Sharda Cropchem gets anchor investors

Allots 33.83 lakh shares at Rs 156 each

Sharda Cropchem has raised Rs 52.77 crore through pre-initial public offer (IPO) placement of 33.83 lakh equity shares to 18 anchor investors. The shares were allocated at upper end of the IPO price band of Rs 156 per share.

Sharda Cropchem allotted 1.28 lakh shares (3.79% of the total anchor investor portion) to DSP Blackrock Focussed 25 Fund. It allotted 1.46 lakh shares (4.32%) to DSP Blackrock Opportunities Fund and 64,103 shares (1.89%) to DSP Blackrock Natural Resources and New Energy Fund.

It allotted 3.38 lakh shares, or 10% equity, each to Kuwait Investment Authority Fund 224, Goldman Sachs India Fund, Reliance Capital Trustee Co. Ltd. A/C - Reliance Capital Builder Fund - SR A, Morgan Stanley SICAV(Mauritius), Ashmore Sicav Indian Small Cap Equity Fund, UTI Focused Equity Fund Series I (1100 Days) and L&T Mutual Fund Trustee - L&T Advantage Fund.

 

It allotted 1.50 lakh shares (4.44%) to ICICI Prudential Child Care Plan - Gift Plan, 1 lakh shares (2.96%) to ICICI Prudential Exports and Other Services Fund and 87,772 (2.60%) to ICICI Prudential Growth Fund - Series 2.

It allotted 1.02 lakh shares, or 3.02% equity, each to SBI Magnum Comma Fund and SBI Magnum MidCap Fund.

The company allotted 15,198 shares (0.44%) to SBI Magnum Monthly Income Plan Floater and 16,908 shares (0.50%) to SBI Resurgent India Opportunities Scheme.

The initial public offer (IPO) of Sharda Cropchem, the Mumbai-based crop protection chemical company, opened for subscription today, 5 September 2014, and will close on Tuesday, 9 September 2014.

The price band for the IPO is fixed between Rs 145-156 a share. The public issue is an offer for sale to achieve the benefits of listing the equity shares on the BSE and the NSE. It comprises offer of 2.25 crore of equity shares of Rs 10 each by selling shareholders consisting of HEP Mauritius and promoters Sharda Bubna and Ramprakash Bubna.

HEP Mauritius had acquired 15.87% share capital for Rs 100 crore in the fiscal year ended March 2009. Post IPO, HEP Mauritius share holding will be nil and that of promoters 75% from the current 84.13%.

Sharda Cropchem reported net profit of Rs 106.91 crore on net sales of Rs 781.91 crore in the year ended March 2014.

Sharda Cropchem is a crop protection chemical company marketing and distributing a wide range of formulations and generic active ingredients globally. While more than 90% of the sales comprising formulations, the company is also in order-based procurement and supply of belts, generic chemicals, dyes and dye intermediates. The company's core strength lies in identifying generic molecules, preparing dossiers, seeking registrations, marketing and distributing formulations in fungicide, herbicide and insecticide segments.

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