Dharmaj Crop Guard public issue subscribed 1.79 times on Day 1

New Delhi [India], November 29 (ANI): The initial public offering (IPO) of Dharmaj Crop Guard was fully subscribed on the first day.

The three-day initial public offering for Dharmaj Crop Guard began on Monday for subscription and the firm has fixed the price band at Rs 216 to Rs 237 per share. This is reportedly the ninth public issue being launched in November.

At the end of Day 1, the overall issue was subscribed 1.79 times, with shares reserved for retail investors 2.6 times, data showed.

Investors can bid for a minimum of 60 shares and multiples of 60 equity shares after that. The public issue comprises a fresh issue of Rs 216 crore and an offer-for-sale (OFS) of up to 1.48 million equity shares by existing shareholders.

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

The company also exports its products to more than 25 countries across Latin America, East African Countries, the Middle East and Far East Asia.

Its revenue from operations grew 30.36 per cent to Rs 394.21 crore for fiscal 2022 against Rs 302.41 crore for fiscal 2021, primarily due to an increase in sales of its branded products, institutional sales and the addition of more dealers and customers, while its net profits grew 36.88 per cent from Rs 20.96 crore in 2020-21 to Rs 28.69 crore in 2021-22.

Meanwhile, brokerages Anand Rathi and Swastika Investmart have given "subscribe" ratings for the initial public offering. (ANI)

Source: Business