Dharmaj Crop Guard was incorporated on January 19, 2015. It is an agrochemical company engaged in manufacturing, distributing and marketing agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to the B2C and B2B customers. The company also engages in the marketing and distribution of agrochemical products to Indian farmers.
| Bidding Dates |
|---|
| 28 Nov 2022 - 30 Nov 2022 |
| Subscription |
|---|
| 35.48x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,220 | 1 | 14 | 60 | 10.6 M | ₹216 - ₹237 | 68.65 % | ₹2288.9 M - ₹2511.5 M | RHP DOC |
Dharmaj Crop Guard IPO SUBSCRIPTION STATUS
30 Nov '22Dharmaj Crop Guard IPO overall subscription rate was 35.48 times the total available shares
Dharmaj Crop Guard IPO retail subscription rate was 21.53 times in the retail segment
Dharmaj Crop Guard IPO non-institutional investor subscription rate was 52.28 times in the non-institutional investor category
Dharmaj Crop Guard IPO Qualified Institutional Bidder subscription rate was 48.21 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
30 Nov 2022 (Day 3) | 21.53x | 52.28x | 48.21x |
29 Nov 2022 (Day 2) | 7.75x | 8.74x | 0.76x |
28 Nov 2022 (Day 1) | 2.6x | 1.8x | 0.35x |
Dharmaj Crop Guard FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 4MFY23 | 183.6 | 2,209.4 | -23.3 | -144.4 | 12.2% |
| FY22 | 286.9 | 3,942.1 | 164.1 | -69.7 | 11.7% |
| FY21 | 209.6 | 3,024.1 | 128.8 | -52.6 | 10.6% |
| FY20 | 107.6 | 1,982.2 | 20.5 | -126.0 | 9.4% |
Dharmaj Crop Guard IPO SUBSCRIPTION STATUS DETAILS
Dharmaj Crop Guard had 10.6 M shares on offer
Dharmaj Crop Guard IPO offer price was in the range ₹216 - ₹237
Dharmaj Crop Guard IPO minimum Investment was ₹14220
Dharmaj Crop Guard IPO issue size was ₹ 2288.9 M - ₹ 2511.5 M
Dharmaj Crop Guard had a minimum lot size of 60 Shares per application
Dharmaj Crop Guard NUMBER OF SHARES ON OFFER
Dharmaj Crop Guard IPO IMPORTANT DATES
| Issue Open Date | 28 Nov 2022 |
| Issue close Date | 30 Nov 2022 |
| Allotment Date | 05 Dec 2022 |
| Refund Date | 06 Dec 2022 |
| Demat Account Credit Date | 06 Dec 2022 |
| Listing Date | 08 Dec 2022 |
| Listing on Exchange(s) | NSE and BSE |
| Dharmaj Crop Guard Allotment Status | Exchange |
Dharmaj Crop Guard IPO subscription opened on 28 Nov 2022, and closed on 30 Nov 2022
IPO allotment for Dharmaj Crop Guard was finalized on Monday, 05 Dec 2022
IPO listing for Dharmaj Crop Guard was on NSE and BSE on Thursday, 08 Dec 2022
Dharmaj Crop Guard IPO LISTING GAINS
| Issue Price (adjusted) | 237.0 |
| Listing Open Price | 266.1 |
| Listing Close Price | 266.3 |
| Listing Gain% | 12.3% |
| Current Gain% | 12.1% |
Dharmaj Crop Guard Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dharmaj Crop Guard Ltd. | 265.6 | 897.5 | 14.9 | 1 | 0.8 | 12.2 | 6.5 | 1146.3 | 20.3 | 54.6 | 56.9 | 17.8 | 14.9 |
| UPL Ltd. | 573 | 48370.9 | 25.1 | 0.4 | 0.9 | 5.5 | 2 | 52502 | 11.4 | 1922 | 114.3 | 22.8 | 61.5 |
| PI Industries Ltd. | 2774.6 | 42095.7 | 31.9 | -1.6 | 6.3 | 11.8 | 9.8 | 7024.4 | -15.6 | 1320.8 | -20.4 | 87.1 | -20.4 |
| Sumitomo Chemical India Ltd. | 533 | 26602 | 45.9 | 11.5 | 8.2 | 16 | 12.1 | 3385 | 3.6 | 543 | 7.4 | 11.6 | 4 |
| Bayer Cropscience Ltd. | 4177.2 | 18773.2 | 25.6 | 1.1 | 3.4 | 23.2 | 12.1 | 5770 | 3.2 | 689.2 | 21.3 | 162.9 | 23.6 |
| Sharda Cropchem Ltd. | 814 | 7344.4 | 11.7 | 0.2 | 1.4 | 21.7 | 11.8 | 5409.8 | 23.5 | 680.9 | 123.7 | 69.4 | 49.1 |
Dharmaj Crop Guard INFORMATION ON IPO ISSUE
About Dharmaj Crop Guard
Dharmaj Crop Guard was incorporated on January 19, 2015. It is an agrochemical company engaged in manufacturing, distributing and marketing agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to the B2C and B2B customers. The company also engages in the marketing and distribution of agrochemical products to Indian farmers.
Object of the Issue
- Funding capital expenditure towards setting up 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
- General corporate purposes
Dharmaj Crop Guard - PROMOTERS
| Name |
|---|
| Rameshbhai Ravajibhai Talavia |
| Jamankumar Hansarajbhai Talavia |
| Jagdishbhai Ravjibhai Savaliya |
| Vishal Domadia |
Dharmaj Crop Guard Book Running Lead Managers
Elara Capital (India) Private Limited
dharmaj.ipo@elaracapital.com
Monarch Networth Capital Limited
ipo.dharmaj@mnclgroup.com
Dharmaj Crop Guard Registrar to the Offer
Link Intime India Private Limited
dharmaj.crop@linkintime.co.in
Dharmaj Crop Guard Strengths
Diversified portfolio
The company developed a niche portfolio of agro-chemical products and it has grown into a multi-product manufacturer of agrochemical products such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics
Strong R&D capabilities
The company has a research and development centre at its manufacturing facility and also a quality control laboratory at the manufacturing facility, which primarily monitors the quality of raw materials and finished goods
Established relationships
The company has an established distribution network with strong branded products and stable relationships with institutional customers
Track record of strong operational and financial performance
In the short period of six years from incorporation and to commercial manufacturing, the company has reached a revenue of over Rs 302.4 crore in Fiscal 2021
Dharmaj Crop Guard Risks
Certain approvals
The company requires certain approvals and licenses in the ordinary course of business, including certain registrations from the Central Insecticides Board and Registration Committee, for agrochemicals and any failure to successfully obtain such registrations would adversely affect the results of operations and financial condition
Subject to strict quality requirements
The company is subject to strict technical specifications, quality requirements, regular inspections and audits by customers and failure to comply with the quality standards and technical specifications prescribed by such customers may lead to loss of business
Cyclical business
The business is subject to climatic conditions and is cyclical in nature. Seasonal variations and unfavourable local and global weather patterns may have an adverse effect on the business, results of operations and financial condition
Outstanding litigation
There are outstanding litigation proceedings against the company, its promoters and directors
IPO FAQs
This IPO consists of an offer for sale of up to Rs 35.2 crore, of 1,483,000 shares. It also consists of a fresh issue of Rs 216.0 crore.
The promoters of the company are Rameshbhai Ravajibhai Talavia, Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya and Vishal Domadia.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 216.0 - 237.0.
The IPO application opens on Nov 28, 2022 and closes on Nov 30, 2022.
The minimum lot size for the IPO is 60. The maximum lot size for the IPO is 840.
For all category investors, the minimum application amount for this IPO is Rs. 14,220.0, the maximum value for this IPO is Rs 199,080.0.
This IPO will be allotted on Dec 05, 2022.
The refund will be credited to your account on Dec 06, 2022.
The allotted shares will be credited to your demat on Dec 06, 2022.
Dharmaj Crop Guard Ltd.’s shares listed on the stock exchanges on Dec 08, 2022.