Business

Godrej Agrovet surges 37 percent on stock market debut

From our online archive

 Animal feed producer Godrej Agrovet Ltd's shares surged as much as 37 percent on market debut on Monday after an initial public offering of about $179 million.

Godrej Agrovet stock jumped to as much as 630 rupees from its IPO price of 460 rupees after raising 11.6 billion rupees in the IPO that was subscribed over 95 times earlier this month.

Analysts at Angel Broking have given the stock a "subscribe" rating, considering the company's diversified business profile, decent margins, strong return ratios, healthy balance sheet and strong history of its parent.

Besides its main animal feed business, Godrej Agrovet is into crop protection, oil palm, dairy and poultry, as well as processed foods.

Indian companies have so far raised around $8 billion in IPOs this year, and look set to surpass the record $8.65 billion raised in 2007.

SCROLL FOR NEXT