Advance Agrolife shares end over 8 pc higher in market debut trade

New Delhi, Oct 8 (PTI) Shares of agrochemical firm Advance Agrolife Ltd on Wednesday ended over 8 per cent higher in market debut trade against the issue price of Rs 100.

The stock started trading at Rs 113, up 13 per cent from the issue price on the BSE. It finally ended at Rs 108.23, registering a jump of 8.23 per cent.

At the NSE, the stock made its market debut at Rs 114, a premium of 14 per cent. Shares of the firm ended at Rs 108.30, up 8.3 per cent.

The company's market valuation stood at Rs 695.76 crore.

The initial public offer of Advance Agrolife Ltd got subscribed 56.85 times on the final day of the share sale on Friday last week.

Advance Agrolife Ltd had announced a price band of Rs 95-100 per share for its Rs 193-crore initial public offering (IPO).

The Jaipur-based company's IPO was entirely a fresh issue of 1.93 crore equity shares worth Rs 193 crore at the upper end of the price band.

Proceeds from the fresh issue, amounting to Rs 135 crore, will be utilised for funding working capital requirements, and the remainder for general corporate purposes.

Advance Agrolife is engaged in manufacturing a wide range of agrochemical products that support the entire lifecycle of crops.

The company's product portfolio includes insecticides, herbicides, fungicides, and plant growth regulators. It also manufactures other agrochemical products, such as micronutrient fertilisers and biofertilizers. PTI SUM HVA