Dharmaj Crop Guard Limited’s Initial Public Offering to open on November 28
23 November 2022, Mumbai: Dharmaj Crop Guard Limited, an agrochemical company has announced to go for an initial public offering and will open on Monday, November 28, 2022, for subscription and closes on Wednesday, November 30, 2022. The company has fixed the price band at ₹216 to ₹237 per Equity Share for its maiden public offer. Investors can bid for a minimum of 60 Equity Shares and in multiples of 60 Equity Shares thereafter.
The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to Rs 216 crore and an offer-for-sale (OFS) of up to 1,483,000 equity shares by existing shareholders. The offer also includes a reservation for subscription by eligible employees.
Incorporated in the year 2015, Dharmaj Crop Guard is also engaged in the marketing and distribution of agrochemical products under brands in-licensed, owned, and through generic brands, to Indian farmers through its distribution network. Besides, it also provides crop protection solutions to the farmer to assist them to maximize their productivity and profitability.
Led by its Chairman and Managing Director, Rameshbhai Ravajibhai Talavia who has over 28 years of experience in the agrochemical industry. The company also exports its products to more than 25 countries across Latin America, East African Countries, the Middle East, and Far East Asia.
As of September 30, 2022, the Company had more than 154 institutional products that were sold to more than 600 customers. Its key customers include Atul Limited, Heranba Industries Limited, Innovative Agritech Private Limited, Meghmani Industries Limited, Bharat Rasayan Limited, Oasis Limited, United Insecticides Private Limited, and Sadik Agrochemicals Co. Ltd.
It has obtained 464 registrations for agrochemicals from the Central Insecticide Board and Registration Committee (CIB&RC), out of which 269 agrochemical formulations are for sale in India as well as for exports and 195 agrochemical formulations are exclusively for exports. Additionally, it has also applied for registrations of 18 agrochemical formulations and 17 agrochemical technicals with the CIB&RC, pending at various stages, according to the company’s RHP.
DCGLs revenue from operations grew 30.36% to Rs. 394.21 crore for fiscal 2022 against Rs. 302.41 crore for fiscal 2021, primarily due to an increase in sales of its branded products, institutional sales, and the addition of more dealers and customers, while its net profits grew 36.88% from Rs. 20.96 crore in FY21 to Rs. 28.69 crore in FY22.
Also Read: Out of the Global Top 20 Pesticides, only 2 remain Patented: Study
(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)