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Public issues worth over Rs 1,000 crore to hit Dalal Street this week

November is the most active month for IPOs since May, in which eight companies including Life Insurance Corporation of India and logistics firm Delhivery raised more than Rs 30,000 crore

November 28, 2022 / 01:59 PM IST
Dharmaj Crop Guard IPO

Dharmaj Crop Guard IPO

 
 
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More than Rs. 1,000 crore of public issues will open for subscription this week, keeping the primary market engaged towards the end of a month that has been the busiest since May.

The initial public offerings (IPO) by Dharmaj Crop Guard and Uniparts India will be the last of November, a month that has already seen eight companies raise nearly Rs.9,500 crore through initial share sales.

The fund raisers so far include Global Health, which operates the Medanta superspecialty hospitals, Five Star Business Finance, Archean Chemical Industries and Fusion Micro Finance.

November is the most active month for IPOs since May, in which eight companies including Life Insurance Corporation of India and logistics firm Delhivery raised more than Rs 30,000 crore.

Dharmaj Crop plans to raise Rs 251 crore via a public issue comprising fresh shares worth Rs 216 crore and an offer for sale of Rs 35.15 crore by its promoters. This is the smallest IPO in terms of size since Venus Pipes and Tubes raised Rs. Rs 165 crore in May.

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The offer opened today will be open for subscription till November 30 with a price band of Rs 216-327 per share.

Incorporated in 2015, Dharmaj Crop Guard is engaged in manufacturing, distribution and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics.

It has been a consistent performer with profit in FY22 rising 37 percent to Rs 28.69 crore and revenue increasing by 30 percent to Rs 394.2 crore compared with the previous year.

In first four months of the current financial year (April-July), profit was Rs 18.36 crore on revenue of Rs 220.9 crore.

The agrochmical company will use the fresh issue proceeds for setting up a manufacturing facility in Saykha, Gujarat. It will also use the money for working capital requirements and repaying debt.

Uniparts India, a manufacturer of engineered systems, will float its public issue on November 30 and it will close on December 2.

The company aims to raise Rs 836 crore from the sale of more than 14.4 million shares. It is a complete offer for sale by promoters and investors, and seems to be aimed mainly at offering an exit opportunity to investors.

Investors Ashoka Investment Holdings, and Ambadevi Mauritius Holding will be exiting the company by selling their entire shareholding of 7.18 million shares and 2.154 million shares, respectively.

It means little more than 64 percent of proceeds, Rs 538 crore, at the upper price band will be on offer for investors.

The price band for the share sale is Rs 548-577 per share.
Sunil Shankar Matkar
first published: Nov 25, 2022 04:46 pm