Dharmaj Crop Guard Limited is an agrochemical company 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.
The company also provide crop protection solutions to the farmer to assist them to maximize productivity and profitability. Dharmaj Crop Guard Limited export products to more than 20 countries in Latin America, East African Countries, Middle East and Far East Asia.
The company has 392 registrations for agrochemical formulations from the CIB&RC, out of which 201 agrochemical formulations are for sale in India as well as for export and 191 agrochemical formulations are exclusively for exports, application for further 6 agrochemicals formulations is pending at various stages.
As of November 30, 2021, Dharmaj Crop Guard Limited had more than 196 institutional products that they sold to more than 600 customers based in India and the international markets. As of November 30, 2021, the company exported its products to more than 60 customers across 20 countries.
The company’s manufacturing facility is located in Ahmedabad, Gujarat, India. Dharmaj Crop Guard Limited also has a research and development (“R&D”) centre at the manufacturing facility.
The company’s branded products are sold in 12 states through a network comprising over 3,700 dealers having access to 8 stock depots in India, as of November 30, 2021.
Dharmaj Crop Guard IPO – Details
| IPO Opening Date | 28 November 2022 |
| IPO Closing Date | 30 November 2022 |
| Issue Type | Book Built Issue IPO |
| Issue Size | ₹251.15 Crore |
| Fresh Issue | ₹216 Crore |
| Offer for Sale | ₹35.15 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹216 – ₹237 |
| Market Lot | 60 Shares |
| Min Order | 60 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Dharmaj Crop Guard IPO – Date Schedule
| IPO Open Date | 28 November 2022 |
| IPO Close Date | 30 November 2022 |
| Basis of Allotment Date | 05 December 2022 |
| Initiation of Refunds | 06 December 2022 |
| Credit of Shares to Demat Account | 06 December 2022 |
| IPO Listing Date | 08 December 2022 |
Dharmaj Crop Guard IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 60 | 14,220 |
| Retail (Max) | 14 | 840 | 1,99,080 |
| S-HNI (Min) | 15 | 900 | 2,13,300 |
| B-HNI (Min) | 71 | 4260 | 10,09,620 |
Competitive Strengths
- Diversified portfolio of the products and consistent focus on quality and innovation;
- Strong R&D capabilities with focus on innovation and sustainability;
- Established distribution network with strong branded products and stable relationship with our institutional customers;
- Experienced Promoters and management team; and
- Track record of strong operational and financial performance.
Company Promoters
- Rameshbhai Ravajibhai Talavia
- Jamankumar Hansarajbhai Talavia
- Jagdishbhai Ravjibhai Savaliya
- Vishal Domadia
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2019 | 139.95 | 132.95 | 5.02 |
| 31 March 2020 | 199.16 | 184.70 | 10.75 |
| 31 March 2021 | 303.56 | 275.37 | 20.96 |
| 31 October 2021 | 228.15 | 203.17 | 18.66 |
| 31 March 2022 | 396.28 | 357.75 | 28.69 |
| 31 July 2022 | 221.17 | 196.60 | 18.35 |
Object Of The Issue
- Funding capital expenditure towards setting up of a manufacturing facility at Saykha, Bharuch, Gujarat.
- Funding incremental working capital requirements of the Company.
- Repayment and/or pre-payment, in full and/or part, of certain borrowings of the Company.
- General corporate purposes.
Dharmaj Crop Guard IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 1 | Rallis India Limited | 23.41 |
| 2 | 1 | India Pesticides Limited | 26.57 |
| 3 | 10 | Punjab Chemical & Crop Protection Limited | 37.58 |
| 4 | 10 | Bharat Rasayan Limited | 32.36 |
| 5 | 10 | Astec Lifesciences Limited | 45.68 |
| 6 | 10 | Heranba Industries Limited | 16.62 |
Dharmaj Crop Guard IPO Strengths
- Diversified portfolio of the products and consistent focus on quality and innovation.
- Strong R&D capabilities with focus on innovation and sustainability.
- Established distribution network with strong branded products and stable relationship with its institutional customers.
Dharmaj Crop Guard IPO Risks
- Failure to successfully obtain required registrations or maintain statutory and regulatory permits and approvals required to operate, would affect the business and manufacturing facility operations.
- Failure to comply with the quality standards, technical specifications, regular inspections and audits prescribed by customers may lead to loss of business from such customers.
- The company does not generally enter into long-term agreements with majority of its customers.
- Inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet customers’ demands.
- The business is subject to climatic conditions and is cyclical in nature, thus, seasonal variations and unfavourable local and global weather patterns may have an adverse effect on the business.
- If the company fails to meet the standard norms laid by governments locally or globally, then the products are at a risk of being banned or suspended or become subject to significant compliance costs.
Dharmaj Crop Guard IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 73.03% |
Dharmaj Crop Guard IPO Prospectus
Company Contact Information
| Dharmaj Crop Guard Limited Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, At: Kerala, Taluka Bavla, Ahmedabad – 382220 Phone: +91-79-29603735 Email: cs@dharmajcrop.com Website: http://www.dharmajcrop.com/ |
Dharmaj Crop Guard IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: dharmaj.crop@linkintime.co.in Website: https://linkintime.co.in/ |
Dharmaj Crop Guard IPO Lead Manager(s)
| 1. Monarch Networth Capital Limited 2. Elara Capital (India) Private Limited |
Dharmaj Crop Guard IPO FAQs
| What is Dharmaj Crop Guard IPO? Dharmaj Crop Guard IPO is a main-board IPO. The issue is priced at ₹216 to ₹237 per equity share. The IPO is to be listed on BSE & NSE. |
| When Dharmaj Crop Guard IPO will open? The IPO is to open on 28 November 2022 for QIB, NII, and Retail Investors. |
| What is Dharmaj Crop Guard IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Dharmaj Crop Guard IPO? You can apply Dharmaj Crop Guard IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Dharmaj Crop Guard IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Dharmaj Crop Guard”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Dharmaj Crop Guard IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Dharmaj Crop Guard”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Dharmaj Crop Guard IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Dharmaj Crop Guard”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Dharmaj Crop Guard IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Dharmaj Crop Guard”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Dharmaj Crop Guard IPO Size? Dharmaj Crop Guard IPO size is ₹251.15 Cr. |
| What is Dharmaj Crop Guard IPO Price Band? Dharmaj Crop Guard IPO Price Band is ₹216 to ₹237. |
| What is Dharmaj Crop Guard IPO Minimum and Maximum Lot Size? The minimum bid is 60 Shares with ₹14,220 amount while the maximum bid is 840 shares with ₹1,99,080. |
| What is the Dharmaj Crop Guard IPO Allotment Date? Dharmaj Crop Guard IPO allotment date is 05 December 2022. |
| What is the Dharmaj Crop Guard IPO Listing Date? Dharmaj Crop Guard IPO listing date is 08 December 2022. The IPO is to list on BSE and NSE. |
