MUMBAI, 31 JANUARY, 2024 (GPN): Shares of Nova Agritech made a remarkable debut on the exchange, at a premium of 36.59%, higher than the IPO’s issue price of Rs 41.

The scrip listed Rs 56 per share on BSE and Rs 55 per share on NSE, at a premium of 36.59% and 34.15% respectively. The company’s share price closed at Rs 58.79 per share on the BSE, a 43.39% premium, and at Rs 57.75 per share on the NSE, a 40.85% premium.

As per NSE, the total quantity traded stood at 83.55 lakh shares, on BSE the total Quantity stood at 15.58 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 55.91 crore.

The Market Capitalization of the Company at today’s closing price stood at Rs. 543.92 Crore as per BSE and Rs. 534.30 Crore as per NSE.

The Initial Public Offering of Nova Agritech Limited was subscribed 109.38 times. Retail Portion was subscribed 77.12 times, Non-Institutional Investors Portion with 224.08 times, whereas Qualified Institutional Buyer Portion subscribed 79.31 times.

Agri-input manufacturer, Nova Agritech Limited (“the Company”) which offers soil health management, crop nutrition and crop protection products focused on tech-based farmer driven solution approach. Incorporated in 2007 with an objective to become a one-stop solution provider for the farming community, the Company manufactures, distributes and markets a wide range of product categories consisting of soil health management products; crop nutrition products; bio stimulant products; bio pesticide products; Integrated Pest Management products; new technologies; and crop protection products.

As on November 30, 2023, the Company has received a total of 720 product registrations comprising of 7 registrations in the soil health management category, 176 registrations in the crop nutrition category, 4 registrations in bio pesticide category, 7 registrations under Technical Indigenous Manufacture and 526 registrations in the crop protection category. In addition to this, the Company has applied for 22 new registrations whereas its subsidiary Nova Agri Sciences Private Limited has applied for 14 new registrations for new products across various categories.

It has a total dealer network comprising of approximately 11,722 dealers out of which approximately 6,769 dealers are active to whom it has distributed and sold its products during the current financial year. Its dealer network is currently spread across 16 states of India. It has also entered into marketing, distribution and supply agreements with certain third parties in Bangladesh, Sri Lanka and Vietnam and is currently awaiting the necessary permission to start business in these jurisdictions.Ends