Dharmaj Crop Guard shares list at 12% premium to IPO price, market cap rises to Rs 899 crore

Shares of agrochemical firm Dharmaj Crop Guard listed at a premium of 12 per cent today against the IPO issue price. The company offered its shares in a price band of Rs 216-237 per share.  The stock listed at Rs 266.05, 12.26% higher on NSE. Market cap of Dharmaj Crop Guard stood at Rs 899.17 crore. Total 13.38 lakh shares of the firm changed hands amounting to a turnover of Rs 35.61 crore on NSE.

On BSE, the stock listed at Rs 266, 12.24 per cent higher to the IPO price. Market cap of the firm stood at Rs 899.01 crore. Total 1.56 lakh shares of the firm changed hands amounting to a turnover of Rs 4.13 crore on BSE.

The share sale of the agrochemical company was subscribed 35.49 times on the last day of offer on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against the issue size of 80,12,990 shares.

The IPO had a fresh issue of up to Rs 216 crore and an offer for sale (OFS) of 14,83,000 equity shares. The IPO was held from November 28 to November 30.

Also Read: Dharmaj Crop Guard to make market debut on Thursday. GMP hints at decent listing gains

Elara Capital (India) Private and Monarch Networth Capital were the lead managers to the issue. The objective of the offer was to incur capital expenditure for setting up of a manufacturing facility at Saykha, Bharuch, Gujarat, funding incremental working capital requirements of the company, repayment and/or pre-payment, in full and/or part, of certain borrowings of the company and general corporate purposes.

Dharmaj Crop Guard Limited is an agrochemical company incorporated in 2015. The company is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers and antibiotics to the B2C and B2B customers.