IPO News

Dharmaj Crop Guard's IPO Fully Subscribed on Day 1

Posted On : 2022-11-28 19:15:18( TIMEZONE : IST )

Dharmaj Crop Guard's IPO Fully Subscribed on Day 1

Dharmaj Crop Guard Limited is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers has received bids of 1,43,79,060 shares against the offered 80,12,990 equity shares, at a price band of ₹216-237, according to the data available on the stock exchanges.

Overall the issue was fully subscribed on the first day of bidding.

Retail Portion saw an early rush and was fully subscribed within three hours of the bidding, at the end of the day it was subscribed 2.60 times. Non-Institutional segment saw a response of 1.80 times. The reserved portion for qualified institutional buyer portion saw a subscription of 0.35 times. Employee portion was subscribed 1.77 times. The issue kicked off for subscription on Monday, November 28, and will close on Wednesday, November 30, 2022.

Dharmaj Crop Guard Ltd raised Rs 74.95 crore from anchor investors including Elara India Opportunities Fund, Rajasthan Global Securities, and Resonance Opportunities Fund.

Broking houses like Anand Rathi Shares and Stock Brokers, BP Equities, Canara Bank Securities, Marwadi Financial Services, Choice Broking and Swastika Investmart have given a "Subscribe" rating to the issue.

The upward momentum in pesticide industry output is expected to continue going forward, backed by a growth in food consumption in the domestic market amid an expected increase in population, government support for agriculture, demand from export markets, and the horticulture and floriculture markets, among others. Dharmaj Crop has a diversified portfolio of products and consistent focus on quality and innovation. The company aims to further diversify its customer base and increase its market share in the agrochemical business. To achieve this goal, the company focuses on strengthening its business through effective branding of its own products and acquiring other brands to grow its product portfolio mix, the brokerages said collectively.

Elara Capital (India) Private Limited and Monarch Networth Capital Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the Issue.

Source : Equity Bulls


DharmajCropGuard Subscription IPO FundRaising