Tue Dec 10 12:22:36 UTC 2024: ## Dhanlaxmi Crop Science IPO Oversubscribed, Strong Grey Market Premium

**Mumbai, December 10, 2024** – The initial public offering (IPO) of Dhanlaxmi Crop Science, a technology-driven seed company, has been significantly oversubscribed within the first two days of its three-day offering period. The IPO, which opened on Monday at a price band of ₹52-₹55 per share, saw a remarkable 31.81 times subscription by Tuesday afternoon. The retail portion alone was oversubscribed by a staggering 50.80 times.

The company aims to raise ₹23.80 crore through the sale of 43.28 lakh shares. Having already secured ₹6.37 crore from anchor investors, Dhanlaxmi Crop Science is utilizing the funds for working capital, issue expenses, and general corporate purposes.

The strong investor interest is reflected in a robust grey market premium (GMP) of ₹28 on Tuesday. This indicates that shares are trading at ₹83 in the unofficial grey market, a 51% premium over the upper IPO price.

Dhanlaxmi Crop Science, established in 2005, operates across five Indian states, producing seeds for 24 different field crops and vegetables. The company reported impressive growth, with a 55% year-on-year increase in profit after tax (PAT) to ₹465.36 lakhs in FY24 and a 37% rise in total income to ₹6,375 lakhs.

The IPO closes on Wednesday, December 11th, with allotment expected on Thursday, December 12th, and listing on the NSE SME platform to follow. The minimum investment for retail investors is ₹110,000 (2,000 shares), while high net-worth individuals must invest a minimum of ₹220,000 (4,000 shares).

*Disclaimer: This news article summarizes information available and does not constitute investment advice. Investors are advised to conduct thorough research and consult with financial advisors before making investment decisions.*

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