Advance Agrolife's IPO Launch: A Flourishing Debut in the Agrochemical Sector

Advance Agrolife Ltd witnessed an impressive stock market debut, with shares ending over 8% higher than their issue price. The Jaipur-based agrochemical firm's IPO was subscribed 56.85 times, raising funds for working capital and corporate purposes. With a robust portfolio, the company's market valuation reached Rs 695.76 crore.

Shares of agrochemical firm Advance Agrolife Ltd made a striking debut on Wednesday, closing over 8% higher than the issue price of Rs 100.

The stock opened at Rs 113 on the BSE, marking a 13% rise from its initial price, and finalized at Rs 108.23, achieving an 8.23% gain.

On the NSE, it started at Rs 114, holding a 14% premium, and settled at Rs 108.30, up by 8.3%. The company's stock market valuation hit Rs 695.76 crore.

Advance Agrolife's IPO was subscribed 56.85 times by its conclusion, with a price band set at Rs 95-100 per share for the Rs 193-crore offering.

Based in Jaipur, Advance Agrolife's IPO was a fresh issuance of 1.93 crore equity shares, aimed at generating Rs 193 crore at the price band's upper end.

The company plans to allocate Rs 135 crore from the IPO to support working capital, with the rest for general corporate use.

Specialized in agrochemical products, Advance Agrolife's portfolio spans insecticides, herbicides, fungicides, plant growth regulators, micronutrient fertilisers, and biofertilizers.

(With inputs from agencies.)