Rs 1,157 crore Godrej Agrovet IPO kicks off, brokerages say 'subscribe'

The Rs 1,157 crore initial public offering (IPO) of Godrej Agrovet kick started on Wednesday.  The agri-business firm is selling the stock at a price of Rs 450-460 per share. 

The IPO would be closed on October 6.

Godrej industries which owns more than 60% stake in in Godrej Agrovet would want to use the funds from IPO to make payments for the loans among other general purposes. 

Given the strong market presence, ecperts believe that the investors should subscribe to the IPO. 
Kotak Investment Banking, Axis Capital and Credit Suisse are the banks managing the IPO.

Established in 1991, Godrej Agrovet is a huge agri-business player with operations spread across five sectors, that are, animal feed, crop protection, oil palm, dairy and poultry and processed foods. 

Godrej Agrovet is also the largest crude palm producer in India and 4th largest animal feed producer in Bangladesh through its 50:50 joint venture ACI Godrej.