Agrochem player Advance Agrolife's Rs.193-Cr IPO oversubscribed 9.17 times

The INR 192.86 crore initial public offering (IPO) of Jaipur-based agrochemical manufacturer Advance Agrolife received 9.17 times subscription on the final day of bidding so far. The IPO got bids for 12,38,19,900 crore shares against 1,35,09,004 shares on offer, at a price band of INR 95-100 per share.The portion reserved for the Non-Institutional Investors (NIIs) got subscribed 24.33 times, while the Qualified Institutional Buyers (QIBs)' portion received 5.88 times subscription. The Retail Individual Investors (RIIs) quota got subscribed 3.56 times.Founded in 2002, Advance Agrolife is an agrochemical manufacturer with offerings to cater to major cereals, vegetables, and horticultural crops across both kharif and rabi seasons in India. The proceeds from the IPO will be primarily used to fund its working capital requirements.