Tue Dec 10 09:52:25 UTC 2024: ## Dhanlaxmi Crop Science IPO Oversubscribed on First Day
**Mumbai, December 10, 2024** – The initial public offering (IPO) of Dhanlaxmi Crop Science Limited, a technology-based seed company, has seen phenomenal demand on its first day. The IPO, which opened on December 9th and closes on December 11th, is priced between ₹52 and ₹55 per share. By 5:00 PM on the 9th, it was oversubscribed by a staggering 18.73 times.
Established in 2005, Dhanlaxmi Crop Science develops, produces, and sells seeds for various field crops and vegetables. Utilizing traditional breeding techniques and biotechnology, the company creates high-yield hybrid and open-pollinated seeds, improving crop quality and resistance to disease and insects. Their seed varieties are designed to adapt to diverse climates and soil conditions. The company’s product portfolio includes seeds for cotton, wheat, cumin, and numerous other crops.
The company has reported strong financial growth, with a 36.68% increase in revenue from ₹46.64 crore in 2023 to ₹63.75 crore in 2024. Profit after tax (PAT) also rose significantly by 55.35%, from ₹3.00 crore to ₹4.65 crore during the same period. The grey market premium (GMP) on Monday was ₹28, suggesting a potential market price of ₹83.
The strong initial response to the Dhanlaxmi Crop Science IPO highlights the robust interest in the Indian agricultural sector and the company’s promising growth trajectory. The high level of oversubscription suggests a strong investor confidence in the company’s future prospects. The IPO’s final subscription figures will be released after the closing date.
First Piper 