Dharmaj Crop Guard shares made a healthy stock market debut on Thursday, which was almost in line with Zee Business Managing Editor Anil Singhvi’s expectations.

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The agrochemical shares were listed at a premium of more than 12 per cent to Rs 266 per share each on the BSE and NSE as compared to the issue price at Rs 237 apiece today.

The managing editor had expected that the shares would list in the range of Rs 270-280 per share and advised investors can keep a stop loss of Rs 260 per share.

Post listing, the stock continued to witness a gaining momentum as the stock surpasses Rs 277 per share level, up over 17 per cent on NSE and BSE.

It made a 52-week high of Rs 278.6 per share on the BSE and Rs 278.8 apiece on the NSE, while Rs 266 per share was a 52-week low on both exchanges.

Dharmaj Crop Guard IPO was subscribed 35.49 times on the last day of subscription. The issue was open for subscription between November 28-30, 2022. The Rs 251.14-crore IPO received bids for 28,43,51,820 shares against 80,12,990 shares on offer, as per data available with the NSE.

The category for non-institutional investors received 52.29 times subscriptions, Qualified Institutional Buyers (QIBs) portion got subscribed 48.21 times, and Retail Individual Investors (RIIs) 21.53 times.

Dharmaj Crop's IPO had a fresh issue of up to Rs 216 crore and an offer for sale of 14,83,000 equity shares. Its price range was Rs 216-237 a share.

Dharmaj Crop has raised Rs 74.95 crore from anchor investors, including Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund.

Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agro chemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers, and antibiotic.

Elara Capital (India) and Monarch Networth Capital were managers to the offer.