The ₹251.15-crore initial public offering (IPO) of Dharmaj Crop Guard will close for subscription today. The issue continues to receive an overwheming response from the retail sector, employees and HNI investors. The issue has so far been subscribed 5.97 times.

The issue closes in a price band of ₹216-237.

The retail portion saw an early rush and was fully subscribed within three hours of the bidding and by the end of day two, the quota was subscribed 7.75 times. The non-institutional segment saw a response of 8.74 times. The reserved portion for qualified institutional buyers saw a subscription of 0.76 times, and the employee portion 3.75 times.

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Overall, the IPO received bids for about 4.79 crore shares, against the 80.13 lakh shares offered.

While 50 per cent of the IPO is reserved for qualified institutional buyers, retail investors can bid for up to 35 per cent, and HNIs 15 per cent.

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The offer consists of a fresh issue of ₹216 crore and an offer-for-sale of ₹35.15 crore (91.13 lakh shares by promoters Manjulaben Rameshbhai Talavia, Muktaben Jamankumar Talavia, Domadia Artiben and Ilaben Jagdishbhai Savaliya).

Expansion plans

The company plans to use the funds for setting up a manufacturing facility at Saykha in Bharuch district of Gujarat; funding for incremental working capital requirements; for repayment and/ or pre-payment, in full and/ or part, of certain borrowings; and for general corporate purposes.