Dharmaj Crop Guard IPO subscribed 5.97 times on Day 2

30 Nov 2022 , 08:46 AM

Dharmaj Crop IPO which was opened for subscription on Monday, November 28 is getting strong response from investors. The issue was subscribed 5.97 times on day 2. According to the data available on BSE, the company receives 4,78,68,540 bids against 80,12,990 shares on offer.

The qualified institutional buyers section received bids for 17,00,340 shares against 22,43,990 shares, i.e., 0.76 times. While the non institutional investors’ portion was subscribed 8.74 times and retail investors’ portion was subscribed 7.75 times. Further, the portion set aside for employees was subscribed 3.75 times. The company’s issue was subscribed 1.79 times on the first day.

The price band of the offer is Rs 216-237 per share and it will be closing on Wednesday, November 30.

The company aims to use the net proceeds to fund capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat, working capital requirements, repayment or pre-payment of loans and general corporate purposes.

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