The Rs 350-crore initial public offering (IPO) of agrochemical company Sharda Cropchem was subscribed around 60 times on Tuesday, the last day of the issue. The IPO subscribed 32 times in the qualified institutional investor category, 251 times in the high networth individual (HNI) category and nearly 6 times in the retail segment.
The bids from investors totaled nearly Rs 18,000 crore. The company was selling about 19.5 million shares through the IPO in a price band between Rs 145 and Rs 156 per share. Ahead of the IPO, the company had raised around Rs 50 crore from 18 anchor investors, which included DSP BlackRock, Kuwait Investment Authority, Reliance Capital and Morgan Stanley.
The success of Sharda Cropchem issue follows that of Snowman Logistics, which too had seen 60 times subscription in its IPO late last month.
