Dharmaj Crop Guard IPO Analysis @ Chanakyanipothi.com 
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    Dharmaj Crop Guard IPO Listing Estimate: The scrip is expected to get listed at Rs. 285/290 as compared to its issue price of Rs 237

    Dharmaj Crop Guard IPO Allotment: Click

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    Dharmaj Crop Guard Grey Market News Today #dharmaj crop guard IPO
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    Dharmaj Crop Guard IPO Subscription (Closed)
    # On 30 November 2022 @ 5.00 pm (Day 3)
    QIB        :     2243990   Shares,  48.21T
    Big NII   :     1142800   Shares,  52.97T
    SmallNII:       571400    Shares,  50.92T
    RII         :      3999800   Shares,  21.53T
    Emp         :       55000   Shares,  7.48T
    Total      :     8012990   Shares,  35.49T

    Dharmaj Crop Guard Company Details
    Dharmaj Crop is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers. It is also engaged in the marketing and distribution of agrochemical products under brands in-licensed by it, owned by it and through generic brands, to Indian farmers through its distribution network. It provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. It exports its products to more than 20 countries in Latin America, East African Countries, Middle East and Far East Asia. It sells its agrochemical products in granules, powder and liquid forms. Additionally, it manufactures and sells general insect and pest control chemicals for Public Health and Animal Health protection.
    With an aim to offer a wide product portfolio across the Agri-value chain, it continues to expand its product portfolio by introducing new products.

    It manufactures and sells various formulations of insecticides, fungicide and herbicides, plant growth regulators, micro fertilizers and antibiotics. It has obtained 392 registrations for agrochemical formulations from the CIB&RC, out of which 201 agrochemical formulations are for sale in India as well as for export and 191 agrochemical formulations are
    exclusively for exports. Additionally, it has also applied for registrations of 6 agrochemicals formulations from the CIB&RC, which are pending at various stages.
    The Company has over 150 trademark registrations including its branded products. Its formulations are sold as branded products to customers. As of November 30, 2021, it had over 109 branded formulations that are sold to farmers. It sells bulk products to its institutional customers domestically and in the international markets. Further, as of November 30, 2021, it had more than 196 institutional products that it sold to more than 600 customers based in India and in the international markets. As of November 30, 2021, it exported its products to more than 60 customers across 20 countries.
    For more information, click www.dharmajcrop.com

    The Promoters of Dharmaj Crop Guard
    Rameshbhai Ravajibhai Talavia , Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya & Vishal Domadia

    Dharmaj Crop Guard IPO Main Objects
    The Offer comprises the Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.
    The Net Proceeds are proposed to be utilized towards
    1. Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat.
    2. Funding incremental working capital requirements of the Company.
    3. Repayment and/or pre-payment, in full and/or part, of certain borrowings of the Company.

    Dharmaj Crop Guard IPO Details
    IPO opens on 28 November 2022
    IPO closes on 30 November 2022
    Issue Type: Book Built Issue IPO
    Issue: up to 10596924 Shares /Rs 251.15 Cr
    * Fresh Issue of 9113924 Sh/ Rs.216 Cr
    * Offer for Sale Up to 1,483,000 Sh/ Rs. 35.15 Cr

    Face Value per share: Rs. 10

    Dharmaj Crop Guard IPO Price Band Per Equity Share: Rs. 216/237
    Dharmaj Crop Guard IPO Retail Lot Size 60 Shares
    Dharmaj Crop Guard Listing will at BSE, NSE

    Shares offered to
    QIB (50%) 5298462 Shares = Rs 125.57 Cr
    NII (15%) 1589539 Shares = Rs 37.67 Cr
    RII (35%) 3708923 Shares = Rs 87.90 Cr
    Retail portion to get oversubscribed by 61815 Forms

    How much Shares to Apply?

    Min Retail Application           60 Shares Rs. 14220
    Max Retail Application          840 Sh      Rs. 199080
    Small HNI (Min) Application  900 Sh      Rs. 213300
    Small HNI (Max) Application 4200 Sh    Rs. 995400
    Big HNI Application              4260 Sh    Rs. 1009620

    Dharmaj Crop Guard IPO Tentative timetable
    Opens on 28 November 2022
    Closes on 30 November 2022
    Allotment on 5 December 2022
    Unblocking of ASBA 6 December 2022
    Credit to shares 6 December 2022
    Listing on 8 December 2022

    Dharmaj Crop Guard IPO Financial & Analytical Ratios
    Earnings per Share 2019-20  Rs 5.75
    Earnings per Share 2020-21, Rs 8.49
    Earnings per Share 2021-22  Rs 11.62
    Return on Net Worth: 19-20: 30.55 %
    Return on Net Worth: 20-21: 37.33 %
    Return on Net Worth: 20-21: 18.15 %
    Book Value of the Share as on 31.03.2022  Rs 33.55
    Book Value of the Share after the IPO        Rs 93.84
    Issue Price (Upper price)                             Rs. 237

    Ratio Analysis
    Upper Price Band/last EPS:                  20.39
    Upper offer price/Book Value Ratio    7.06
    Upper offer price/BV after IPO Ratio: 2.52

    Dharmaj Crop Guard IPO Peer Comparison:
    IPO Company         @ PE Multiple of 20.39
    Rallis India              @ PE Multiple of 27.45
    India Pesticides      @ PE Multiple of 18.53
    Punjab Chemical    @ PE Multiple of 17.51
    Bharat Rasayan      @ PE Multiple of 24.00
    Astec Lifesciences  @ PE Multiple of 45.92
    Heranba Industries @ PE Multiple of 10.80

    Dharmaj Crop Guard IPO Lead Managers
    Elara Capital, Monarch Networth Capital
    Registrar to Dharmaj Crop Guard IPO
    Linkin time India Pvt Ltd.

    Registered Office of Dharmaj Crop Guard
    Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, At: Kerala, Taluka Bavla, Ahmedabad – 382 220,
    Company Secretary & Compliance Officer: Malvika Bhadreshbhai Kapasi

    #This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

    3 Comments on “Dharmaj Crop IPO, listing estimate

    1. Sagar

      I think Linkin time has set some restrictions or limits on the allotments given to shareholders. If I am allotted 1 IPO, it wont allot the next 5 IPO’s even if subscription is very low. Observing this past 2 years.
      They have seriously set some rules, its not fully lottery based.

      Reply

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