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Dharmaj Crop Guard IPO fairly priced with enough levers of growth: Analysts

The company aims to raise Rs 251.15 crore through the offer at the upper price band. The issue comprises a fresh issue of shares worth Rs 216 crore and a sale of 14.83 lakh shares by promoters.

November 28, 2022 / 09:16 AM IST

The initial public offer (IPO) of Dharmaj Crop Guard, an agrochemical company, is set to open for public bidding at 10am today. Analysts are mostly positive on the issue as they believe the issue is fairly priced and there are enough levers of growth for the company.

The company aims to raise Rs 251.15 crore through the offer at the upper limit of a price band of Rs 216 to Rs 237. The IPO comprises a fresh issue of shares worth Rs 216 crore and a sale of 14.83 lakh shares by promoters.

The issue demands a valuation lower than most of its listed peers. Investors willing to bid for the issue can apply for a lot of 60 shares and in their multiples thereof. The issue will close for bidding on November 30.

“The valuation of the IPO appears to be reasonable when we compare this with its listed peers. The company has the agrochemical segment and has created a niche place with its B2C and B2B model,” said Pratik Prajapati, an analyst at Anand Rathi, who has a ‘subscribe’ rating on the issue.