Agrochemical company Dharmaj Crop Guard’s Rs 251.15-crore initial public offering (IPO) was subscribed 5.97 times on November 29, the second day of bidding.
Bids were received for 4.78 crore shares against an issue size of 80.12 lakh shares. Retail investors were again at the forefront, putting in bids 7.75 times their quota of 39.99 lakhs shares.
Qualified institutional buyers (QIB) bid for 76 percent of the 22.43 lakh shares allotted to them, while the shares set aside for non-institutional investors were subscribed 8.74 times.
Employees had bid 3.75 times their quota of 55,000 shares. They are getting shares at a discount of Rs 10 apiece to the final offer price.
Half of the offer is reserved for QIBs, 15 percent for high-networth individuals (non-institutional investors) and the remaining 35 percent for retail investors.
The company reduced the offer size to 80.12 lakh shares from 1.05 crore shares after garnering Rs 75 crore from the anchor book on November 25.
Dharmaj Crop aims is looking to mobilise Rs 251.15 crore from the IPO comprising a fresh issue of Rs 216 crore and an offer-for-sale of Rs 35.15 crore by promoters.
Promoters’ 100 percent stake in the company would be reduced to around 73 percent after the IPO.
The price band for the offer is Rs 216-237. The anchor book was subscribed at the 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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