Sharda Cropchem makes smart market debut; stock surges 48%
Mumbai: Shares of Sharda Cropchem today made an impressive market debut, surging nearly 48 per cent over the issue price of Rs 156 per share.
The company’s stock listed at Rs 254.10, a gain of 62.88 per cent on the BSE. During the day, it climbed to a day’s high of Rs 273.85, up 75.54 per cent from the issue price.
It finally ended at Rs 231.45, reflecting a gain of 48.36 per cent.
At the NSE, the scrip settled 47.82 per cent higher at Rs 230.60 against the issue price of Rs 156.
In terms of volume, 95.64 lakh shares of the company changed hands at the BSE, while over 2 crore shares were traded at the NSE during the day.
At present, the company commands a market value of Rs 2,088.15 crore.
The crop protection chemical company had entered the capital market early this month with its IPO of 22,555,124 equity shares of face value of Rs 10 each. The company had fixed the price band at Rs 145-156.
The company’s Rs 352-crore initial public offer (IPO) had received overwhelming response from investors and was subscribed 60 times.
This was the third IPO of the year after successful public offers of Snowman Logistics and Wonderla Holidays.