Subscription Status, Quota, GMP, Other Details

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Dharmaj Crop Guard IPO Day 2: The initial public offering (IPO) of Dharmaj Crop Guard, which is open for public subscription between November 28 and 30, was fully subscribed on the first day of the offer and ended the trade with 1.79 times subscription on Monday. The Rs 251.14-crore IPO received bids for 1,43,79,060 shares against 80,12,990 shares on offer, according to NSE data.

Dharmaj Crop Guard IPO: Quota-Wise Subscription So Far

The category for retail individual investors (RIIs) received 2.60 times subscription, non-institutional investors portion was subscribed 1.80 times and qualified institutional buyers (QIBs) 35 per cent.

Dharmaj Crop Guard IPO: Basic Details

Dharmaj Crop Guard IPO comprises a fresh issue of shares worth up to Rs 216 crore and an offer-for-sale (OFS) of up to 14.83 lakh shares by the existing shareholders. The company has fixed the IPO price band in the range of Rs 216-237 per share.

As per market observers, the unlisted shares of Dharmaj Crop Guard are currently trading at a premium of Rs 46 in the grey market, over its upper band of Rs 237. It means that the company’s shares in the grey market are trading at Rs 383 apiece. It also indicates the expected listing price of the company’s shares is going to be higher as against the issue price. The premium gets fluctuated based on the sentiments in the markets.

Dharmaj Crop Guard’s shares are expected to list on the BSE and NSE on December 8.

Dharmaj Crop Guard IPO: Objectives

The company’s objectives for raising the funds through the IPO includes funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat; funding incremental working capital requirements of the company; repayment and/or pre-payment, in full and/or part, of certain borrowings of the company; and general corporate purposes.

About Dharmaj Crop Guard & Its Financials

Incorporated in 2015, Dharmaj Crop Guard Limited is an agrochemical company. The company is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to the B2C and B2B customers.

The company also provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. Dharmaj Crop Guard Limited export products to more than 25 countries in Latin America, East African Countries, the Middle East and Far East Asia.

As of July 2022, Dharmaj Crop Guard Limited had more than 219 institutional products that they sold to more than 600 customers based in India and the international markets. As of July,2022, the company exported its products to more than 60 customers across 25 countries.

The company’s manufacturing facility is located in Ahmedabad, Gujarat, India. Dharmaj Crop Guard Limited also has a research and development (R&D) center at the manufacturing facility.

The company’s branded products are sold in 17 states through a network comprising over 4,200 dealers having access to 16 stock depots in India, as of July’2022.

The revenue from operations for Fiscals 2020 and 2021 and ended inJuly, 2022, was Rs 1,982.22 million, Rs 3,024.10 million and Rs 3,962.88, respectively.

Dharmaj Crop Guard’s growth journey: Last 3 years PAT growth – 63.3 per cent • Last 3 Years revenue growth – 41 per cent • Last 3-year ROCE – 33% • Last 3-year ROE –35 per cent.

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