• Aristo BioTech IPO opens for public subscription on Monday, January 16, 2023
The Initial Public Offering (IPO) of Aristo Bio-Tech & Lifesciences Limited will open for public subscription on Monday, January 16, 2023 and close on Thursday, January 19, 2023 and will subsequently be listed on NSE Emerge platform. The issue has been subscribed 3.75 times till 11:40 am on the second day.
According to market observers, Aristo Biotech shares are trading at a premium of ₹16 in the gray market today. The shares of the company are expected to get listed on NSE Emerge platform next week on Friday, Jan 27, 2023. The NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on the NSE EMERGE platform.
The company intends to raise ₹1,305.22 lakh by issuing 18,12,800 shares, priced at ₹72 per share and will be sold in lots of 1,600 shares. The Lead Manager to the Issue is Beeline Capital Advisors Private Limited, a leading Merchant Banking Company in Gujarat and the Registrar to the Issue is Link Intime Financial Services Private Limited.
Narendra Singh Barhat, Chairman and Managing Director, Aristo Bio-Tech & Lifesciences Ltd. said, “The IPO funding will help us take our company to the next level as our current setup has enough capacity and a good team that we need Working capital. He will provide further IPO funding to fuel our growth."
Aristo Biotech is an agrochemical and crop protection company and is engaged in a wide range of product categories, such as Insecticides, Herbicides, Fungicides and Plant Growth Regulators.
Avinash Gorakshkar, Head of Research, Profitmart Securities, said, "Aristo Biotech is a leading agrochemical company, enjoying a diversified basket of technical and branded formulations in its product basket. It put up a decent performance in FY22 and is expected to grow in FY23." Also, the company will register healthy growth in both topline and profits. We believe that the domestic agrochemicals industry presents a strong business opportunity for the next 2 to 3 years."
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