Home / Markets / Ipo /  Dharmaj Crop IPO subscribed 35.49 times on final day: GMP, other details here

Dharmaj Crop Guard IPO: On Wednesday's final day of subscriptions, the Dharmaj Crop Guard Initial Public Offering (IPO) received 35.49 times subscriptions. The 251.14-crore IPO received bids for 28,43,51,820 shares against 80,12,990 shares on offer, as per data available with the NSE.

The category for non-institutional investors received 52.29 times subscriptions, Qualified Institutional Buyers (QIBs) portion got subscribed 48.21 times, and Retail Individual Investors (RIIs) 21.53 times.

In first two days of bidding, Dharmaj Crop Guard IPO subscription status suggests that the public offer has been subscribed 5.97 times whereas its retail portion has been subscribed 7.75 times.

Dharmaj Crop Guard IPO GMP today

Market observers said that Dharmaj Crop Guard IPO grey market premium (GMP) was 52 on Wednesday, which is 7 higher from its Tuesday GMP of 45.

They said that reason for positive sentiments in grey market is Dalal Street sentiments that ended higher despite weakness on Wall Street. They went on to add that Indian markets have outperformed major global bourses and this could also be a reason for grey market giving positive signals in regard to Dharmaj Crop Guard shares.

What this GMP means?

Market observers said that Dharmaj Crop Guard IPO GMP today is 55, which means grey market is expecting that Dharmaj Crop Guard IPO listing price would be around 289 per equity share, which is around 12 per cent higher from its price band of 216 to 237 apiece.

However, stock market experts maintained that one should not rely on GMP as it is a non-regulated completely speculative figure which has no connect with the financials of the company.

About Dharmaj Crop Guard IPO

For its initial public offering, Dharmaj Crop offered 14,83,000 equity shares for sale as well as a fresh issue of up to 216 crore.

Elara India Opportunities Fund, Rajasthan Global Securities, and Resonance Opportunities Fund are a few of the company's anchor investors who have contributed 74.95 crore to its capital raising efforts.

Dharmaj Crop Guard 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.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.


Asit Manohar

Chief Content Producer at Live Mint Digital Team
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