Dharmaj Crop Guard IPO lists 12% higher at ₹266

Listing day snapshot

Dharmaj Crop Guard made a strong stock market debut on Thursday, listing at a double-digit premium over its IPO price. On the National Stock Exchange (NSE), the stock opened at ₹266.05 versus the issue price of ₹237, translating into a gain of about 12%. On the Bombay Stock Exchange (BSE), the shares opened at ₹266, also around a 12% premium.

The listing came after a heavily subscribed IPO and amid a firm broader market on the day. At one point during early trade, the BSE Sensex was reported to be 178 points higher at 62,584.

How the stock moved after listing

After the initial print, Dharmaj Crop Guard’s shares extended gains. On the BSE, the stock climbed as high as ₹278.90, around 17.7% above the IPO price of ₹237. Reports also noted the stock rose to ₹275.80 on the BSE and ₹277.55 on the NSE during the session.

At 11:50 am, the stock was quoted at ₹271.45 on the BSE, up 14.50% versus the issue price. The price action reflected steady demand rather than a one-tick opening spike.

Closing levels and traded volumes

By the end of the session, the stock finished close to its opening level. On the NSE, it closed at ₹266.30, up 12.36% over the issue price of ₹237 per share. On the BSE, the closing price was ₹266.40.

In terms of volumes, Dharmaj Crop Guard traded 1.3 crore shares on the NSE and 9.47 lakh shares on the BSE, according to the data cited in the reports.

Market capitalisation and broader market context

At the intraday high on the BSE, Dharmaj Crop Guard’s market capitalisation was reported at ₹937.7 crore. The broader tape was supportive, with the Sensex in the green at the time the stock’s early gains were highlighted.

The listing was also seen as consistent with expectations in the unofficial market. Reports said the stock was commanding a double-digit premium in the grey market prior to listing, and one report cited grey market premium (GMP) levels of ₹58 to ₹65 per share.

IPO structure: fresh issue and offer for sale

The IPO comprised 10,596,924 equity shares of face value ₹10 each, issued at ₹237 per share. The offer price included a premium of ₹227 per share, and was stated as 23.70 times the face value.

In value terms, the issue aggregated to ₹251.09 crore. This included a fresh issue of 9,113,924 equity shares aggregating to ₹215.95 crore, and an offer for sale (OFS) of 1,483,000 shares aggregating to ₹35.15 crore.

The offer also included an employee reservation portion of 55,000 shares aggregating to ₹1.25 crore, which was stated to constitute 0.16% of the post-offer equity share capital.

Subscription: who drove demand

Investor demand for the IPO was strong. The issue was subscribed 35.49 times, with another report citing 35.5 times.

Category-wise, qualified institutional buyers (QIBs) and high net worth individuals (HNIs) were reported to have bid for about 48 times and 52 times their respective quotas. Retail investors were reported to have subscribed about 21.5 times in the portion reserved for them.

What the company does

Dharmaj Crop Guard is an Ahmedabad-based agrochemical company. It is engaged in manufacturing, distributing, and marketing agrochemicals across categories such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers, and antibiotics.

The company’s listing was tracked closely as part of the broader flow of SME and mainboard agri-input names seeking capital market visibility.

Key numbers at a glance

Market impact and why the debut mattered

The debut delivered a listing premium of about 12%, giving IPO allottees an immediate mark-up over the ₹237 issue price. The post-listing move to ₹278.90 highlighted follow-on demand in early trade, before the stock ended the day near its opening level.

The combination of a 35.49x subscription and a double-digit listing premium was seen as consistent with the grey market indications cited in the reports. At the same time, the close near ₹266 suggested price discovery stabilised quickly after the initial surge, even as volumes remained active across both exchanges.

Conclusion

Dharmaj Crop Guard entered the secondary market with a 12% premium, opening at about ₹266 on both NSE and BSE and later touching highs near ₹279 before closing around ₹266.3 to ₹266.4. Investors will continue to track the stock’s trading behaviour after the first-day price discovery following a ₹251.09 crore IPO that was subscribed 35.49 times.