Advance Agrolife Ltd Surges 14% on Stock Market Debut

Advance Agrolife Ltd, an agrochemical company, saw its shares rise by 14% on both BSE and NSE upon its market debut. The IPO, priced between Rs 95-100, was fully subscribed 56.85 times. Proceeds will fund working capital and general corporate uses, totaling Rs 193 crore.

Shares of Advance Agrolife Ltd experienced a notable increase of 14% in their first day of trading on the stock market, outperforming the issue price of Rs 100. As trading commenced, the stock opened at Rs 113 on the BSE and Rs 114 on the NSE, highlighting a positive market response.

The company's valuation reached Rs 690.11 crore following the successful initial public offering (IPO), which was oversubscribed 56.85 times by investors. This strong interest underscores the company's position in the agrochemical sector.

The Jaipur-based company specializes in a diverse range of agrochemical products, aiming to sustain and enhance agricultural productivity. Funds raised from the IPO, amounting to Rs 193 crore, will primarily support working capital requirements and general corporate purposes.

(With inputs from agencies.)