|| Shree Mumba Devi Prasanna ||


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18 May 2022
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Company News


Dharmaj Crop Guard to raise INR 250 Cr to INR 300 Cr via IPO

Dharmaj Crop Guard to raise INR 250 Cr to INR 300 Cr via IPO

Agrochemicals company, Dharmaj Crop Guard Limited, engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO).

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AHMEDABAD, 29 January 2022: Agrochemicals company, Dharmaj Crop Guard Limited, engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO).

The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to INR 216 crore and an offer-for-sale (OFS) of up to 1,483,000 equity shares by existing shareholders. The offer also includes a reservation for subscription by eligible employees.

As per market sources, the company looks to raise funds anywhere between INR 250 crore to INR 300 crore.

Out of the proceeds from the fresh issuance, an amount of INR 104.97 crores will be utilised for funding capital expenditure towards setting up of a manufacturing facility at Saykha Bharuch, Gujarat, INR 45 crore for funding incremental working capital requirements, INR 10 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company besides general corporate purposes.

Dharmaj Crop Guard is engaged in marketing and distribution of agrochemical products i.e Insecticides, Fungicides, Herbicides, Plant Growth Regulators. Micro Fertilizers and Antibiotic under brands in-licensed, owned and through generic brands, to Indian farmers through its distribution network in addition to its institutional sales.

Besides, it also provides crop protection solutions to the farmers to assist them to maximize productivity and profitability.

Led by its Chairman and Managing Director, Rameshbhai Ravajibhai Talavia who has over 28 years of experience in the agrochemical industry.

The company also exports its products to more than 20 countries across Latin America, East African Countries, Middle East and Far East Asia.

Its key customers include Atul Limited, Heranba Industries Limited, Innovative Agritech Private Limited, Meghmani Industries Limited, Bharat Rasayan Limited, Oasis Limited, United Insecticides Private Limited and Sadik Agrochemicals Co. Ltd.

It has obtained 398 registrations for agrochemicals from the Central Insecticide Board and Registration Committee (CIB&RC), out of which 201 agrochemical formulations and 6 agrochemicals technical are for sale in India as well as for exports and 191 agrochemical formulations are exclusively for exports. 

Additionally, it has also applied for registrations of 6 agrochemical formulations and 17 agrochemical technicals with the CIB&RC, pending at various stages, according to the company’s DRHP.

As of November 30, 2021, it had over 109 branded formulations being sold to farmers and selling 196 bulk products to more than 600 institutional customers domestically and in the international markets. It has over 150 trademark registrations including its branded products sold to its customers.

DCGLs revenue from operations grew 52.56 percent to INR 302.41 crore for the fiscal 2021 against INR 198.22 crore for the fiscal 2020, primarily due to increase in sales of its branded products, institutional sales and addition of more dealers and customers, while its net profits grew 94.85 percent from INR 10.76 crore in FY20 to INR 20.96 crore in FY21.

Elara Capital (India) Private Limited and Monarch Networth Capital Limited are the book running lead managers to the issue.

India is the fourth largest producer led by USA, Japan and China in the global agrochemicals market,. It is a net exporter of agrochemicals and has emerged as the 13th largest exporter of pesticides globally.

On account of an upward growth expected in the international market and a likely increase in domestic usage of pesticides in India, the overall Indian pesticides and other agrochemicals industry is estimated to increase at a CAGR of 5.2 percent-5.7 percent by 2023-24.

Recently, Surat-based Aether Industries, a specialty chemical manufacturer, also catering to pharmaceutical, agrochemical, material science, electronic chemical, high-performance photography, and oil and gas industry segments have filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise up to INR 1000 crore through its public issue.


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