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.
The finalization of the basis for the share allotment of Dharmaj Crop Guard’s IPO is expected to take place on Monday 5th December 2022 and if the shares are allotted, the shares will be credited to the bidders’ accounts on Wednesday 7th December. The registrar for this IPO is Link Intime India Private Ltd therefore the application for allocation can be checked on the registrar’s website here or on the BSE website here.
According to market watchers, Dharmaj Crop Guard shares are available at a premium (GMP) of €55 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.
It has raised €74.95 crore from anchor investors including Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund ahead of the initial share sale.
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 has a diverse range of products with customers on national and international markets. The operation looks relatively small compared to its peers, but revenue, EBITDA, and margins are growing. At the high end, post-reissue, the post-reissue P/E multiple is about 27.8x based on FY22 earnings,” said Abhay Doshi, co-founder of UnlistedArena.
The Company intends to use the proceeds from the re-issuance to fund capital expenditures to establish a manufacturing facility in Saykha, Bharuch, Gujarat; Funding of the company’s incremental working capital needs; full and/or partial repayment and/or prepayment of certain Company loans and general corporate purposes.
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