Public Market

IPO

Agro-chem player Dharmaj Crop Guard's IPO subscribed more than 35x

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Dharmaj Crop Guard Ltd's initial public offering (IPO) issue was subscribed 35.49 times. The company received bids for 28.4 crore shares against 80.12 lakh shares on offer. The non institutional investors' portion was subscribed 52.29 times. The retail investors' portion was subscribed 21.53 times. The price band for the offer was INR 216-237 per equity share. Dharmaj Crop Guard is engaged in the business of manufacturing, and marketing of insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to B2C and B2B customers. The proceeds of the primary segment of the issue - worth INR 216 crore - will be used towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat, working capital requirements, and repayment of loans.