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City Crops Agro IPO details
City Crops Agro Limited IPO, which is worth ₹15 crores, is completely a fresh issue of 6,000,000 equity share; there is no offer for sale (OFS) component. Kaupilkumar Hasmukhbhai Shah and Shitalben Kaupilkumar Shah are the promoter of the company.
The company plans to use the net proceeds from the offering to meet working capital requirements, fund general corporate purposes, and cover issue related expenses.
The book running lead manager of the issue is Turnaround Corporate Advisors Pvt Ltd, and registrar to the issue is Skyline Financial Services Pvt Ltd.
According to red herring prospectus (RHP), out of 60,00,00 equity shares, 3,00,000 equity shares at face value of ₹10 each at a price of ₹25 per equity share aggregating to ₹75 lakhs is reserved for the market makers.
Further, 57,00,000 equity shares at face value of ₹10 each at a price of ₹25 per equity share aggregating to ₹1425 lakhs is net issue to the public.
As per the RHP, listed peers of City Crops Agro Limited (which has a P/E ratio of 22.03), are MK Exim (India) Ltd (with P/E ratio of 16.88), and Alstone Textiles (India) Ltd (with P/E ratio of 2.89).
City Crops Agro Ltd was established in 2013 and is primarily involved in the selling of agricultural products such seeds, rice, wheat, onions, potatoes, tomatoes, isabgol, and pulses. Products from City Crops Agro are available on an integrated online platform that also offers vegetables, pulses, and oil seeds as well as cereals. Additionally, the business performs contract manufacturing for agricultural products like castor, onion, and cucumber.
City Crops Agro IPO subscription status
City Crops Agro IPO subscription status was 3.38 times on day 4. The issue received good response from retail investors who’s portion set was subscribed 4.61 times, and positive response from non-institutional buyers who’s portion set was subscribed 2.15 times, according to data on chittorgarh.com.
The company has received bids for 1,92,66,000 shares against 57,00,000 shares on offer, at 16:35 IST, according to data on chittorgarh.com.
City Crops Agro IPO subscription status was 88% on day 1, and on day 2 the issue was subscribed 1.03 times. On day 3, City Crops Agro IPO subscription status was 1.53 times.
City Crops Agro IPO GMP today
City Crops IPO GMP today or or grey market premium is +2. This indicates City Crops share price were trading at a premium of ₹2 in the grey market on Friday, according to investorgain.com
Considering the upper end of the City Crops IPO price band and the current premium in the grey market, the estimated listing price of City Crops share price is ₹27 apiece, which is 8% higher than the IPO price of ₹25.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: Vishnusurya Projects IPO: Check subscription status on day 1, GMP, review, other details
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Updated: 29 Sep 2023, 04:49 PM IST