Sharda Crop IPO oversubscribed 60 times on QIB, HNI support : moneycontrol

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The Rs 352 crore public issue of Sharda Cropchem has received overwhelming response on last day, oversubscribing 59.94 times supported by qualified institutional buyers (QIB) and high networth individuals (HNI), as per combined data (of both exchanges) available on NSE website.

The issue saw bids for 114.9 crore equity shares as against issue size of 1.91 crore shares (excluding anchor investors' portion).

As per (only) NSE data, at 19 hours IST, the reserved portion of QIB subscribed nearly 20 times with getting bids for 15.5 crore shares as against size of 78.9 lakh shares while non-institutional investors' portion got oversubscribed 113 times, getting subscription for 38.3 crore shares versus reserved portion of 33.8 lakh shares.

Retail investors put in bids for 87.55 lakh shares versus reserved portion of 78.94 lakh shares, subscribing 1.11 times.

Mumbai-based crop protection chemical company was opened its initial public offer of 2.3 crore equity shares on September 5, 2014. The price band of the issue is Rs 145-156 a share.

It is an offer for sale issue as the purpose of the public issue is to carry out sale of 2,25,55,124 equity shares by selling shareholders (HEP Mauritius, Ramprakash V Bubna and Sharda R Bubna) and achieve the benefits of listing equity shares on exchanges - BSE and NSE.

The company already received Rs 49.4 crore from 18 anchor investors September 4, a day before the issue opened. These anchor investors have subscribed for 33,83,100 equity shares at higher end of price band.

Sharda Cropchem is a crop protection chemical company engaged in the marketing and distribution of a wide range of formulations and generic active ingredients globally. It is also involved in order based procurement and supply of belts, general chemicals, dyes and dye intermediates.

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