Dharmaj Crop Guard IPO subscribed 1.8 times on Day 1; 3-day offer ends tomorrow

The Initial Public Offer (IPO) of Dharmaj Crop Guard was fully subscribed on the first day of bidding on Monday (November 28), ending the trade with 1.79 times subscription.

The ₹251.14 crore IPO received bids for 1,43,79,060 shares against 80,12,990 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 2.60 times subscription. The non-institutional investor’s portion was subscribed 1.80 times, and Qualified Institutional Buyers (QIBs), 35 per cent.

Until 11.30 am on the second day, the issue was subscribed 2.79 times. The three-day issue ends on November 30.

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The IPO has a fresh issue of up to ₹216 crore and an offer for sale of 14,83,000 equity shares.

The price range for the offer is at ₹216-237 a share. Elara Capital (India) and Monarch Networth Capital are the managers to the offer.

Dharmaj Crop Guard is an agrochemical company incorporated in 2015. The company is engaged in manufacturing, distributing, and marketing a range of agrochemical formulations.

According to Reliance Securities, the IPO is aggressively priced with expensive valuation compared to other listed players and hardly leaves anything meaningful on the table for investors.

(With inputs from agencies)