Dharmaj Crop Guard IPO receives 35.49 times subscription on last day of offer

India Pesticides | The company reported higher consolidated profit at Rs 43.17 crore in Q3FY22 against Rs 42.08 crore in Q2FY22, revenue jumped to Rs 190.03 crore from Rs 178.47 crore QoQ.

The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday.

The Rs 251.14-crore IPO received bids for 28,43,51,820 shares against 80,12,990 shares on offer, as per data available with the NSE.
The category for non-institutional investors received 52.29 times subscriptions, Qualified Institutional Buyers (QIBs) portion got subscribed 48.21 times, and Retail Individual Investors (RIIs) 21.53 times.
Dharmaj Crop's IPO had a fresh issue of up to Rs 216 crore and an offer for sale of 14,83,000 equity shares.
Its price range was Rs 216-237 a share.
Dharmaj Crop has raised Rs 74.95 crore from anchor investors, including Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund.
Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers, and antibiotic.
Elara Capital (India) and Monarch Networth Capital were managers to the offer.