Dharmaj Crop Guard IPO: Latest GMP ahead of share allotment date

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.

The finalisation of the basis of share allotment is expected to take place next week 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 ₹50 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Thursday, December 8, 2022.

Dharmaj Crop Guard IPO had a fresh issue of up to ₹216 crore and an offer for sale of 14,83,000 equity shares. Its price range was ₹216-237 a share. The company 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.

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.

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’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.