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Heranba Industries IPO subscribed 84% on day 1

Heranba Industries IPO received bids for 58,76,845 shares, 84 per cent of the total issue size of 69,81,417 shares, according to NSE data

twitter-logoBusinessToday.In | February 24, 2021 | Updated 12:13 IST
Heranba Industries IPO subscribed 84% on day 1
Heranba Industries shares are available in a price band of Rs 626-627 per share. The company collected Rs 187.50 crore from 18 anchor investors on February

Heranba Industries initial public offer (IPO) was subscribed 84 per cent at the end of the first day of the bidding process. The Rs 625-crore IPO received bids for 58,76,845 shares, 84 per cent of the total issue size of 69,81,417 shares, according to NSE data. The IPO, which opened for subscription on February 23, 2021, will close on Thursday, February 25, 2021.

Heranba Industries shares are available in a price band of Rs 626-627 per share. The company collected Rs 187.50 crore from 18 anchor investors on February 22.

The allotment of shares is expected on March 2 and they are likely to be credited to demat accounts of investors on March 4. Equity shares are proposed to be listed on BSE and National Stock Exchange.

The share sale by the Gujarat-based agrichemicals manufacturer comprises 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.

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As per the company's DRHP, the net proceeds from the IPO will be utilised to finance the company's working capital requirements and general corporate purposes.

Post the IPO, the promoters and promoter group shareholding will come down to 74.15 per cent from 98.85 per cent. Meanwhile, the public shareholding will rise to 25.85 per cent from 1.15 per cent.

Emkay Global Financial Services and Batlivala & Karani Securities India are the book running lead managers to the IPO while Bigshare Services is the registrar of the issue.

Incorporated on May 17, 1992, the crop protection chemicals manufacturer is one of the leading domestic producers of synthetic pyrethroids, which exports its products to more than 60 countries in the world.

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