Sharda Cropchem IPO subscribed 60 times

The company will raise Rs 352 crore from the IPO

The Rs 352-crore initial public offer (IPO) of Sharda Cropchem has received overwhelming response from investors as it has been subscribed 60 times.

This is the third IPO of the year after successful public offers of Snowman Logistics and Wonderla Holidays.

"Sharda Cropchem, has been subscribed by 60 times on stock exchanges till 6.30 PM today," the company said in a statement issued here.

The IPO, which opened on September 5 and closed today, received massive response with the QIB (Qualified Institutional Buyers) portion getting subscribed 32.06 times and non-institutional 251.35 times. Also, the issue saw overwhelming retail participation at 5.74 times.

The crop protection chemical company entered the capital market with its IPO of 22,555,124 equity shares of face value of Rs 10 each. The company has fixed the price band at Rs 145-156.

Based on the upper band price, the company would raise Rs 352 crore from the IPO.

Earlier, the public offers of Snowman Logistics and Wonderla Holidays was subscribed by 60 and 38 times respectively.

Edelweiss Financial Services and IDFC Securities are the book-running lead managers to the issue of Sharda Cropchem.

The company plans to list its shares on the BSE and National Stock Exchange (NSE).