Dharmaj Crop Guard shares surge after positive market debut

Market


Shares of Dharmaj Crop Guard Ltd made a market debut on Thursday with the stock listing at 266 apiece on the NSE, a premium of more than 12% as compared to its IPO issue price of per 237 share. On the BSE, Dharmaj Crop Guard shares started trading at 270 apiece, and later surged to 275 in early deals.

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 category for non-institutional investors received 52.29 times subscriptions, Qualified Institutional Buyers (QIBs) portion got subscribed 48.21 times, and Retail Individual Investors (RIIs) 21.53 times.

Proceeds from the issue will be used for funding capital expenditure towards setting up of a manufacturing facility at Saykha Bharuch in Gujarat, funding incremental working capital requirements, payment of debt and general corporate purposes.

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 also provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. It exports its products to more than 25 countries across Latin America, East African Countries, Middle East and Far East Asia.


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