Subscriptions for Dharmaj Crop Guard’s initial public offering will open on Monday, November 28. The company will sell its shares at Rs 216-237 per share.

The issue consists of new share capital worth Rs 216 crore and offers for sale (OFS) of up to 14,83,000 equity shares from the company’s promoters and existing shareholders.

Manjulaben Rameshbhai Talavia, Muktaben Jamankumar Talavia, Domadia Artiben, and Ilaben Jagdishbhai Savaliya are existing investors participating in OFS.

Investors can bid for at least 60 shares and in multiples after that. Also, subscriptions for this issue are open until Wednesday, November 30. Anchor Books will be open for one day on November 25.

The company has reserved 55,000 equity shares worth Rs 1.25 crore for eligible employees, who will get a 5% discount. Through a primary sale, the company will likely raise around Rs 251 crore in the higher price range.

This will be the 9th public question to roll out in November. Eight initial stake sales have raised around Rs 9,500 crore this month.

The company will use the net proceeds from the new issue to set up a manufacturing facility in Saykha, Gujarat, to meet increased working capital requirements. It will also repay some of its debt through newly issued currency.

Qualified institutional investors will receive 50% of the net offering, while non-institutional investors will receive 15%. The remaining 35% portion has been fixed to retail bidders.

Established in 2015, Dharmaj Crop Guard is an agrochemical company engaged in manufacturing, distributing and marketing various agrochemical formulations.

Its product range includes insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers and antibiotics for B2C and B2B customers. It provides crop protection solutions to farmers.

Dharmaj Crop Guard is exported to more than 20 countries in Latin America, East African countries, the Middle East and Far East Asia. The company’s manufacturing facility is in Ahmedabad, Gujarat.

Its profit rose 37% to Rs 28.69 crore in March 2022, with revenue up 30% from the previous year to Rs 394.2 crore. Profit for Q1FY23 was Rs 18.4 crore against revenue of Rs 220.9 crore.

Elara Capital and Monarch Networth Capital are the bookrunners, while Link Intime India has been appointed as registrar for the offering.