Advance Agrolife shares jump 14% on market debut
New Delhi: Shares of agrochemical firm Advance Agrolife Ltd surged 14% on their market debut on Wednesday, listing at a premium over the issue price of ₹100 per share.
On the BSE, the stock opened at ₹113, up 13% from the issue price, while on the NSE, it debuted at ₹114, reflecting a 14% gain. The company’s market valuation stood at ₹690.11 crore.
The company’s ₹193-crore IPO had received a strong response, getting subscribed 56.85 times by the close of bidding last Friday. Advance Agrolife had set a price band of ₹95–₹100 per share for the issue, which comprised an entirely fresh issue of 1.93 crore equity shares.
Of the total proceeds, ₹135 crore will be used to meet working capital requirements, with the balance allocated for general corporate purposes.
Based in Jaipur, Advance Agrolife manufactures a wide range of agrochemical products supporting all stages of crop cultivation, including insecticides, herbicides, fungicides, and plant growth regulators, as well as micronutrient fertilisers and biofertilisers.
