Dharmaj Crop IPO subscribed 36 times; promising start for Uniparts

Dharmaj Crop Guard’s initial public offering (IPO) garnered nearly 36 times subscription as its bidding closed on Wednesday. The qualified institutional buyers (QIBs) portion was subscribed 48 times, high networth individual portion 52 times and retail portion nearly 22 times.

Dharmaj is an agrochemical company. It raised Rs 216 crore by issuing fresh equity in the IPO. The issue also comprised of secondary share sale worth Rs 35 crore. “If we annualise its four months’ FY23 EPS of Rs 7.44, then on the annualised FY23EPS of Rs 22.32, the issue is available at a P/E of 10.62x, which, compared to