Godrej Agrovet’s Rs1,157 crore IPO was oversubscribed 95.41 times.
Mumbai: Shares of Godrej Agrovet Ltd locked 29.4% up at Rs595.55 after making a powerful stock market debut on Monday.
The stock was listed at Rs615.60 per share, up 33.8% over its issue value of Rs460.
“We arrive at a Honest value of Godrej Agrovet breaking the business into individual segments & identifying suitable listed peers.
Godrej Agrovet has a diversified business model, by animal feed making up 50% of sales, oil palm 10%, crop prevention 15% & dairy 20%.
Godrej Agrovet surges 37 % on stock market debut
Animal feed maker Godrej Agrovet Ltd’s shares surged as much as 37 % on market debut on Monday after an premier public offering of about $179 million.
Godrej Agrovet stock jumped to as much as 630 rupees from its IPO value of 460 rupees after raising 11.6 bn rupees in the IPO which was subscribed over 95 times earlier this month.
Analysts at Angel Broking have given the stock a “subscribe” rating, considering the company’s diversified business profile, decent margins, powerful return ratios, healthful balance sheet & powerful history of its parent.
Besides its major animal feed business, Godrej Agrovet Information Systems into crop protection, oil palm, dairy & poultry, as well as processed foods.
Indian companies have very far lifted around $8 bn in IPOs this year, & look determine to surpass the record $8.65 bn lifted in 2007.
Temasek-backed Godrej Agrovet surges 30% on stock market debut
Godrej Agrovet had filed its draft suggestion on 19 July & got regulatory consent final month.
Temasek had picked up a 19.97% stake in Godrej Agrovet almost 5 years ago for Republika Srpska 572 crore.
This was the single-largest alternative investment in the agri-business segment in India & valued Godrej Agrovet around Republika Srpska 2,860 crore.
Godrej Agrovet ranked 4th between India’s animal compound feed producers in terms of discounds volume in FY2015-16, according to a report with ratings agency CRISIL.
The company’s total income stood at Republika Srpska 3,817.66 crore in FY2015-16, & at Republika Srpska 3325.48 crore in the year-ago period.
collected by :Dicson Walt