After Snowman Logistics, the public issue of Sharda Cropchem also received overwhelming response of almost ₹18,000 crore from investors. The initial public offering from the crop protection chemicals firm received bids for 114.81 crore shares as against an offer for 1.91 crore shares, subscribing 59.88 times at 6 p.m., on Tuesday — the last day of the issue.

The company has fixed the price band of the IPO at between ₹145 and ₹156. At the upper band, it received bids worth for ₹17,910 crore from all kinds of investors. The maximum the company can raise through the issue is ₹352 crore.

Most of the bids (110.63 crore shares) came in at the upper price band of ₹156. Last week, Snowman Logistics mopped up ₹9,000 crore as against a target of ₹197 crore. Shares of Snowman Logistics are expected to be listed on the bourses on Friday. For Sharda Cropchem, all the three groups of investors — institutional, high networth individuals and retail investors — have been oversubscribed with HNIs and corporates bidding for shares worth over 250 times the issue size reserved for them.

The IPO is an offer-for-sale for over 2.2 crore shares from its promoters and constitutes 25 per cent of its post-offer share capital. The company will not receive any offer proceeds as the issue is an offer-for-sale.

Earlier, the company had raised ₹52.77 crore through pre-IPO placement of 33.83 lakh equity shares to 18 anchor investors. The shares were allocated at the upper end of the IPO price band of ₹156 a share. The shares would be listed on the NSE and the BSE.

Sharda Cropchem is in the business of marketing and distribution of formulations and genetically active ingredients in the agrochemicals space (fungicides, herbicides and insecticides) globally.

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