Godrej Agrovet IPO oversubscribed 2.11 times so far on Day 2

The initial public offer of Godrej Agrovet was oversubscribed 2.11 times so far on the second day of subscription today.

The IPO to raise around Rs 1,157 crore received bids for 3,79,93,120 shares against the total issue size of 1,80,27,464 shares, data available with the NSE till 1600 hours showed.

Till yesterday, the IPO was subscribed 52 per cent.

Godrej Agrovet earlier this week raised a little over Rs 341 crore from anchor investors.

The IPO of the company, part of Godrej Industries, would remain open for subscription till tomorrow.

The issue comprises fresh issue of shares worth Rs 291.51 crore besides an offer for sale worth up to Rs 300 crore by Godrej Industries and sale of up to 1.23 crore shares by V- Science.

The price band has been fixed at Rs 450-460 per share. At the upper end of the price band, the sale would fetch around Rs 1,157 crore.

Godrej Industries owns 60.81 per cent in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.

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 are managing the company's issue. The shares are proposed to be listed on BSE and NSE.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)