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HomeUncategorizedSharda Cropchem Jumps 76pc on Market Debut

Sharda Cropchem Jumps 76pc on Market Debut

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Shares in Sharda Cropchem which is into marketing and distribution of a wide range of formulations and generic active ingredients, jumped 76 per cent in its debut on Tuesday. The stock, which got allotted at the higher end of its price band Rs145-Rs. 156, jumped to Rs. 274 on the National Stock Exchange.

The company had got a very good response for its IPO. The issue was oversubscribed 60 times. The qualified institutional buyers (QIB) category was oversubscribed over 32 times whereas the high networth individuals (HNI) segment was oversubscribed 251 times. The retail segment also showed significant interest in the IPO as it was oversubscribed 6 times in the segment.

Sharda Cropchem raised nearly Rs. 352 crore through the IPO.

Sharda Cropchem is a Mumbai-based company which is into marketing and distribution of a wide range of formulations and generic active ingredients globally. It’s core strength lies in identifying generic molecules, preparing dossiers, seeking registrations, marketing and distributing formulations or generic active ingredients in fungicide, herbicide and insecticide segments.

Mr. R. V. Bubna, a Chemical Engineer from IIT, Bombay along with Mrs. Sharda R. Bubna had founded the company in 1987. Prior to IPO the promoters held 84.13 per cent stake in the company and a non-institutional investor, HEP Mauritius held 15.87 per cent stake.

Through this IPO, HEP Mauritius has offloaded its entire stake of 15.87 per cent and the promoter has reduce its holding to 75 per cent. The sole purpose of this IPO was to list the company on the exchanges and give an exit to HEP Mauritius.

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