GODERJ AGROVET LIMITED
Godrej Agrovet IPO off to a good start; gets subscribed over 52% on Day 1
The Rs 1,157 crore initial public offer (IPO) of Godrej Agrovet (GAVL) was subscribed 52 per cent on the first day of the bidding process on Wednesday. By 5.30 pm, the public offer received bids for 93,76,928 shares against 1,80,27,464 shares on offer.
On Tuesday, the company allotted 74.17 lakh shares to 25 anchor investors including Reliance CapitalBSE 0.12 % Trustee Company, SBI Life Insurance Company, Nomura, Goldman Sachs, Government of Singapore, among others, at Rs 460 apiece ..
Godrej IndustriesBSE 2.46 % owns 60.81 per cent stake in Godrej Agrovet and intends to use the IPO proceeds towards loan repayments and other general purposes.
The company is the largest palm oil producer in India. It's joint venture in Bangladesh is the fourth largest feed producer in terms of sales volume.
Analysts have said given the strong fundamentals and market share the company enjoys, the issue is a 'Subscribe'. Buy at cut off price, brokerage advised retail investors.
IIFL Investment Managers, which have a subscribe rating on the issue, said that the company has successfully reaped the rewards of astute business integration. Its synergies across various businesses drive growth, optimise capital efficiency and define its competitive edge, it said.
Courtesy: See More @ http://bit.ly/2xYB6Kl
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