New Delhi: Shares of Godrej Agrovet made a spectacular debut at the bourses on Monday, surging 35 per cent over the issue price of Rs 460. The stock listed at Rs 621, registering a sharp gain of 35 per cent from the issue price on BSE. It later soared 36.92 per cent to Rs 629.85.
At NSE, shares of the company debuted at Rs 615.60, zooming 33.82 per cent.
In terms of equity volume, 25.94 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
The company’s Rs 1,157 crore IPO was a huge hit and oversubscribed 95.41 times during October 4-6. The price band was fixed at Rs 450-460 per share.
Proceeds of the IPO would be utilised towards repayment of loans and other general purposes.
Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd managed the company’s issue. Godrej Agrovet is an agri-business company with operations across five verticals – animal feed, crop protection, oil palm, dairy, poultry and processed foods.
PTI