Shares of Dharmaj Crop Guard rise following a successful market launch

Dharmaj Crop Guard Ltd. shares were listed on the market for the first time at a price of 266 per share on the NSE, a price that was more than 12% higher than the IPO issue price of 237 per share. Dharmaj Crop Guard shares on the BSE began trading at 270 each before soaring to 275 in early trades.

Shares of Dharmaj Crop Guard rise following a successful market launch

Dharmaj Crop Guard Ltd. shares were listed on the market for the first time at a price of 266 per share on the NSE, a price that was more than 12% higher than the IPO issue price of 237 per share. Dharmaj Crop Guard shares on the BSE began trading at 270 each before soaring to 275 in early trades.

On Wednesday, November 30, 2022—the final day of subscription—the Dharmaj Crop Guard Initial Public Offering (IPO) received 35.49 times the amount of subscriptions anticipated. In contrast to the 80,12,990 shares that were on sale, bids for 28,43,51,820 shares were acquired.

A new issue of up to 216 crore rupees and an offer for sale (OFS) of 14,83,000 equity shares were included in the first share sale. The price per share ranged from $216 to $237. Non-institutional investors received 52.29 times as many subscriptions as qualified institutional buyers (QIBs), retail individual investors (RIIs), and QIBs received 48.21 times as many subscriptions.

The proceeds from the offering will be put to use for general corporate objectives, supporting capital expenses for the establishment of a manufacturing plant in Saykha Bharuch, Gujarat, funding increased working capital needs and debt repayment.

Dharmaj Crop Guard, a firm founded in 2015, is a manufacturer, distributor, and marketer of various agricultural chemicals, including insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics.

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