Rs 251 crore IPO of Dharmaj Crop Guard opens for subscription today
Dharmaj Crop Guard has fixed a price band of Rs 216-237 per share for its Rs 251 crore IPO. In this issue, 50 percent of the share has been reserved for Qualified Institutional Investors (QIB). 35 per cent is reserved for retail bidders and 15 per cent for non-institutional (NII) players. It has a lot size of 60 equity shares. That is, retail investors will have to invest at least Rs 14,220 as per the upper price of the price band. The face value of the shares is Rs.10. The allotment of shares will take place on December 5. It may be listed on BSE and NSE on 8 December 2022.
gray market premium
According to experts, the company’s stock is trading at Rs 65 per premium (GMP) in the gray market. According to experts, investors should look at the fundamentals of the company rather than GMP. The company manufactures a wide range of agro chemical formulations such as Insecticides, Fungicides, Herbicides, Plant Growth Regulators, Micro Fertilizers and Antibiotics. The company exports to around 25 countries. In the financial year 2021-22, the company’s profit increased by 37 percent to Rs 28.69 crore. Its revenue also increased by 30 percent on an annual basis to Rs 394.2 crore. In the first quarter of this financial year, the company’s revenue was Rs 220.9 crore and profit was Rs 18.4 crore.
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Raised 75 crores from anchor investors
The company raised Rs 74.95 crore from anchor investors ahead of the IPO. The company said in a BSE filing that it has decided to allot 31.62 lakh equity shares to anchor investors at a price of Rs 237 per share. Three investors Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund have invested in the company through anchor books. Elara India Opportunities Fund bought shares worth Rs 34.94 crore, Rajasthan Global Securities bought shares worth Rs 25 crore and Resonance Opportunities Fund bought shares worth Rs 15 crore.
