Gujarat-based Dharmaj Crop Guard 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 fertilizers, and antibiotics to B2C and B2B customers.
Agrochemical company Dharmaj Crop Guard has received bids of 8.17 lakh shares for its initial public offering against issue size of 80.12 lakh shares, resulting in a 10 percent subscription, on November 28, the first day of bidding. Retail investors as well as high-net-worth individuals are at the forefront, putting in bids for 18 percent and 5 percent shares of their allotted quotas.
Employees have bid for 3,180 shares 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 not yet started bidding for the offer. Half of the offer has been reserved for QIBs, 15 percent for high-net-worth individuals (non-institutional investors), and the remaining 35 percent for retail.
The company has reduced its 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 to mobilize 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 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 the anchor book was subscribed at the upper price band.
Gujarat-based Dharmaj Crop Gaurd 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 fertilizers, and antibiotics to B2C and B2B customers.
