 "Dhanlaxmi Crop Science IPO closes today; Subscription zooms 61x, GMP up 67%")
Dhanlaxmi Crop Science IPO closes today: The initial share sale of Dhanlaxmi Crop Science, which opened for public subscription on Monday, December 9, 2024, is set to conclude today, Wednesday, December 11, 2024. The Rs 23.80 crore offering, which comprises an entirely fresh issue of 4,328,000 equity shares, has been oversubscribed by around 61 times, as per the NSE data.
The Dhanlaxmi Crop Science IPO is available at a price band of Rs 52-55 per share with a lot size of 2,000 shares. Accordingly, investors can bid for a minimum of 2,000 shares and in multiples thereof, with the minimum amount required to bid being Rs 1,10,000. Also read: Mobikwik IPO opens today: GMP zooms 49%; should you park your money?
Meanwhile, the unlisted shares of Dhanlaxmi Crop Science were commanding a strong premium in the grey market on the last day of subscription, reflecting favourable market sentiment for the offering. Dhanlaxmi Crop Science shares were trading at Rs 92 apiece, reflecting a grey market premium (GMP) of Rs 37 or 67.27 per cent per share against the upper end of the IPO price band of Rs 55, according to sources tracking unofficial market activities.
As the subscription window to bid for the public offering of Dhanlaxmi Crop Science closes today, the basis of allotment for IPO shares is likely to be finalised on Thursday, December 12, 2024. The successful allottees will receive the company's shares in their demat accounts by Friday, December 13, 2024. Also Read: Sai Life Sciences IPO: Worth your money? Check GMP, price band, and more
Dhanlaxmi Crop Science shares are scheduled to list on the NSE SME tentatively on Monday, December 16, 2024.
Dhanlaxmi Crop Science intends to utilise the proceeds from the public offering to meet working capital requirements and issue expenses. The company will also utilise the proceeds for general corporate purposes.
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Bigshare Services is the registrar for the Dhanlaxmi Crop Science IPO, while Finshore Management Services is the book-running lead manager for the public offering.
Dhanlaxmi Crop Science is a technology-driven seeds company founded in 2005. The company develops and sells seeds for various field crops and vegetables. As of March 2024, it produced seeds for 24 crops and operated in five Indian states. Cotton seeds account for the majority of its operating profit. The company's product portfolio includes a wide range of field crop and vegetable seeds.