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Dharmaj Crop Guard Limited IPO Detail

Dharmaj Crop Guard Limited IPO Detail

Incorporated in 2015, Dharmaj Crop Guard Limited is an agrochemical company. The company is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to the B2C and B2B customers.

The company also provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. Dharmaj Crop Guard Limited export products to more than 20 countries in Latin America, East African Countries, the Middle East and Far East Asia.

As of November 30, 2021, Dharmaj Crop Guard Limited had more than 196 institutional products that they sold to more than 600 customers based in India and the international markets. As of November 30, 2021, the company exported its products to more than 60 customers across 20 countries.

The company's manufacturing facility is located in Ahmedabad, Gujarat, India. Dharmaj Crop Guard Limited also has a research and development ("R&D") centre at the manufacturing facility.

The company's branded products are sold in 12 states through a network comprising over 3,700 dealers having access to 8 stock depots in India, as of November 30, 2021.

The revenue from operations for Fiscals 2019, 2020 and 2021 and seven months period ended on October 31, 2021, was Rs 1,393.56 million, Rs 1,982.22 million, Rs 3,024.10 million and Rs 2,272.62 million, respectively.

Company Promoters

Rameshbhai Ravajibhai Talavia, Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya and Vishal Domadia are the company promoters.

IPO Details

IPO Opening DateNov 28, 2022
IPO Closing DateNov 30, 2022
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price ₹216 - 237 per equity share
Market Lot60 Shares
Min Order Quantity60 Shares
Listing AtBSE, NSE
Issue Size₹251.15 Cr
Fresh Issue9,113,924 shares of ₹10 (aggregating up to ₹216.00 Cr)
Offer for Sale1,483,000 shares of ₹10 (aggregating up to ₹35.15 Cr)
Retail Portion 35%

IPO Subscription (Bidding Detail)

Day 1 0.35x 1.8x 2.6x 1.77x - 1.8x
Day 2 0.76x 8.73x 7.75x 3.76x - 5.97x
Day 3 48.21x 52.29x 21.54x 7.49x - 35.49x

IPO Tentative Timetable

The Dharmaj Crop Guard Limited IPO open date is Nov 28, 2022, and the close date is Nov 30, 2022. The issue may list on Dec 08, 2022.

IPO Open DateNov 28, 2022
IPO Close DateNov 30, 2022
Basis of Allotment DateDec 05, 2022
Initiation of RefundsDec 06, 2022
Credit of Shares to Demat AccountDec 07, 2022
IPO Listing DateDec 08, 2022

IPO Lot Size

The Dharmaj Crop Guard Limited IPO market lot size is 60 shares. A retail-individual investor can apply for up to 14 lots (840 shares or ₹199080).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding100%
Post Issue Share Holding73.03%

Company Financials:

For the year/period ended (₹ in Crore)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-20 92.58 199.16 10.76
31-Mar-21 128.87 303.56 20.96
31-Oct-22 194.43 228.15 18.67

Objects of the Issue:

The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:

1. Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat.

2. Funding incremental working capital requirements of the Company.

3. Repayment and/or pre-payment, in full and/or part, of certain borrowings of the Company.

4. General corporate purposes.

Dharmaj Crop Guard Limited IPO Registrar:

Link Intime India Private Ltd

Dharmaj Crop Guard Limited IPO Lead Manager(s):

Elara Capital (India) Private Monarch Networth Capital Ltd

Company Contact Information:

Dharmaj Crop Guard Limited

Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, At: Kerala, Taluka Bavla