The shares of Dharmaj Crop Guard, whose 251.15 crore IPO ran from November 28 to November 30, will make a market debut on Thursday. The issue was given a grey market premium GMP of Rs 44 apiece at the time of last hearing. The GMP for the issue has seen some fall in recent days, but it suggests a likely 18 per cent listing pop as of today.
The quota reserved for employees received 7.48 times.
Dharmaj Crop Guard is an agrochemical company that produces, distributes and sells a wide range of agrochemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilisers and antibiotics to B 2 C and B 2 B customers. The company exports its products to more than 20 countries.
The company's revenue from operations rose 30.36 per cent to Rs. There was a 394.21 crore increase in sales of its brand products, institutional sales and addition of more dealers and customers in FY 22 compared to Rs 302.41 crore in FY 21. The net profit was up 36.88 per cent at Rs 28.69 crore in FY 22 against Rs 20.96 crore in FY 21.
The IPO had received a'subscribe' rating from Anand Rathi and KRChoksey Shares Securities and a 'Neutral' rating from SMC Global.
The issue was available at a PE of 10.62 times compared to its peers, if one annualizes the company's four months FY 23 EPS of 7.44 to July 2022, the company's quarterly EPS of Rs 22.32, the company looks quite cheap, said KR Choksey Shares Securities in a pre-IPO note.