debut on the stock market on October 8, listing at a premium of 14 per cent over its initial public offering (IPO) price on the National Stock Exchange (NSE). The IPO witnessed robust demand, receiving bids for 76.80 crore shares against 1.35 crore shares on offer, reflecting a subscription of 56.85 times, according to NSE data.

On the NSE, Advance Agrolife shares were listed at Rs 114 per share, above the IPO price range of Rs 95-100 per share. On the Bombay Stock Exchange (BSE), the shares listed at Rs 113 per share, a 13 per cent premium over the issue price. Following the listing, the Jaipur-based company's market capitalization stood at Rs 726.43 crore.

The IPO listing aligned with grey market expectations, which had projected a 13 per cent listing gain. The issue comprised an entirely fresh sale of 1.93 crore equity shares. Proceeds from the fresh issue, amounting to Rs 135 crore, are planned to be used for funding working capital requirements, with the remainder allocated for general corporate purposes.

Advance Agrolife operates in the agrochemical sector, manufacturing a wide range of products that support the entire lifecycle of crops. Its portfolio includes insecticides, herbicides, fungicides, and plant growth regulators. The company also produces other agrochemical products such as micro-nutrient fertilizers and biofertilizers.

Disclaimer: The article is for informational purposes only and not investment advice.