Shares of Sharda Cropchem settled at Rs 231.45 on BSE, a premium of 48.36% over the initial public offer price of Rs 156.

The stock debuted at Rs 254.10, a premium of 62.88% to the initial public offer (IPO) price. The stock hit a high of Rs 273.85 and low of Rs 225. On BSE, 95.64 lakh shares were traded on the counter.

The initial public offer (IPO) of Sharda Cropchem was subscribed 59.97 times. The IPO received bids for 114.96 crore shares compared with 1.91 crore shares on offer. The issue opened for subscription on 5 September 2014 and closed on 9 September 2014. The company had priced the IPO at the top end of the Rs 145 to Rs 156 price band.

Qualified institutional buyers' (QIBs) category was subscribed 32.06 times, non institutional investors' category was subscribed 251.35 times and retail individual investors' (RIIs) category was subscribed 5.85 times.

Sharda Cropchem had 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 reported net profit of Rs 106.91 crore on net sales of Rs 781.91 crore in the year ended 31 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.