Dharmaj Crop Guard Ltd IPO lists at premium of 12.26% and holds on

Dharmaj Crop Guard IPO had a strong listing on 08th December 2022, listing at a premium of 12.26%, and closing the day just above the listing price. While the stock did show some bouts of volatility during the day, it closed more than 12% above the issue price on the first day of trading on the NSE. It also closed juts above the listing price. With subscription of 35.49X overall and QIB subscription at 48.21X, the listing was expected to be robust, at the very least. Here is the Dharmaj Crop Guard Ltd listing story on 08th December 2022.

The IPO price was fixed at the upper end of the band at Rs. 237 which is quite understandable considering the rather strong 35.49X overall subscription and 48.21X QIB subscription. The price band for the IPO was Rs. 216 to Rs. 237. On 08th December 2022, the stock of Dharmaj Crop Guard Ltd listed on the NSE at a price of Rs. 266.05, a premium of 12.26% above the issue price of Rs. 237. On the BSE also, the stock listed at Rs. 266 a premium of 12.24% above the issue price.

On the NSE, Dharmaj Crop Guard Ltd closed on 08th December 2022 at a price of Rs. 267. That is a first day closing premium of 12.66% on the issue price of Rs. 237 and a marginal premium of 0.36% on the listing price of Rs. 266.05. On the BSE, the stock closed at Rs. 266.40. That represents a first day closing premium of 12.41% above the issue price and a marginal premium of 0.15% above the listing price on the stock exchange. On both the exchanges, the stock not only listed above the IPO issue price but closed Day-1 also marginally above the listing price. Clearly, the strong subscription had its positive impact on the first day of listing as there was a rush to add more of the stock considering the level of oversubscription on the stock and the need to cater to pent up demand.

On Day-1 of listing, Dharmaj Crop Guard IPO touched a high of Rs. 279 on the NSE and a low of Rs. 264.30. The premium sustained through the day. In fact, if you look at the range of prices, the stock never crossed below the issue price through the day and the low prices was only marginally lower than the opening price indicating that the stock was trading in positive territory through most of the day. On Day-1 of listing, the Dharmaj Crop Guard Ltd stock traded a total of 130.58 lakh shares on NSE amounting to value of Rs. 355.35 crore on the first day. The order book during the day showed a lot of buying pressure with the buy orders far exceeding the sell orders at any point of time.

On Day-1 of listing, Dharmaj Crop Guard Ltd touched a high of Rs. 278.90 on the BSE and a low of Rs. 264.10. The premium sustained through the day. In fact, if you look at the range of prices, the stock never crossed below the issue price through the day and the low prices was only marginally lower than the opening price indicating that the stock was trading in positive territory through most of the day. On Day-1 of listing, the Dharmaj Crop Guard Ltd stock traded a total of 9.48 lakh shares on BSE amounting to value of Rs. 25.76 crore on the first day. The order book during the day showed a lot of buying pressure with the buy orders far exceeding the sell orders at any point of time.

At the close of Day-1 of listing, Dharmaj Crop Guard Ltd had a market capitalization of Rs. 900.36 crore with free-float market cap of Rs. 198.08 crore.