Agro-Chemicals - Listed on 08 December 2022
Dharmaj Crop Guard (Agro-Chemicals) closed its IPO window in 2022 and listed on NSE and BSE on 08 December 2022 at an upper band issue price of Rs 237, opening at Rs 266.29 for a listing gain of +12.4% and closing day one at Rs 270 (+13.9% on closing basis). The IPO was subscribed 63.86x overall - QIB 182.65x, HNI/NII 42.35x, Retail 5.64x. The total issue size was Rs 3,395 Cr (Fresh Issue Rs 0 Cr, OFS Rs 3395 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Agro-Chemicals
Dharmaj Crop Guard operates in the Agro-Chemicals space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Dharmaj Crop Guard issue was offered at an upper price of Rs 237 and raised approximately Rs 3,395 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 40 | +16.88% |
| Day 2 | Rs 70 | +29.54% |
| Day 3 | Rs 70 | +29.54% |
| Day 4 | Rs 60 | +25.32% |
| Day 5 | Rs 50 | +21.10% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Dharmaj Crop Guard IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Dharmaj Crop Guard IPO listed at +12.4% versus the upper issue price of Rs 237 on 08 December 2022.
Dharmaj Crop Guard IPO was subscribed 63.86x overall. QIB portion was subscribed 182.65x, HNI / NII 42.35x and Retail 5.64x.
IPO GMP started at Rs 40 on Day 1 and moved to Rs 50 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.