Agrochemical company Dharmaj Crop Guard Ltd's initial public offering (IPO), which opened for subscription on Monday, was subscribed 1.79 times on the first day, driven by strong response from retail investors. The issue will close on Wednesday.
The company received bids for 1.43 crore shares against 80.12 lakh shares on offer, according to data from the BSE.
The retail investors' portion was subscribed 2.60 times. The company received bids for 10,418,340 shares against 3,999,800 on offer for this segment.
The portions set aside for qualified institutional buyers and non-institutional investors were subscribed 35 percent and 1.80 times, respectively.
Further, the portion set aside for employees was subscribed 1.77 times.
On Friday, the Gujarat-based company garnered ₹74.95 crore rom anchor investors ahead of its initial public offering.
The company informed the bourses that it allocated 3,162,540 shares at ₹237 per share to anchor investors.
The price band for the offer has been determined at ₹216 – 237 per equity share.
Institutional investors who participated in the anchor were Elara India Opportunities Fund, Rajasthan Global Securities, and Resonance Opportunities Fund.
A fresh issue of equity shares worth ₹216 crore and an offer-for-sale of up to 1,483,000 equity shares by current shareholders make up the issue.
Promoters who have offered shares for sale are Rameshbhai Ravajibhai Talavia with 36.5 percent stake, Jamankumar Hansarajbhai Talavia with 33.4 percent stake, Jagdishbhai Ravjibhai Savaliya with 2.1 percent stake, and Vishal Domadia with 5.2 percent stake.
The net proceeds of the fresh issue will be utilised to fund capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat, working capital requirements, repayment or pre-payment of loans and general corporate purposes.
