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Dharmaj Crop Guard made its market debut with a 12 per cent premium on Thursday against the issue price of Rs 237.

The stock made its debut at Rs 266.05, a jump of 12.26 per cent from the issue price on the NSE. Later it zoomed 17.11 per cent to Rs 277.55.

On the BSE, it opened at Rs 266, a premium of 12.24 per cent. The stock further rose 16.46 per cent to Rs 275.80.

In early trade, both the Sensex and the broader NIfty indices were trading on a flat note.

The Rs 251-crore initial public offering (IPO) of Dharmaj Crop Guard was subscribed 35.49 times.

The offer had a fresh issue of up to Rs 216 crore and an offer-for-sale of 14,83,000 equity shares. Its price range was Rs 216-237 a share.

The Ahmedabad-based company is an agrochemical firm engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemicals such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilisers, and antibiotics. PTI HG DRR