Tue Dec 10 13:12:44 UTC 2024: ## Dhanlaxmi Crop Science IPO Oversubscribed by 50 Times on Day One

**MUMBAI, Dec 11, 2024** – The initial public offering (IPO) of Dhanlaxmi Crop Science Ltd., a technology-driven seed producer, has been massively oversubscribed, exceeding expectations on its first day of bidding. The SME issue, which opened Monday, saw a subscription rate of over 50 times by Tuesday afternoon, driven primarily by strong retail investor interest.

The IPO, offering 43.28 lakh shares, aims to raise Rs 23.8 crore. The price band is set at Rs 52-55 per share, with a minimum investment of Rs 1,10,000 for retail investors (requiring at least 2000 shares). The subscription period closes on December 11, with allotment expected on December 12 and listing on the NSE SME platform Emerge anticipated for December 16.

By Tuesday afternoon, the IPO was subscribed 52.53 times overall, with non-institutional investors driving the surge at 47.04 times oversubscription. Qualified institutional buyers showed 1.35 times subscription. A grey market premium (GMP) of Rs 28 indicates a potential listing price of Rs 83, suggesting a possible 50.91% listing gain, though GMP is purely speculative.

Dhanlaxmi Crop Science uses a blend of traditional and biotechnological methods to produce high-yield, disease-resistant seeds for various crops and vegetables. The company reported strong financial performance, with a revenue of Rs 120 crore in the September 2024 quarter and Rs 63.71 crore for FY24, representing a 36.67% year-on-year increase. Net profit also saw significant growth. The IPO proceeds will be used for working capital, issue expenses, and general corporate purposes.

Bigshare Services Pvt. Ltd. is the registrar, Finshore Management Services Ltd. the book-running lead manager, and MNM Stock Broking the market maker for the IPO. Potential investors are advised to consult with financial advisors and carefully review the red herring prospectus before investing.

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