The offering received bids for 1.24 billion shares compared to 69.68 shares of shares on offer.
The Dollex Agrotech initial public offering (IPO) received bids for 1,24,08,000 shares versus 69,68,000 shares offered, according to NSE data Tuesday (December 20, 2022). The issue was subscribed 1.78 times.
The qualified institutional buyers (QIBs) category submitted bids for 36,000 shares. The non-institutional category subscribed for 47,96,000 shares. The retail investors (RIIs) category bought 75,76,000 shares.
The issue opened for bidding on Thursday (December 15, 2022) and closed on Tuesday (December 20, 2022). The issue price has been set at Rs 35 per share.
The IPO of up to 69.68 shares of lacs comprised a new issue of up to 49.68 shares of lacs at a total value of Rs 17.39 crore and an offer to sell up to 20 shares of lacs by Marium Leasing & Investment (“Sale of the Promoter Group”) shareholders”) totaling Rs 7 crore.
Mariam Leasing and Investment is part of the founding group of the company. Prior to the issuance, it held 29,90,000 shares or 14.95% interest in the company. After the issue, this is reduced to 9,90,000 shares or 3.97% of the shares.
The Company intends to use the net proceeds from the issue for working capital needs and general corporate purposes.
Dollex Agrotech is active in the business of manufacturing and trading sugar with its own combined heat and power generation. In 2017, Mehmood Khan, the company’s promoter, decided to set up a sugar factory and in 2018 started operating sugar production from sugar cane along with its own combined heat and power plants in Datia, Madhya Pradesh. Said plant has a crushing capacity of 2500 TCD.
The Company has received approval in principle from the Government of India’s Department of Food & Public Distribution to build distilleries with a capacity of 200 KLPD. In addition to sugar, by-products such as mollase, pressed sludge and bagasse are also produced and sold. The bagasse is used to generate electricity. In addition, it is active in power generation up to its own output of 3 MW. The company intends to enter a new segment of ethanol production in the coming years under the Department of Petroleum and Natural Gas’s EBP program.
The company recorded operating revenue of Rs. 838 crore and net profit of Rs. 151 crore for the period ended 30 June 2022.
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