The basis for the share allotment of Dharmaj Crop Guard’s IPO has been completed and if the shares are allotted, the shares will be credited to the bidders’ accounts on Wednesday 7th December. Now all eyes are on the company’s IPO, due later this week.
According to market watchers, Dharmaj Crop Guard shares are available at a premium (GMP) of €52 on the gray market today. The company’s shares are expected to list on the BSE and NSE stock exchanges on Thursday 8th December 2022 later this week.
The initial public offering (IPO) of Dharmaj Crop Guard was traded 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares versus 80,12,990 shares offered. The initial stock sale had a reissue of up to €216 crore and an offer to sell (OFS) of 14,83,000 shares. Its price range was €216-237 per share.
Established in 2015, Dharmaj Crop Guard is an agrochemical company engaged in the manufacture, distribution and marketing of a wide range of agrochemicals such as insecticides, fungicides, herbicides, crop growth regulators, micro-fertilizers and antibiotics.
The company also offers crop protection solutions to farmers to help them maximize productivity and profitability. It exports its products to more than 25 countries throughout Latin America, East African countries, the Middle East and Far East Asia. Operating income for the fiscal years 2020 and 2021 and the seven month period ended October 31, 2021 was €1.982 million, €3.024 million and €2,272.6 million.
Proceeds from the offering will be used to fund capital expenditures to establish a manufacturing facility at Saykha Bharuch in Gujarat, to fund additional working capital requirements, to pay debt and for general corporate purposes.
Elara Capital (India) Private Limited and Monarch Networth Capital Limited were the underwriters of the offering. Link Intime India Private Ltd was the registrar of the original share sale.
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