Nova Agritech Solutions Announces IPO with Strong Financials and Expansion Plans-GMP and More

January 21, 2024

Nova Agritech Solutions, a leading agri-input manufacturer, has officially announced its Initial Public Offering (IPO) set to take place from January 23 to January 25, 2024. With a foundation laid in 2007, the company, under the leadership of Managing Director Kiran Kumar Atukuri, specializes in technology-driven agri-inputs, focusing on ecological sustainability and nutritional balance.

Key Highlights:

- IPO Details:The IPO features a price range of ₹39-41 per share, a minimum investment of ₹14,235, and a lot size of 365. The issue size stands at ₹143.81 Cr.

- Dealer Network: Nova Agritech Solutions boasts a robust dealer network comprising approximately 11,722 dealers across 16 Indian states and two regions in Nepal. Plans for expansion include reaching markets in Bangladesh, Sri Lanka, and Vietnam.

- Revenue Sources: The company primarily generates revenue from Andhra Pradesh, Karnataka, and Telangana.

- Subsidiary: Nova Agritech Solutions' subsidiary, Nova Agri Sciences Private Limited, is responsible for manufacturing crop protection products.

- Financial Performance:The company's financials showcase a notable profit growth, with profits reaching ₹20.49 Cr in 2023, ₹13.69 Cr in 2022, and ₹6.30 Cr in 2021.

- Application Details:Eligible investors can apply for the IPO as Regular, with the price range set at ₹39-41. High Networth Individuals have the option to apply between ₹2,00,000 and ₹5,00,000.

- GMP Update: As of January 21, 2023, the Grey Market Premium (GMP) for Nova Agritech IPO stands at ₹20.

Nova Agritech Solutions' IPO comes at a time when the company is not only showcasing strong financial growth but is also strategically positioning itself for expansion into new markets, reflecting confidence in its agri-input offerings and technology-based solutions. Investors are keenly watching this development as the agricultural sector continues to evolve with innovative solutions.