Dharmaj IPO

Dharmaj Crop Guard IPO | Review

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Dharmaj Crop Guard Limited has come up with an initial public offer (IPO). It will open on November 28-30, 2022 at Rs.216-237 a share. The IPO issue size is around Rs.251.15 crores. The minimum bid will be for 60 shares and in its multiples thereafter.


Dharmaj Crop Guard Limited was incorporated in 2015. It is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agrochemical formulations to B2C and B2B customers. It is also engaged in the marketing and distribution of agrochemical products under brands in-licensed & owned by it and through generic brands, to Indian farmers through its distribution network. The company provides crop protection solutions to farmers to assist them to maximize productivity and profitability. Also, the company exports its products to more than 25 countries in Latin America, East African Countries, the Middle East, and Far East Asia.

Additionally, it manufactures and sells general insect and pest control chemicals for Public Health and Animal Health protection. With an aim to offer a wide product portfolio across the agri-value chain, the company continues to expand its product portfolio by introducing new products. It has obtained 464 registrations for agrochemical formulations from the CIB&RC, out of which 269 agrochemical formulations are for sale in India as well as for export and 195 agrochemical formulations are exclusively for exports. 

Dharmaj Crop has 157 trademark registrations including its branded products. As of September 30, 2022, the company had over 118 branded formulations that are sold to farmers. It sells bulk products to our institutional customers domestically and in the international markets. Further, the company had more than 154 institutional products that it sold to more than 600 customers based in India and in the international markets.

Website https://www.dharmajcrop.com/


Rameshbhai Talavia – 36.49%Jamankumar Talavia – 33.42%
Vishal Domadia – 5.23%Jagdishbhai Savaliya – 2.06%

Promoter Holding

Pre-Issue Shareholding – 100%Post-Issue Shareholding – 73.03%

Strength & Weakness

Diversified portfolio of productsSubject to strict quality requirements
Consistent focus on quality and innovationSubject to regular inspection
Strong R&D capabilitiesNo long-term agreements
Established distribution networkBusiness is subject to climatic conditions
Strong branded productsBusiness is cyclical in nature
Stable relationship with institutional customersDepend on the success of relationships with customers
Experienced Promoters and management teamRevenue is generated from certain key customer
Track record of strong operational and financial performanceOutstanding litigation proceedings against Company


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Company Financials

YearRevenue (in Crore)Profit (in Crore)

Object of Issue

1) Offer for Sale is to allow the selling shareholders to sell Equity Shares

2) Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat

3) Funding incremental working capital requirements of the Company

4) Repayment and/or pre-payment, in full and/or part, of certain borrowings of our Company

5) General corporate purposes.

Dharmaj Crop Guard IPO Lot Size

Retail (Min)160Rs.14,220
Retail (Max)14840Rs.1,99,080
S-HNI (Min)15900Rs.2,13,300
B-HNI (Max)714,260Rs.10,09,620

Dharmaj Crop Guard IPO Details

IPO Opening Date November 28, 2022
IPO Closing Date November 30, 2022
Face Value Rs.10 per Equity Share
IPO Price Rs.216-237 per share
Market Lot 60 shares
Minimum Order Quantity 60 shares
Listing At NSE, BSE
No. of shares offered (Fresh Issue)91,13,924 shares
No. of shares offered (OFS)14,83,000 shares
Issue Size Up to Rs.251.15 Crore
QIB Shares Offered 50% of the offer
Retail Shares Offered 35% of the offer 
NII/HNI Shares Offered 15% of the offer 

Dharmaj Crop Guard IPO Timetable

IPO DateNovember 28-30, 2022
Allotment DateDecember 05, 2022
Initiation of RefundsDecember 06, 2022
Credit of share to Demat a/cDecember 07, 2022
IPO Listing DateDecember 08, 2022

Allotment Status

Link Intime – https://linkintime.co.in/

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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