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All that you should know about the Company before applying for the IPO.

November 25, 2022     

The public issue of equity shares of DHARMAJ CROP GUARD LIMITED will open for subscription on November 28, 2022 and closes on November 30, 2022. It is expected to list on the stock exchanges on December 08, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Incorporated in 2015, the company is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics to B2C and B2B customers. They also engage in the marketing and distribution of agrochemical products under brands in-licensed by them, owned by them and through generic brands, to Indian farmers.

As of September 30, 2022, they had more than 154 institutional products sold to more than 600 customers in India and international markets. They export their products to more than 66 customers across 25 countries in Latin America, East Africa, the Middle East, and Far East Asia. Domestically, their branded products are sold in 17 states through a network comprising over 4,362 dealers having access to 16 stock depots in India supporting the distribution of their branded products.

The Company's manufacturing facility is located in Kerala, Taluka Bavla, Ahmedabad. Currently, the aggregate installed capacity of their manufacturing facility for agrochemical formulations is 25,500 MT. As a part of their expansion plans and to achieve backward integration for their operations, they have acquired land at Saykha Industrial Estate, Bharuch, Gujarat.

Who are the Promoters of the Company?

Rameshbhai Ravajibhai Talavia, Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya and Vishal Domadia

Positives about the Company

  • Diversified portfolio of 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 institutional customers
  • Experienced Promoters and management team
  • Track record of strong operational and financial performance

Who are its listed peers?

  • Rallis India
  • India Pesticides
  • Punjab Chemical & Crop Protection
  • Bharat Rasayan
  • Astec Lifesciences
  • Heranba Industries

Why is the Company going public?

Given below are the objectives of the Company –

The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects:

  • Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat.
  • Funding incremental working capital requirements of the Company
  • Repayment and/or pre-payment, in full and/or part, of certain borrowings of the Company.
  • General corporate purposes

IPO Details

IPO Size ₹251.15 Crore *
Offer Mix Freash Issue ₹216 Crore + Offer For Sell ₹35.15 Crore
Price Band ₹ 216 - ₹ 237
Lot Size 60 Shares (& in multiples thereof)
Face Value ₹ 10
Application Amount Min. ₹ 14,220 (1 lot) | Max. ₹ 1,99,080 (14 lots) [at upper price band]
Listing on NSE & BSE
Registrar Link Intime India Private Limited
Discount 5% to the Offer Price for Eligible Employees Category only
Cut-off time for UPI Mandate Confirmation 30-November-2022 (up to 05:00 PM)
* at upper price band

Category Wise Availability *

QIB ₹ 124.92 Crore
(50% of Net Issue Size)
NIB ₹ 37.48 Crore
(15% of Net Issue Size)
Retail ₹ 87.45 Crore
(35% of Net Issue Size)
Employee Reservation Portion ₹ 1.30 Crore
(55,000 Equity Shares)
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens November 28, 2022
IPO Closes November 30, 2022
Finalization of the basis of allotment December 05, 2022
Unblocking of funds / Initiation of refunds December 06, 2022
Credit of equity shares to Demat accounts December 06, 2022
Listing of equity shares December 08, 2022
Source: Company RHP  Alternate Text


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