Dhanlaxmi Crop Science Launches SME IPO To Raise Rs 24 Crore

ENA MSME 2024-12-09 16:52:37 New Delhi, Dec 9 (KNN) Dhanlaxmi Crop Science has initiated its Small and Medium Enterprise (SME) Initial Public Offering (IPO), opening for subscription today and set to close on December 11. The company aims to raise Rs 24 crore through this public issue, with plans to list its shares on the National Stock Exchange (NSE) SME platform. The IPO comprises a fresh equity issuance of 43.28 lakh shares, priced in the band of Rs 52-55 per share. Investors can apply for shares in lots of 2,000, with the current unlisted market grey market premium (GMP) indicating a potential premium of 51 per cent over the issue price. With over 18 years of experience in the Indian seeds industry, Dhanlaxmi Crop Science positions itself as a technology-driven organisation specialising in developing, producing, processing, and selling seeds for field crops and vegetables. The company distinguishes itself by integrating traditional breeding techniques with advanced biotechnology tools to create hybrid and open-pollinated varieties that offer enhanced yields, improved product quality, and superior pest and disease tolerance. The IPO comes at a time when India's agricultural sector remains a critical economic backbone, supporting 55 per cent of the population's livelihood. The country's agricultural significance is underscored by foodgrain production reaching 330.5 million metric tonnes in 2022-23, with over 70 per cent of rural households depending on agricultural activities. Financially, the company reported total revenues of Rs 119 crore and a net profit of Rs 8.2 crore for the period ended September 2024. The proceeds from the public offer will be allocated to working capital requirements, issue expenses, and general corporate purposes. The issue structure reveals a strategic allocation including approximately 50 per cent reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors, and 15 per cent for non-institutional investors. Finshore Management serves as the lead manager, with Bigshare Services acting as the registrar. Key dates for the IPO include the current subscription period closing on December 11, with final allotment expected on December 12 and anticipated listing on December 16. Investors are advised to carefully review the offer details and consider their investment strategy accordingly. (KNN Bureau) 40194 https://knnindia.co.in/news/newsdetails/msme/dhanlaxmi-crop-science-launches-sme-ipo-to-raise-rs-24-crore 2024-12-09 16:52:37 knnindia.co.in Dhanlaxmi Crop Science Launches SME IPO To Raise Rs 24 Crore