Dhariwalcorp IPO: NSE SME issue fully subscribed on day 1; check key details

Dhariwalcorp Ltd IPO opened to a strong response from investors on Thursday, August 1, as the NSE SME issue was fully subscribed within hours of launch.

The initial public offering (IPO) of Dhariwalcorp Limited was booked 1.45 times within hours of launch led by strong retail demand. The IPO received bids for over 23.11 lakh shares against 15.88 lakh shares on offer, the NSE data till 1:45 pm showed.

The retail portion of the public issue was booked 2.55 times with bids for over 20.42 lakh shares compared to 7.98 lakh shares set aside for the category. The non-institutional investors (NIIs) applied for more than 2.68 lakh shares compared to 3.48 lakh shares reserved for the segment. The NIIs’ portion was booked at 77%.

However, the Qualified Institutional Buyers (QIB) placed no bids on the first day of subscription. The company has set aside 4.42 lakh shares for the category.

Dhariwalcorp IPO offer size, price band and lot size

Dhariwalcorp IPO is valued at ₹25.15 crore and comprises a completely fresh issue of 23.72 lakh shares. Dhariwalcorp IPO price band has been fixed at ₹102 to ₹106 per share.

Retail investors can apply for a minimum single lot size of 1,200 shares, which aggregates to an investment of ₹1,27,200. High Net-Worth Individuals (HNIs) can place bids for a minimum 2 lots, or 2,400 shares, amounting to an investment of ₹2,54,400.

Dhariwalcorp IPO listing date and share allotment status

Dhariwalcorp Ltd IPO subscription window is open from August 1 to August 5. Dhariwalcorp Limited IPO share allotment status is likely to be finalised on Tuesday, August 6. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Wednesday, August 7, and successful bidders will receive shares of Dhariwalcorp in their Demat accounts the same day. Shares of Dhariwalcorp will list on the NSE SME platform, Emerge. The tentative listing date for the IPO is Thursday, August 8.

Dhariwalcorp IPO registrar

Bigshare Services Pvt Ltd is the registrar for the Dhariwalcorp IPO. Shreni Shares Limited is the book-running lead manager and market maker for the issue.

Dhariwalcorp Limited key financials

In FY24, Dhariwalcorp’s revenue increased over 18% to ₹231.1 crore compared to ₹195.19 crore in FY23. The company’s profit-after-tax surged multi-fold to ₹4.5 crore in FY24, rising over 653% compared to ₹59.84 lakh in FY23. In FY24 Dhariwalcorp’s net worth grew over 248% to ₹8.75 crore compared to ₹2.51 crore in FY23.

Dhariwalcorp IPO promoters’ stake

The promoters of the company are Manish Dhariwal, Shakshi Dhariwal and Dilip Dhariwal. Before the issue, the promoters held 99.99% stake in the company. After the issue, the promoters’ stake will reduce to 73.5%.

Dhariwalcorp IPO objective

The company plans to use the money raised via the issue for funding capital expenditure towards the construction of a warehouse. Additionally the money will also be used for funding the company’s working capital requirements for other general corporate purposes

About Dhariwalcorp Limited

Dhariwalcorp Limited, incorporated in 2020, is engaged in production of a range of waxes, industrial chemicals, and petroleum jelly. The company has one processing unit and multiple warehouses located across Rajasthan, Maharashtra and Gujarat.