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GIC, Goldman Sachs among Godrej Agrovet’s anchor investors

03 October, 2017

Godrej Agrovet Ltd said on Tuesday it has raised Rs 341.19 crore ($52 million) from anchor investors including Singapore sovereign wealth fund GIC Pte Ltd ahead of its initial public offering.

The company allotted 7.4 million equity shares at Rs 460 apiece to 25 anchor investors, it said in a statement.

Apart from GIC, the anchor investors include JP Morgan, Russell Investment Company and Goldman Sachs India.

SBI Mutual Fund, HSBC Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Sundaram Mutual Fund, ICICI Prudential Asset Management Company, SBI Life Insurance Company and Motilal Oswal Asset Management Company also came in as anchor investors.

Godrej Agrovet, the agri-business subsidiary of Godrej Industries, had filed its draft IPO proposal on 19 July and got regulatory approval last month. The IPO begins on Wednesday and closes on Friday.

The IPO comprises a fresh issue of shares worth Rs 300 crore besides an offer for sale by Godrej Industries and V-Sciences Investments Pte, the investment arm of Singapore state investor Temasek.

It will be the first IPO by a Godrej company in more than eight years; the group’s real estate arm Godrej Properties went public with a Rs 500-crore IPO in December 2009.

Temasek had invested in Godrej Agrovet in in December 2012, picking up almost a fifth of the company for Rs 572 crore ($105 million then). This was the single-largest alternative investment in the agri-business segment in India and valued Godrej Agrovet at around Rs 2,860 crore ($525 million then).

Godrej Agrovet is the largest manufacturer of compound feed in India, producing 1.1 million tonnes of feed and nutrition products for dairy cattle, poultry and aquaculture annually. It also has palm oil plantations and makes hybrid seeds.

Kotak Mahindra Capital Co, Axis Capital and Credit Suisse Securities (India) are merchant bankers for the proposed IPO.

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GIC, Goldman Sachs among Godrej Agrovet’s anchor investors

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