Shares of agro-chemicals manufacturer Dharmaj Crop Guard listed on the bourses at Rs 266, a premium of 12 percent to its issue price of Rs 237.

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Dharmaj Crop is engaged in making, distributing and marketing formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers and antibiotics to B2C and B2B customers.

The company's Rs 251 crore IPO received overall subscription of 35.49 times led mainly by the institutional and non-institutional investors. The QIB portion was subscribed 48.2 times while the non-institutional portion was described 52.3 times.

Retail investors placed bids of 21.5 times higher than the original issue size on offer.

The company exports to more than 25 countries like Latin America, East African Countries, Middle East and Far East Asia.

Market expert Prakash Diwan said that most companies within this segment have done well considering the interest that this sector has generated in recent times.

However, he advises investors to not buy the shares of the company at the current juncture, citing valuations which are at the top end

"So today you can make some money if you are lucky to have got it allotted but otherwise I wouldn't recommend buying into it at this point," he said.

Shares are trading 15 percent higher as of 10:05 AM.

First Published:Dec 8, 2022 10:04 AM IST