Nova AgriTech IPO, subscribed 109 times, showcases high investor demand. The company, known for eco-friendly farming solutions, reveals strong financials and strategic fund allocation.
Nova AgriTech IPO
Nova AgriTech investors! The IPO allotment has been announced, and you can easily check your application status online. Nova AgriTech’s public offering was incredibly popular, with over 109 times subscriptions in just three days. Now that the IPO allotment status is out, you can log in to the BSE website or the official registrar’s site, Bigshare Services Private Limited, to see how your application fared. Don’t miss out on this milestone moment – check your Nova AgriTech IPO allotment status now.
About Nova AgriTech
Founded in Hyderabad in May 2007, Nova AgriTech Limited is on a mission to help farmers improve their crop yields. With a focus on soil health, plant nutrition, and crop protection, they create tech-savvy and eco-friendly products. What sets them apart is their collaboration with farmers to tailor solutions to their specific needs.
Nova AgriTech covers a wide range of products, including soil health boosters, crop nutrition enhancers, biostimulants, biopesticides, integrated pest management tools, new technologies, and crop protection items. Their subsidiary, Nova Agri Sciences Private Limited, takes care of producing crop protection products.
As of January 31, 2023, the company boasts 629 product registrations in categories such as soil health management, plant nutrition, biopesticides, and crop protection. They have a dedicated team of 13 Kisan Mitras and 253 Kisan Sevaks, ensuring a strong grassroots connection with farmers.
The NKSK program, involving NKSK Coordinators, Kisan Mitras, and Kisan Sevaks, ensures personalized support for farmers. The 32 NKSK Coordinators, all with agricultural science degrees, are the backbone of this program.
To reach farmers effectively, Nova AgriTech employs a sales team of 215 professionals. They handle brand sales, distribution channels, and product promotions. With a commitment to sustainable agriculture, Nova AgriTech continues to make a positive impact in the farming community.
Nova AgriTech GMP
The Grey Market Premium (GMP) today is ₹23 per share, as reported by market experts. This suggests that Nova Agritech shares are trading at ₹64 per share in the grey market, which is a remarkable 56.1% higher than the issue price of ₹41. Exciting times for those holding Nova Agritech shares.
Nova AgriTech IPO Allotment Links
You can easily check your allotment status online. Just visit the BSE website at bseindia.com or the Bigshare Services Private Limited website at bigshareonline.com. For a quick check, use these direct links: bseindia.com/investors/appli_check.aspx for BSE and ipo.bigshareonline.com/ipo_status.html for Bigshare Services.
Nova AgriTech IPO allotment status check BSE
- Visit the direct BSE link: Go to bseindia.com/investors/appli_check.aspx.
- Choose ‘Equity’ in the issue type: Select the ‘Equity’ option.
- Enter Application Number or PAN: Provide your Application Number or PAN, whichever is available.
- Verify ‘I’m not a robot’: Click on ‘I’m not a robot’ to complete the verification.
- Click ‘Search’: After verification, click on the ‘Search’ button.
Your Nova AgriTech IPO allotment status will then be displayed on your screen.
Breakdown of the financials for Nova AgriTech:
As of September 30, 2023:
- Assets: ₹196.37 Crore
- Revenue: ₹103.24 Crore
- Profit After Tax: ₹10.38 Crore
- Net Worth: ₹74.23 Crore
- Reserves and Surplus: ₹60.97 Crore
- Total Borrowing: ₹68.50 Crore
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Comparison with Previous Periods:
- Compared to March 31, 2023, assets increased from ₹180.78 Crore to ₹196.37 Crore.
- Revenue decreased from ₹210.93 Crore (March 31, 2023) to ₹103.24 Crore.
- Profit After Tax decreased from ₹20.49 Crore (March 31, 2023) to ₹10.38 Crore.
- Net Worth increased from ₹63.88 Crore (March 31, 2023) to ₹74.23 Crore.
- Reserves and Surplus increased from ₹50.59 Crore (March 31, 2023) to ₹60.97 Crore.
- Total Borrowing decreased from ₹70.96 Crore (March 31, 2023) to ₹68.50 Crore.
Historical Overview:
- As of March 22, 2022, assets were ₹160.30 Crore.
- As of March 31, 2021, assets were ₹147.44 Crore.
Nova AgriTech IPO Objectives
The money raised from the Fresh Offer, after covering the expenses, will be used for the following:
- Investing in Nova Agri Sciences Private Limited: We plan to set up a new formulation plant in our subsidiary.
- Boosting Capital Expenditure: Funds will go towards expanding our current formulation plant, ensuring growth and efficiency.
- Supporting Working Capital Needs: A portion will be allocated to cover the day-to-day operational expenses of the company.
- Investment in Nova Agri Sciences Private Limited (Subsidiary): Additional funds will be directed to support the working capital requirements of our subsidiary.
- General Corporate Purposes: Some of the funds will be utilized for general corporate needs.
These strategic allocations aim to strengthen our operations, foster growth, and enhance overall productivity
Nova AgriTech IPO Subscription
- Retail Investors: They showed great enthusiasm, subscribing 80.20 times.
- Qualified Institutional Buyers (QIB): Subscribed at a solid rate of 81.13 times.
- Non-Institutional Investors (NII): The interest here is exceptional, reaching an impressive 233.03 times.
- Big Investors (bNII) – Bids above ₹10L: Subscribed at 231.40 times.
- Small Investors (sNII) – Bids below ₹10L: Surpassed expectations at 236.27 times.
This overwhelming response reflects the strong confidence and interest from various investor categories. Stay tuned for more updates on the live subscription status.
Nova AgriTech IPO Financial Performance
- Revenue and Profit: Over the last three fiscal years, the company has shown consistent growth, with total revenue and net profit reaching Rs. 210.93 cr. and Rs. 20.49 cr. respectively in FY23. In the first half of FY24, it earned a net profit of Rs. 10.38 cr. on a total revenue of Rs. 103.24 cr.
- Financial Metrics: The company’s average EPS over the last three years is Rs. 2.53, and the average Return on Net Worth (RoNW) is an impressive 30.17%. The issue is priced at a P/BV of 4.02 based on its NAV of Rs. 10.19 (as of March 31, 2023), and at a P/BV of 2.13 post-IPO NAV of Rs. 19.29 per share.
- Valuation and Pricing: With an asking price at a P/E of 18.30 (annualized FY24 earnings), the issue seems fully priced.
- Margins and Returns: PAT margins have seen a positive trend, reaching 10.06% in H1-FY24. RoCE margins for the referred periods show steady growth.
- Dividend Policy: While no dividends were declared in the reported periods, the company adopted a dividend policy in February 2023 based on its financial performance and prospects.
- Comparison with Peers: The listed peers mentioned in the offer document have varying P/E ratios as of January 17, 2024. However, direct comparisons may not be straightforward.
- Merchant Banker’s Track Record: The associated BRLMs have a track record of successfully handling IPOs, with all of them closing above the offer price on the listing date. This reflects positively on the expertise of the merchant bankers.
Conclusion:
Nova AgriTech IPO, with a robust subscription of 109 times, indicates strong investor interest. The company, focusing on eco-friendly agricultural solutions, has solid financials, historic growth, and strategic IPO fund utilization plans. However, potential investors should carefully consider valuation and industry comparisons before making investment decisions.
