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Amid the IPOs season, the three-day initial public offering of agrochemical company Dharmaj Crop Guard will open for public subscription on Monday, November 28, 2022 and conclude on Wednesday, November 30. The price band has been fixed in the range of ₹216–237 a share.
Dharmaj Crop Guard IPO consists of fresh issue of equity shares worth up to ₹216 crore and an offer-for-sale (OFS) of up to 14.83 lakh equity shares by the existing shareholders. At the upper end of the price band, the Ahmedabad-based company would fetch ₹251 crore.
As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of ₹58 in the grey market today, up from ₹45 in the previous session. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022.
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.
As of July,2022, Dharmaj Crop Guard Limited had more than 219 institutional products that they sold to more than 600 customers based in India and the international markets and exported its products to more than 60 customers across 25 countries. The revenue from operations for Fiscals 2020 and 2021 and seven months period ended on October 31, 2021, was ₹1,982 million, ₹3,024 million and ₹2,272 million, respectively.
The company’s manufacturing facility is located in Ahmedabad, Gujarat, India. Dharmaj Crop Guard Limited also has a research and development (R&D) center at the manufacturing facility. The company’s branded products are sold in 17 states through a network comprising over 4,200 dealers having access to 16 stock depots in India, as of July’2022.
The company aims to use the proceeds from the fresh issue for funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat; funding incremental working capital requirements of the company; repayment and/or pre-payment, in full and/or part, of certain borrowings of the company, and general corporate purposes.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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