Heranba Industries share made a strong market debut today, listing a t a premium of 43% to the issue price. Share of Heranba Industries opened 43.54% higher at Rs 900 on NSE against IPO issue price of Rs 627. Total 8.73 lakh shares changed hands on BSE . Market cap of the firm rose to Rs 3,378 crore.
On NSE, 80 lakh share changed hands in early trade. Market cap of the firm stood at Rs 3,415 crore. The share sale was subscribed 83.3 times on last day. The IPO was held from February 23 to February 25. The quota for qualified institutional buyers was subscribed 67.4 times, while portion for retail investors was subscribed 11.84 times.
The issue comprised fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of up to 90.15 lakh (90,15,000) equity shares, where investors can bid in the lot of 23 equity shares and multiples thereof. The company collected Rs 187.50 crore from 18 anchor investors.
The IPO comprised an offer for sale (OFS) of up to 90.15 lakh (90,15,000) equity shares, where investors could bid in the lot of 23 equity shares and multiples thereof. As per the company's DRHP, the net proceeds from the IPO were to be utilised to finance the company's working capital requirements and general corporate purposes.
Post the IPO, the promoters and promoter group shareholding fell to 74.15 per cent from 98.85 per cent.
This Gujarat-based crop protection chemical manufacturer, exporter, and marketing company is one of the leading domestic producers of synthetic pyrethroids with a 20 per cent market share, and has presence in a wide range of products across the entire value chain of synthetic pyrethroids. The firm has an extensive 9,400 dealers or distributors supported by 21 stock depots spread across 16 states and 1 union territory in India.