Godrej Agrovet's Rs1,157-cr IPO opens for public

The Rs1,1157-crore initial public offer (IPO) of Godrej Agrovet opened for public subscription today, after the company raised Rs341.19 crore from 25 anchor investors.

The company has set the IPO price at Rs450-460 per share, sale of which opened today. The offer will close on 6 October (Friday). The company's shares will be listed on the BSE and the NSE.

The animal-feed producer is selling new shares worth up to Rs292 crore in the IPO, while its main shareholder Godrej Industries is selling secondary shares of up to Rs300 crore.

Godrej Agrovet on Tuesday allotted 7.42 million shares at Rs460 a share to 25 anchor investors. The anchor investors include the Government of Singapore, First State Indian Subcontinent Fund, JP Morgan, Russell Investment Company, The India Fund Inc - Aberdeen, Goldman Sachs India, SBI MF, Reliance AMC, ICICI Prudential AMC, SBI Life Insurance and HSBC MF.

While Rs866 crore raised through the IPO will give partial exit to holding company Godrej Industries and V-Sciences Investment, a Temasek entity, the remaining Rs292 crore will be used to repay short-term loans.

Bids can be made for a minimum of 32 equity shares and in multiples of 32 shares thereafter.

Godrej Agrovet is a leading agri-business company operating across five different business verticals - animal feed, crop protection, oil palm, dairy, poultry and processed foods.