Comments
Shares of Dharmaj Corp Guard closed over 12 per cent on the listing day, on Thursday, at the exchanges.
Shares of the Ahmedabad-based agrochemical company closed at ₹266.40 on the BSE, a gain of 12.41 per cent over the IPO price of ₹237. On the NSE, the stock closed at ₹267. The scrip listed at ₹266 on the BSE and at ₹266.05 on the NSE. During the day, the stock touched a high of ₹278.90 and a low of ₹261.10 on the BSE.
Strong response
The ₹251.15-crore initial public offering of Dharmaj Crop Guard Ltd was subscribed 35.49 times by attracting all category of investors. The IPO was a fresh issue of ₹216 crore and an offer-for-sale of ₹35.15 crore by the promoters.
The company plans to use the funds for setting up a manufacturing facility at Saykha in Bharuch district of Gujarat; funding incremental working capital requirements; repayment and/ or pre-payment, in full and/ or part, of certain borrowings, and for general corporate purposes.
Anchor investors
As a part of IPO process, the company had mobilised ₹74.95 crore from three anchor investors — Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund.
The company had reported revenues of ₹394.21 crore for FY22, 30 per cent higher than ₹302.41 crore for FY21. It posted net profit of ₹28.69 crore for the fiscal, up 36.88 per cent from ₹20.96 crore in FY21.
The agrochemical firm is engaged in the business of manufacturing, distributing and marketing a wide range of agrochemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilisers and antibiotics.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.