Dharmaj Crop Guard's IPO Subscribed 5.97 Times on Second Day, Retail Portion subscribed 7.75 times

Dharmaj Crop Guard Limited, an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers has received bids of 4,78,68,540 shares against the offered 80,12,990 equity shares, at a price band of ₹216-237, according to the data available on the stock exchanges.

Overall the issue was subscribed 5.97 times on the second day of bidding. It was subscribed 1.79 times on the opening day.

Non-Institutional Portion was subscribed the most with 8.74 times followed by Retail segment that saw a response of 7.75 times. Employee portion was subscribed 3.75 times. The reserved portion for qualified institutional buyer portion saw a subscription of 0.76 times. The issue kicked off for subscription on Monday, November 28, and will close on Wednesday, November 30, 2022.

Dharmaj Crop Guard Ltd raised Rs 74.95 crore from anchor investors including Elara India Opportunities Fund, Rajasthan Global Securities, and Resonance Opportunities Fund.

Broking houses like SBI Securities, Anand Rathi Shares and Stock Brokers, BP Equities, Canara Bank Securities, Marwadi Financial Services, Choice Broking and Swastika Investmart have given a "Subscribe" rating to the issue.

The upward momentum in pesticide industry output is expected to continue going forward, backed by a growth in food consumption in the domestic market amid an expected increase in population, government support for agriculture, demand from export markets, and the horticulture and floriculture markets, among others. Dharmaj Crop has a diversified portfolio of products and consistent focus on quality and innovation. The company aims to further diversify its customer base and increase its market share in the agrochemical business. To achieve this goal, the company focuses on strengthening its business through effective branding of its own products and acquiring other brands to grow its product portfolio mix, the brokerages said collectively.

Elara Capital (India) Private Limited and Monarch Networth Capital Limited are the book running lead managers whereas Link Intime India Private Limited is the registrar to the Issue.

Source : Equity Bulls

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DharmajCropGuard IPO Subscription RetailPortion