Agrochemical company Dharmaj Crop Guard has received bids of 1.43 crore shares for its initial public offering against an issue size of 80.12 lakh shares, resulting into a 1.79 times percent subscription, on November 28, the first day of bidding.
Retail investors are at the forefront, putting in bids for 2.6 times of the shares allotted to the them.
Employees have bid for 1.77 times as against 55,000 reserved shares. They will get shares at a discount of Rs 10 a share to the final offer price.
Qualified institutional buyers (QIB) have bid for 35 percent of the 22.43 lakh shares allotted to them while Non Institutional Investors (NIIS) have bid for 1.8 times of the 17.14 lakh shares allotted to them.
Half of the offer has been reserved for QIBs, 15 percent for high networth individuals (non-institutional investors), and the remaining 35 percent for retail.
Also read: Dharmaj Crop Guard IPO opens today | 10 things to know before you buy
The company has reduced its offer size to 80.12 lakh shares from 1.05 crore shares after garnering Rs 75 crore from anchor book on November 25.
Dharmaj Crop aims to mobilise Rs 251.15 crore from the maiden public issue comprising a fresh issue of Rs 216 crore and an offer-for-sale of Rs 35.15 crore by promoters.
It is a 100 percent owned by promoters, whose shareholding will get reduced to around 73 percent post issue.
The price band for the offer is Rs 216-237 per share, while anchor book was subscribed at upper price band.
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Gujarat-based Dharmaj Crop is primarily engaged in the business of manufacturing, distribution and marketing of a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers and antibiotics to B2C and B2B customers.
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