MUMBAI, November 23, 2022: Dharmaj Crop Guard Limited is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers has fixed the price band at INR 216 to INR 237 per Equity Share for its maiden public offer.
The initial public offering (“IPO” or “Offer”) of the Company will open on Monday, November 28, 2022, for subscription and closes on Wednesday, November 30, 2022. Investors can bid for a minimum of 60 Equity Shares and in multiples of 60 Equity Shares thereafter.
The issue with a face value of INR 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.
Incorporated in the year 2015, Dharmaj Crop Guard is also engaged in the marketing and distribution of agrochemical products under brands in-licensed, owned and through generic brands, to Indian farmers through its distribution network. Besides, it also provides crop protection solutions to the farmer to assist them to maximize their 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 25 countries across Latin America, East African Countries, Middle East and Far East Asia.
As of September 30, 2022, the Company had more than 154 institutional products that were sold to more than 600 customers. 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 464 registrations for agrochemicals from the Central Insecticide Board and Registration Committee (CIB&RC), out of which 269 agrochemical formulations are for sale in India as well as for exports and 195 agrochemical formulations are exclusively for exports.
Additionally, it has also applied for registrations of 18 agrochemical formulations and 17 agrochemical technicals with the CIB&RC, pending at various stages, according to the company’s RHP.
DCGLs revenue from operations grew 30.36 percent to INR 394.21 crore for the fiscal 2022 against INR 302.41 crore for the fiscal 2021, primarily due to increase in sales of its branded products, institutional sales and addition of more dealers and customers, while its net profits grew 36.88 percent from INR 20.96 crore in FY21 to INR 28.69 crore in FY22.