Dharmaj has good debut
Dharmaj Crop Guard got listed on the markets today; as against the IPO price of Rs.237/share, it got listed on the NSE and BSE at Rs.266 and went further up at Rs.278.90.
The IPO was subscribed 35.49 times with HNIs portion subscribing 52.29 times, QIBs at 48.21 times and Retail investors at 21.53 times.
The company is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers, and antibiotic.
In our IPO Analysis, we had concluded, “Strong growth visibility due to improved utilization of existing capacity and greenfield backward integration are two key positives for the company. Healthy growth visibility makes the IPO a ‘subscribe’.”