Dharmaj Crop Guard IPO
Dharmaj Crop Guard IPO — date, price band, lot size & details 2022
Dharmaj Crop Guard listed on 8 Dec 2022 at ₹266.05, 12.3% above the ₹237 issue price.
Dharmaj Crop Guard makes and sells agrochemical formulations such as insecticides, fungicides, herbicides and plant growth regulators for farmers and B2B buyers. Its total income was Rs 396.29 crore in FY2022.
Stock price
Dharmaj Crop Guard is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 28 Nov 2022
- Close 30 Nov 2022
- Allotment 05 Dec 2022
- Refund/credit 06 Dec 2022
- Listing 08 Dec 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 28 to 30 Nov, 2022 |
|---|---|
| Price Band | ₹216 – ₹237 |
| Face Value | ₹10 |
| Lot Size | 60 Shares |
| Issue Size | ₹251.09 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 10.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,220 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 60 shares at the ₹237 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 60 | ₹14,220 |
| Retail (max) | 14 | 840 | ₹1,99,080 |
| S-HNI (min) | 15 | 900 | ₹2,13,300 |
| S-HNI (max) | 70 | 4,200 | ₹9,95,400 |
| B-HNI (min) | 71 | 4,260 | ₹10,09,620 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 199.17 crore in FY2020 to Rs 396.29 crore in FY2022.
- 02Profit after tax rose from Rs 10.76 crore in FY2020 to Rs 28.69 crore in FY2022.
- 03The pre-issue P/E was 20.4 at the upper band of Rs 237, based on EPS of Rs 11.62.
- 04Rs 215.95 crore of the Rs 251.09 crore issue was fresh capital, mostly for a new plant.
- 05It held 464 formulation registrations and exports to more than 25 countries.
Risks · 5
- 01Agrochemical demand depends on the monsoon and crop prices, and the source puts the PAT margin at 7.28%.
- 02Total borrowing rose from Rs 36.93 crore on 31 March 2022 to Rs 51.56 crore on 31 July 2022.
- 03All production comes from 1 facility in Ahmedabad until the Saykha plant is built.
- 04The new Saykha plant needs Rs 104.97 crore and carries project delay and ramp-up risk.
- 05Promoters and the promoter group held 100% before the issue and about 68.65% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Dharmaj Crop Guard offer document.
| Metric | 31 Jul 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 305.76 | 219.55 | 128.87 | 92.58 |
| Total Income | 221.17 | 396.29 | 303.57 | 199.17 |
| Profit After Tax | 18.36 | 28.69 | 20.96 | 10.76 |
| NET Worth | 101.17 | 82.82 | 56.14 | 35.22 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | |
| Total Borrowing | 51.56 | 36.93 | 26.92 | 20.18 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dharmaj Crop Guard RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dharmaj Crop Guard IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹11.62 | ₹16.30 |
| P/E Ratio (x) | 20.40 | 14.54 |
| Market Cap at Offer Price (₹ Cr) | ₹374.47 | ₹266.95 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹237 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹201.44 Cr of the issue is earmarked to named objects.
About the company
It sells products under in-licensed brands, its own brands and generic brands to Indian farmers through its distribution network, and exports to more than 25 countries in Latin America, East Africa, the Middle East and the Far East. It also makes general insect and pest control chemicals for public health and animal health.
Its manufacturing facility and R&D centre are in Ahmedabad, Gujarat. As per the RHP, it had obtained 464 registrations for agrochemical formulations from the CIB&RC.
The IPO was Rs 251.09 crore, with Rs 215.95 crore of fresh issue and Rs 35.14 crore of offer for sale by promoter group members. Rs 104.97 crore was planned for a new plant at Saykha, Bharuch, Gujarat, and Rs 45.00 crore for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Dharmaj Crop Guard IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Elara Capital (India) Pvt. Ltd
3 issues handledBest listing: Orient Technologies (+39.8%). Weakest: Manoj Vaibhav Gems 'N' Jewellers (0.0%).
Monarch Networth Capital Ltd
3 issues handledBest listing: Exicom Tele-Systems (+86.6%). Weakest: Scoda Tubes (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Frequently asked
What is the GMP of Dharmaj Crop Guard?
The current Grey Market Premium is ₹50, or 21% over the issue price.
What is the Dharmaj Crop Guard IPO price band?
₹216 to ₹237, on a face value of ₹10.
When is the allotment?
The basis of allotment is 5 December 2022, with listing on 8 December 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
