Advance Agrolife's IPO: A Sprouting Opportunity in Agrochemicals

Advance Agrolife Ltd's IPO was 42% subscribed on the first day. The company is offering 1.93 crore equity shares at a price band of Rs 95-100. Proceeds will be used for working capital and general purposes. Advance Agrolife manufactures a range of agrochemical products including insecticides and biofertilisers.

The initial public offering of agrochemical firm Advance Agrolife Ltd saw 42% of its shares subscribed on the first day, as evidenced by NSE data on Tuesday.

The company received bids for 57,06,000 shares versus 1,35,09,004 shares on offer. The non-institutional investor category was subscribed 61%, while retail individual investors subscribed 58%.

Advance Agrolife, based in Jaipur, set a price band of Rs 95-100 per share for its Rs 193-crore IPO. The funds raised will be used to support the company's working capital needs and general corporate expenses. The IPO concludes on October 3.

(With inputs from agencies.)