Mumbai: Agri-input manufacturer “Nova Agritech Limited” announced their IPO — priced at between Rs 39 and Rs 41 per Equity Share aggregating to Rs 144 crores — that will be opening on January 22 and closing on January 24, 2024.
Kiran Kumar Atukuri, Managing Director, Nova Agritech Limited, said the company offered soil health management, crop nutrition and crop protection products that were ecologically-sustainable and nutritionally-balanced with focus on tech-based, farmer-driven solution approach.
He said the technology involved here included usage of advanced multipurpose agriculture drones (called +NOVA AGRIBOT+) for “spraying an acre in barely six minutes” and for which NATL has signed an MOU with IoTechWorld Arigation Pvt Ltd.in 2022.
Noting that the company’s objective is to become a one-stop, solution provider for the farming community, he said that the net proceeds from the fresh issue would be utilized for investment in its subsidiary Nova Agri Sciences Private Limited for setting up a new formulation plant, funding the company’s capital expenditure, expanding its existing formulation plant, funding its working capital requirements, investment in its subsidiary Nova Agri Sciences Ltd for funding working capital requirements, and general corporate purposes.
“Since 2007, our Company manufactures, distributes and markets in 16 Indian States and four countries a wide range of product categories consisting of: soil health management products, crop nutrition products, bio-stimulant products, bio-pesticide products, Integrated Pest Management products, new technologies and crop protection products,” he said.
The company also runs a farmer outreach program called “Nova Kisan Seva Kendra” (NKSK) to educate farmers on various crop management practices including need-based solutions, products, technologies, methodologies, knowhow and usage skills, thereby enhancing farm yield.
He said Nova Agritech’s revenue from Operations increased by 13.47% to Rs 21,055.54 lakhs for 2022-23, as against Rs 18,556.77 lakhs during 2021-22. Profit after tax rose by 49.69% to Rs 2,048.95 lakhs for 2022-23, as against Rs 1,368.93 lakhs for 2021-22.
Revenue from Operations for the six months ending September 30,2023 stood at Rs 10,321.60 lakhs and PAT stood at Rs 1038.22 lakhs, he added.
Keynote Financial Services Limited and Bajaj Capital Limited are the book running lead managers to the issue.
