Dharmaj Crop Guard IPO Subscribed 35.49 Times On Final Day

Agro-chemical manufacturer Dharmaj Crop Guard is raising Rs 216 crore through a fresh issue and Rs 35.10 crore through an offer for sale.

The IPO was subscribed 5.97 times on day 2. The bidding was led by non-institutional investors

It is offering around 1.05 crore equity shares at Rs 216 to Rs 237 apiece in the IPO. The company is worth around Rs 801 crore at the top of its price range.

Promoters and promoter groups will hold 68.6% of the post-offer issued and paid-up equity share capital.

The company is offering 31.35% of the post-issue equity capital during the IPO.

• Duration: Nov. 28–30.

• Issue size; fresh issue: Rs 216 crore; offer for sale: Rs 35.10 crore.

• Price band: Rs 216–237 per share.

• Face value: Rs 10 apiece.

• Lot size: 60 shares and multiples.

• Listing on: BSE and NSE.

• Lead managers: Elara Capital and Monarch Networth Capital.

The IPO was subscribed 35.49 times as of 7:00 p.m. on Nov. 30.

• Institutional investors: 48.21 times.

• Non-institutional investors: 52.29 times

• Retail investors: 21.53 times

• Employee Reserved: 7.48 times

• Investment Rationale, Strengths, Key Strategies, Risks, Financials: Anand Rathi

• Outlook, Valuation, Future Strategies, Risks, Financials: KRChoksey