Dharmaj Crop IPO subscribed 1.8x on Day-1, QIB portion not fully covered

Retail, HNI fully covered, institutional investor portion subscribed 35%

Dharmaj Crop Guard IPO was subscribed 1.8 times on Monday, the opening day. 

The retail and high networth individual categories of the IPO have already been fully covered, while the institutional investor portion was subscribed to the extent of 35 per cent, stock exchange data showed. 

Dharmaj, an agrochemical company, is looking to raise Rs 216 crore in fresh capital through its IPO. The issue also consists 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