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NSE SME Dhanlaxmi Crop Science makes a stellar listing As on : 16-Dec-24  12:53

The scrip was listed at Rs 104.50, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 109.70 and a low of Rs 104.50. About 16.06 lakh shares of the company changed hands at the counter.

Dhanlaxmi Crop Science's IPO was subscribed 528.90 times. The issue opened for bidding on 9 December 2024 and it closed on 11 December 2024. The price band of the IPO was set at Rs 52 to Rs 55 per share.

The IPO comprised fresh issue of 31,70,000 equity shares. The promoter and promoter group shareholding diluted to 73.11% from 99.48% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirements, issue related expenses and general corporate purpose.

Ahead of the Dhanlaxmi Crop Science on 6 December 2024, raised Rs 6.36 crore from anchor investors. The board allotted 11.58 lakh shares at Rs 55 per share to 5 anchor investors.

Dhanlaxmi Crop Science is a seed company that focuses on developing and selling seeds for various field crops and vegetables. With over 18 years of experience, the company combines traditional breeding methods with biotechnology to create hybrid and open-pollinated seeds. These seeds are tailored to different agro-climatic conditions across India. As of September 2024, the company primarily operates in five Indian states, with cotton seeds contributing the majority of its revenue. The company had 67 employees.

The company recorded revenue from operations of Rs 119.95 crore and net profit of Rs 8.20 crore for the period as on 30 September 2024.

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