Dharmaj Crop Guard IPO: GMP, price band as subscription opens next week

Market


The three day initial public offering (IPO) of Dharmaj Crop Guard Limited will launch for public subscription next week on Monday, November 28, 2022 and conclude on November 30, 2022. The company has fixed the price band in the range of 216 to 237 per share. The issue will open for anchor investors on November 25.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 25 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. 

The public issue of the company consists of fresh equity shares worth 216 crore and an offer for sale (OFS) of up to 14,83,000 equity shares by the promoters and existing shareholders of the company.

The net proceeds from the fresh issue is aimed to be used for setting up manufacturing facility in Gujarat, and incremental working capital requirements along with repaying some debts.

The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is expected to take place on Monday, December 5, 2022. Link Intime India Private Ltd is the registrar of the initial share sale. Elara Capital and Monarch Networth Capital are the book-running lead managers to the offer.

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 20 countries in Latin America, East African Countries, the Middle East and Far East Asia.

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