Agri-Input Maker Nova Agritech to Raise Funds Through IPO, Files Preliminary Papers with SEBI
Nova Agritech, a leading agri-input manufacturer based in Telangana, is planning to raise funds via an initial public offering (IPO) and has filed preliminary papers with the Securities and Exchange Board of India (SEBI). The IPO will include a fresh issuance of shares worth Rs 140 crore and an offer for sale of 77.58 lakh equity shares by non-promoter Nutalapati Venkatasubbarao.
Nutalapati intends to sell his entire shareholding in the company through an offer for sale, as he currently holds an 11.9 percent stake (77.58 lakh shares) in the company, while the rest is held by promoters.
The company may consider a pre-IPO placement of Rs 25 crore before filing the Red Herring Prospectus (RHP), which would lead to a reduction in the fresh issue size.
Nova Agritech specializes in soil health management, crop nutrition, and crop protection products, with a focus on a tech-based, farmer-driven solution approach. Its subsidiary, Nova Agri Sciences, is responsible for manufacturing crop protection products.
As of January 2023, Nova Agritech has received 629 product registrations, including seven in the soil health management category, 168 in the crop nutrition category, four in the biopesticide category, and 450 in the crop protection category.
Investors and industry experts alike are eagerly awaiting further details on Nova Agritech’s IPO, which is expected to draw significant attention from those looking to invest in the growing agricultural sector.
For More Latest News Click Here
