Godrej Agrovet IPO opens on 4 October, value band at Rs450-460 per share

Mumbai: Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, on Tuesday mentioned it should launch its roughly Rs1,157 crore preliminary public providing (IPO) on 4 October.

Godrej Agrovet has priced its share in a band of Rs450-460. The IPO will shut on 6 October.

The IPO includes a contemporary difficulty of Rs291.5 crore. The proceeds from the contemporary difficulty will likely be utilized by the corporate for reimbursement or prepayment of working capital services, reimbursement of business papers issued by the corporate, and to fulfill basic company functions.

The promoters and buyers will collectively promote round 18.82 million shares within the share sale. Promoter Godrej Industries Ltd plans to dump shares value Rs300 crore.

Temasek Holdings Pte, which at present holds 20% within the agri-business firm, plans to promote 12.3 million shares, which on the higher finish of the worth band will fetch the Singapore state-owned investor about Rs565.8 crore.

Temasek invested Rs572 crore in 2012. Put up share sale, Temasek will maintain 13% in Godrej Agrovet.

GAVL has employed Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd and Credit score Suisse Securities (India) Pvt. Ltd to handle its public providing.

Established in 1991, Godrej Agrovet is a diversified, analysis and improvement centered agri-business firm with operations throughout 5 enterprise verticals — animal feeds, crop safety, oil palm, dairy, and poultry and processed meals.

Within the fiscal 2016-17, Godrej Agrovet reported a income of Rs4,983.5 crore, up 30% from the earlier fiscal. The corporate reported a revenue of Rs274.4 crore in 2016-17, up 5% from a yr in the past.

In 2005, Godrej Agrovet acquired a 26% stake in Creamline Dairy Merchandise Ltd. It additional acquired 25% stake within the dairy firm for Rs150 crore, Mint reported.

Creamline Diary, a subsidiary of Godrej Agrovet, sells the vast majority of milk and milk-based merchandise beneath the Jersey model throughout Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra.

In 2008, Godrej Agrovet entered right into a three way partnership with Tyson India Holding Ltd, a unit of US-based Tyson Meals Inc. The three way partnership Godrej Tyson Meals Ltd manufactures and markets processed poultry and vegetarian merchandise by means of manufacturers Actual Good Hen and Yummiez.

In 2015, Godrej Agrovet acquired a controlling stake in agrochemicals and pharmaceutical intermediates agency Astec Lifesciences Ltd for roughly Rs212 crore. Astec LifeSciences makes agrochemical energetic components that are bought in India in addition to exported.

On Monday, Mint reported that about 50 Godrej group staff have purchased shares value round Rs8.5 crore in a pre-IPO spherical of Godrej Agrovet. The pre-IPO spherical noticed staff from numerous group corporations together with Godrej Client Merchandise Ltd, Godrej Properties Ltd, Nature’s Basket, Godrej Tyson Meals and Godrej and Boyce Manufacturing Co. Ltd.

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