Dharmaj Chemicals Crop IPO announces IPO; sets price band at Rs 216-237/share

Agrochemical Dharmaj IPO announces IPO.

New Delhi: Agrochemical company Dharmaj Crop Guard on Wednesday said it has fixed a price band of Rs 216-237 a share for its Rs 251-crore initial public offering (IPO). The initial share-sale will open for public subscription on November 28 and conclude on November 30, the company said in a statement.

The initial public offering (IPO) consists of fresh issue of equity shares worth up to Rs 216 crore and an offer-for-sale (OFS) of up to 14.83 lakh equity shares by existing shareholders. At the upper end of the price band, the Ahmedabad-based company would fetch Rs 251.15 crore. Proceeds from the issue will be used for funding capital expenditure towards setting up of a manufacturing facility at Saykha Bharuch in Gujarat, funding incremental working capital requirements, payment of debt and general corporate purposes.

The company is 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 business-to-consumer (B2C) and Business-to-business (B2B) customers.

It exports its products to more than 25 countries across Latin America, East African Countries, Middle East and Far East Asia. Elara Capital (India) Private Limited and Monarch Networth Capital Limited are the book running lead managers to the issue.