Dharmaj Crop Guard IPO opening today; Price band fixed at Rs 216-237

28 Nov 2022 , 08:23 AM

The ninth public issue of November 2022, Dharmaj Crop Guard IPO will be launching on November 28^th. The company is selling its shares at the price band of Rs 216-237 per share. Investors can bid for a minimum of 60 shares and in multiples of 60 shares thereafter. 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail investors.

The issue consists a fresh issue of shares worth Rs 216 crore and a sale of 14.83 lakh shares by promoters. The company has also reserved 55,000 equity shares for its employees who will get the shares at a discount of Rs 10 apiece to the final offer price.

Dharmaj Crop Guard is using the net proceeds from the IPO for setting up a manufacturing facility at Saykha in Gujarat and to meet working capital requirements and for general corporate purposes.

Incorporated in the year 2015, Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations. The company exports its products to more than 20 countries in Latin America, East African Countries, the Middle East and Far East Asia. Its manufacturing facility is located in Ahmedabad, Gujarat.

The profits of Dharmaj Crop grew 37% in FY22 at Rs 28.69 crore with a 30% increase in revenue at Rs 394.2 crore compared with the previous year. For the four months period ended July FY23, the profit was Rs 18.4 crore on revenue of Rs 220.9 crore.

The company will close its subscription on November 30 and the finalisation of allotment will take place on December 5. Dharmaj Crop Guard IPO will make its market debut on December 8.

Elara Capital (India) and Monarch Networth Capital are the lead managers of the offer, while Link Intime India is the registrar to the IPO.

For feedback and suggestions, write to us at [e-mail]