Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.

The stock opened at 260 in its debut trade, 104 higher than its initial public offer (IPO) price on BSE. It was trading at 251, up 61%, at 10.04am after touching a high of 274, according to Bloomberg.

Sharda Cropchem had issued shares at 156 apiece in its IPO which was subscribed by 60 times. The company raised around 352 crore through the issue of 22.6 million equity shares.

The issue will help non-institutional investor HEP Mauritius Ltd to offload its entire stake of 15.87% in the company and the promoters to reduce their stake from 84.13% currently to 75%. The Securities and Exchange Board of India (Sebi) regulations require all listed companies to pare promoter holding to 75%.

Ahead of the IPO, the company had raised around 50 crore from 18 anchor investors, which included DSP BlackRock, Kuwait Investment Authority, Reliance Capital, Morgan Stanley, SBI Magnum, ICICI Prudential, Ashmore Sicav, UTI Focussed Equity Fund and L&T Mutual Fund.

In FY2014, the company reported a net profit of 106.9 crore, up 26.8% year-on-year on higher other income and lower depreciation. Revenue rose 0.54% to 781.9 crore during the same period.

Sharda Cropchem is a crop protection chemical company engaged in the marketing and distribution of a wide range of formulations and generic active ingredients globally. It is also involved in order-based procurement and supply of belts, general chemicals, dyes and dye intermediates. It owns over 1,040 registrations for formulations and over 155 registrations of for generic active ingredients across Europe, Latin America and rest of the world.