Dharmaj Crop Guard IPO share allotment likely today. How to check

Market


The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against 80,12,990 shares on offer. The initial share sale had a fresh issue of up to 216 crore and an offer for sale (OFS) of 14,83,000 equity shares. Its price range was 216-237 a share. 

The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is expected to take place on Monday, December 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 55 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE later this week on Thursday, December 8, 2022.

It raised 74.95 crore from anchor investors, including Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund, ahead of its initial share sale.

Incorporated in 2015, Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers, and antibiotic. 

“The company has a diverse set of products with customers across domestic as well as international markets. The operations look relatively small compared to its peers, however, revenues, EBITDA & margins are on the rise. At the upper band, post-fresh issue, the asking p/e post fresh issue comes around 27.8x based on FY22 earnings,” said Abhay Doshi, co-founder of UnlistedArena.

The company aims to use the proceeds from the fresh issue for 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.


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