Dharmaj Crop Guard IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Dec 08, 2022Agriculture is one of the corely entrenched sectors of our country, and a large portion of the population relies on it to date. The efforts and hard work put in to nourish and grow crops, even in tough situations, cannot be undermined. Agriculturists contribute largely to the economy, and because of them, we all get fine food on the table.
Growing crops doesn’t only include sowing the seeds and watering them but ensuring their efficient growth and safety to reap a healthy harvest. And this process, Dharmaj Crop Guard Limited pitched in to ease the process by offering some effective solutions. This Agrochemicals company is engaged in developing, distributing, and marketing chemicals for farms.
The entity is upcoming with an IPO to raise funds for fulfilling certain objectives. Dharmaj Crop Guard IPO is a combination of fresh issues and an offer for Sale.
In this article, we will understand in detail the company and its IPO through this Dharmaj Crop Guard IPO Review.
| Face Value | Rs 10 |
| Price Band | Rs. 216 to Rs. 237 per share |
| Listing At | BSE, NSE |
| Min. Order Quantity | 60 shares |
| Listing Date | Dec 8, 2022 |
| Offer for Sale | Rs. 35.15 Crore |
| Fresh Issue | Rs.216 Crore |
| IPO Size | Rs. 251.15 Crore |
| Tick Size | 1 |
Dharmaj Crop Guard IPO Overview
Dharmaj Crop Guard IPO is a mix-up of a Fresh Issue of Equity Shares aggregating up to Rs. 216 crores and an offer for Sale for up to 14,83,000 Equity Shares by the existing shareholders of the company. The company obtained the DRHP approval in May 2022 and is now moving ahead with the subscription process.
Also, the IPO offer comprises a reservation for subscription for up to 55,000 equity shares for the eligible employees of the company..
Dharmaj Crop Guard IPO Important Dates
| Events | Date |
| IPO Opening Date | Nov 28, 2022 |
| IPO Closing Date | Nov 30, 2022 |
| Basis of Allotment Finalization | Dec 5, 2022 |
| Refunds Initiation | Dec 6, 2022 |
| Credit of Shares to Demat Account | Dec 6, 2022 |
| Share Listing Date | Dec 8, 2022 |
Dharmaj Crop Guard Limited obtained the observation from SEBI in April and is now gearing up to floor the IPO and mop the IPO proceeds. The company has declared the important IPO dates briefing the period for which the IPO will be open for subscription.
The company is making preparations to file the Red Herring Prospectus and launch the IPO at the earliest. Dharmaj Crop Guard IPO Dates are set in between 28th November to 30th November. For further details, you can refer to the table.
Dharmaj Crop Guard IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Rs. 216 to Rs. 237 per share |
| Offer for Sale | Rs. 35.15 Crore |
| Fresh Issue | Rs.216 Crore |
| IPO Size | Rs. 251.15 Crore |
Dharmaj Crop Guard IPO Size and Dharmaj Crop Guard IPO Price will be available after the IPO is complete and the price has been determined. The issue is a 100% Book Built Issue. The company and the selling shareholders will determine the price in an effective and transparent manner as per the regulations of the Book Building Process.
The face value of the equity shares is Rs. 10 each. The price band fixed by the company for the IPO ranges between Rs. 216 to Rs. 237 per share.
Dharmaj Crop Guard IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 08 Dec 2022 | Rs. 55 | NA | NA |
| 07 Dec 2022 | Rs. 55 | NA | NA |
| 06 Dec 2022 | Rs. 55 | NA | NA |
| 05 Dec 2022 | Rs. 55 | NA | NA |
| 04 Dec 2022 | Rs. 55 | NA | NA |
| 03 Dec 2022 | Rs. 55 | NA | NA |
| 02 Dec 2022 | Rs. 55 | NA | NA |
| 01 Dec 2022 | Rs. 55 | NA | NA |
| 30 Nov 2022 | Rs. 55 | NA | NA |
GMP or Grey Market Premium is the sum paid for the equity shares of the issuer company in the Grey Market. It is an unregulated trading point that is generally active before listing the equity shares on the stock exchange.
Though this is an unofficial market, it is legal, and a large number of investors bid and offer the shares. Also, this market significantly impacts the IPO and its response. The latest Dharmaj Crop Guard IPO GMP was Rs. 55 in the grey market.
Dharmaj Crop Guard IPO GMP details can be checked from the above table.
Dharmaj Crop Guard IPO Subscription Status
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – 28th Nov | 0.35x | 1.80x | 2.60x | 1.77x | 1.79x |
| 2nd Day – 29th Nov | 0.76x | 8.74x | 7.75x | 3.75x | 5.97x |
| 3rd Day – 30th Nov | 48.21x | 52.29x | 21.53x | 7.48x | 35.49x |
| Shares Offered or Net Issue | 2,243,990 | 1,714,200 | 3,999,800 | 55,000 | 8,012,990 |
Dharmaj Crop Guard IPO Subscription will start on 28th November and will conclude on 30th November. The IPO will remain open for a period of three days, and the interested parties can bid within the given price range, i.e., Rs. 216 to Rs. 237 per share.
The basis of allotment for the IPO will be finalized on 5th December, and thereafter the company will move forward with the listing of shares on 8th December.
Dharmaj Crop Guard IPO Allotment Status
Dharmaj Crop Guard IPO Allotment will take place after the subscription of the IPO. The IPO of the agrochemical company will open by the end of November and will be inviting bids for three days.
The allotment is one of the foremost steps where the shares are credited to the bidders in their respective Demat accounts. The allotment of shares will be done online in the Demat accounts of the shareholders.
Dharmaj Crop Guard IPO Live Performance
Check out the Dharmaj Crop Guard IPO Performance here. Also, updated information about the Dharmaj Crop Guard IPO Price will be stated here.
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Dharmaj Crop Guard – Company Review
Dharmaj Crop Guard Limited was instituted in 2015 to create and deliver innovative products that can improve the quality of farm produce and help the farmers. The company’s products are manufactured to maximize the farm output.
It started with producing agrochemical formulations like fungicides, micro fertilizers, insecticides, plant growth regulators, herbicides, and antibiotics.
And now, they have diversified their product portfolio to an extensively wide scale. They also offer agrochemical products and crop protection solutions to the farmer.
The company’s business is not only useful in the Indian Market, but it also undertakes exports and delivers its products to the International Market.
Dharmaj Crop Guard Limited has obtained 398 registrations for its agrochemicals manufacturing from the Central Insecticide Board and Registration Committee (CIB&RC).
Out of these registrations, 191 agrochemical formulations are exclusively for exports, and the rest are used for export sales in India.
Products or Services
Dharmaj Crop Guard Limited has a wide product portfolio. The agrochemical entity operates in the business of manufacturing, distributing, and marketing agrochemical formulations.
The products of the company are delivered to B2C and B2B customers.
They also engage in distributing and marketing agrochemical products under their brand. The company has a strong distribution network through which it caters to the requirements of customers situated in India and worldwide.
Along with wide agrochemicals, the company also offers crop protection solutions that help the farmers maximize their produce’s productivity and profitability.
Promoters and Holding
The Promoters of Dharmaj Crop Guard Limited are:
- Rameshbhai Ravajibhai Talavia
- Jamankumar Hansarajbhai Talavia
- Jagdishbhai Ravjibhai Savaliya
- Vishal Domadia
The management of the company consists of:
- Rameshbhai Ravajibhai Talavia, in the position of Chairman and Managing Director
- Jamankumar Hansarajbhai Talavia, in the position of Whole-time Director
- Jagdishbhai Ravjibhai Savaliya, in the position of Whole-time Director
- Deepak Bachubhai Kanparia, in the position of Independent Director
- Bhaveshkumar Jayantibhai Ponkiya, in the position of Independent Director
- Amisha Fenil Shah, in the position of Additional Independent Director
- Vishal Domadia, in the position of Chief Financial Officer
- Malvika Bhadreshbhai Kapasi, in the position of Company Secretary and Compliance Officer
Is Dharmaj Crop Guard good for Investment?
Started in 2015, Dharmaj Crop Guard Limited has made its way as a competitive entity in the market. The company is engaged in the manufacturing and distributing of agrochemical formulations and products.
They also offer crop production solutions for farmers. The company’s products help the crops grow better and ensure their safety. The company is known for its products in the international market also.
The key customers of Dharmaj Crop Guard are Bharat Rasayan Limited, Meghmani Industries Limited, Atul Limited, United Insecticides Private Limited, Heranba Industries Limited, Oasis Limited, Innovative Agritech Private Limited, and Sadik Agrochemicals Co. Ltd.
Dharmaj Crop Guard IPO is another essential journey that the company is taking to expand its operations.
Dharmaj Crop Guard Financial Statements
| Amount (in INR & Million) | ||||
| 31-Oct-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Assets | 1,944.27 | 1,288.70 | 925.83 | 476.55 |
| Revenue | 2,281.54 | 3,035.65 | 1,991.65 | 1,399.52 |
| Expense | 2,031.78 | 2,753.73 | 1,847.03 | 1,329.59 |
| Profit After Tax | 186.67 | 209.60 | 107.59 | 50.22 |
Dharmaj Crop Guard Limited is a growing company and has reached the international market in the span of 7-8 years of its operations. The company has maintained year-on-year profits over the years.
The company’s income has been engrossing with every year of its operations. In 2019, 2020, and 2021, the company’s total income was – 1,399.52 million, 1,991.65 million, and 3,035.65 million.
On the profit front as well, the company has made substantial growth in the last financial years. The company’s profits in 2019, 2020, and 2021 were – 69.94 million, 144.62 million, and 281.93 million.
| Earnings per Equity Share (in Million) | ||||
| 31-Oct-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Basic & Diluted | 11.34 | 12.74 | 8.62 | 5.02 |
The EPS of Dharmaj Crop Guard Limited was Rs. 11.34 as of October 2021. In the earlier financial years as well, it has maintained positive EPS.
Dharmaj Crop Guard IPO Review
Dharmaj Crop Guard IPO comprises a Fresh Issue worth Rs. 216 crore and an Offer for Sale for up to 14,83,000 Equity Shares. The company is expecting to raise funds of Rs. 300 crore.
The selling shareholders are Manjulaben Rameshbhai Talavia, Muktaben Jamankumar Talavia, Domadia Artiben, and Ilaben Jagdishbhai Savaliya.
The IPO is being proposed to fund the capital expenditure of its new manufacturing facility located at Saykha, Bharuch, Gujarat. Additionally, the company will pay its outstanding debts with the fresh proceeds of the IPO.
Along with clearing the debts and putting the company in a better state, the IPO will also assist it in its growth and bring new prospective opportunities.
Dharmaj Crop Guard IPO Details
Here are few more details you need to know before investing in Dharmaj Crop Guard IPO –
Dharmaj Crop Guard IPO Issue Object
Dharmaj Crop Guard has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat;
- Funding incremental working capital requirements of their Company;
- Repayment and/or pre-payment, in full and/or part, of certain borrowings of their Company; and
- General corporate purposes
Dharmaj Crop Guard IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Diversified portfolio of our products and consistent focus on quality and innovation;
- Strong R&D capabilities with focus on innovation and sustainability;
- Established distribution network with strong branded products and stable relationship with our institutional customers;
- Experienced Promoters and management team; and
- Track record of strong operational and financial performance.
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 8.49 | 37.33 | 22.75 |
| 31-Mar-20 | 5.75 | 30.55 | – |
| Mar-19 | 3.35 | 48.03 | – |
Dharmaj Crop Guard IPO Lead Managers
Here are the list of Lead managers –
- Elara Capital (India) Private Limited
- Monarch Networth Capital Limited
Dharmaj Crop Guard IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 247 Park, LBS Marg,
Vikhroli West, Mumbai – 400 083
Maharashtra, India.
Telephone: +91 22 4918 6200
E-mail: dharmaj.crop@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance e-mail: dharmaj.crop@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058
Dharmaj Crop Guard IPO – Other Details
- Statutory Auditor – K A R M A & Co. LLP
- Legal Counsel to the Company – M/s. Crawford Bayley and Co.
- Bankers to the Company – HDFC Bank Limited
Dharmaj Crop Guard IPO – Conclusion
Dharmaj Crop Guard Limited operates in the agrochemical segment and offers its customers a wide range of products.
The company has stable earnings and has secured profits. Its operations are also expanding and breaking thresholds.
Dharmaj Crop Guard had 109 branded formulations on the shelves in the market.
From the investment aspect, the IPO is beneficial for the company. It has the potential to benefit investors in the long run with its hard work and continuous growth.
To Subscribe to Dharmaj Crop Guard IPO – Open Demat Account Now!
Dharmaj Crop Guard IPO Review FAQs
Check out the FAQs on Dharmaj Crop Guard IPO –
What is the Issue Size of Dharmaj Crop Guard IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Dharmaj Crop Guard IPO?
The price band for this particular IPO ranges between Rs.216 to Rs. 237 per share. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Dharmaj Crop Guard IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on Nov 28, 2022, while the closing date is set at Nov 28, 2022.
What is the Dharmaj Crop Guard IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on Dec 5, 2022, refund initiation is on Dec 6, 2022, credit of shares is on Dec 6, 2022, and share listing date is on Dec 8, 2022.
What is the Dharmaj Crop Guard IPO Listing Date?
Shares of this company shall be listed in the exchanges Dec 8, 2022. The date, when the listing would be done, is stagnant on Dec 8, 2022.
Who is the Registrar of Dharmaj Crop Guard IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Dharmaj Crop Guard IPO?
Here are the promoters of this IPO – RAMESHBHAI RAVAJIBHAI TALAVIA, JAMANKUMAR HANSARAJBHAI TALAVIA, JAGDISHBHAI RAVJIBHAI SAVALIYA AND VISHAL DOMADIA. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Dharmaj Crop IPO?
They have obtained the GMP of this IPO and it is Rs. 55. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Dharmaj Crop IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Dharmaj Crop Guard Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is 209.60, 2020 is 107.59, 2019 is 50.22. PAT from Oct 2021 is 186.67.
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