Dharmaj Crop Guard IPO opens for retail investors on 28 Nov, price band fixed at Rs 216-237 | The Financial Express

Dharmaj Crop Guard IPO opens for retail investors on 28 Nov, price band fixed at Rs 216-237

The fresh issue of shares totals Rs 216 crore, while the offer for sale (OFS) comprises 1,483,000 shares.

Dharmaj Crop Guard IPO opens for retail investors on 28 Nov, price band fixed at Rs 216-237
The lot size for the IPO is 60 shares and the maximum amount that a retail investor can apply for is 14 lots.

Dharmaj Crop Guard IPO will open for retail investors on Monday, 28th November. The price band for this initial public offering has been set between the range of Rs 216 to Rs 237. The agrochemical will open for anchor investors on 25th November, and it will close for retail subscription on 30th November. The share allotment for the IPO will likely be finalized by 5th December and be credited to the demat accounts of the investors by 6th December. Dharmaj Crop Guards shares are likely to debut on the stock exchanges on 8th December.

The lot size for the IPO is 60 shares and the maximum amount that a retail investor can apply for is 14 lots, totalling to 840 shares, valued at Rs 1,99,080 at the upper price band or Rs 1,81,440 at the lower price band.

The fresh issue of shares totals Rs 216 crore, while the offer for sale (OFS) comprises 1,483,000 shares which will be sold by the current promoters and shareholders of Dharmaj Crop Guard. If the shares are allocated based on the upper price band, the company will raise about Rs 251 crores. Currently, the shares are commanding a grey market premium (GMP) of Rs 22 above the upper price band per share.

Also read: Meesho joins govt’s Open Network for Digital Commerce

The capital raised by the IPO will be used by the firm to set up a new facility in Gujarat for manufacturing. Dharmaj Crop Guard will also use the proceeds to pay off a portion of the company’s debt. QIIs (qualified institutional investors) will receive 50% of the issue, whereas retail investors will be allocated 35%. The remaining 15% will be set for non-institutional players. 55,000 equity shares have been reserved by the company for employees who are eligible to subscribe, employees will receive a 5% discount.

Dharmaj Crop Guard manufactures, distributes and markets a series of agrochemical-based products such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics. The company also exports its chemical solutions to countries across the world, especially in Latin America, East African Countries, the Middle East and Far East Asia.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 23-11-2022 at 04:17:43 pm
Photos
1 Photos
Jawans perform Republic Day rehearsals in high spirit at Kartavya Path amid Delhi cold wave – See PHOTOS
5 Photos
Festive Fervour: Manali Winter Carnival is full of cultural extravaganza – See Beautiful PHOTOS
12 Photos
Redmi Note 12 Pro Plus: Top 12 things to know about Xiaomi’s new 200MP camera phone