Heranba Industries’ Rs 625 Crore initial public offering (IPO) Opens For Bidding Today February 23, 2021

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Heranba Industries' Rs 625 Crore IPO Opens For Bidding Today

Heranba Industries is a Gujarat-based crop protection chemical manufacturer

Heranba Industries’ Rs 625 crore initial public offering (IPO) opens for subscription today i.e. February 23. The share sale will be open until February 25, 2021 and shares will be sold in the price band of Rs 626-627 per share. The shares are likely to be listed on BSE and NSE on March 5, 2021.

Heranba Industries IPO comprises a fresh issue of Rs 60 crore and an offer for sale of Rs 565.2 crore. Retail investors can bid for a minimum one lot of 23 shares and in multiples thereof, extending up to 13 lots. The company is expected to raise Rs 625 crore at the higher end of the price band.

The quota for retail investors in the primary offering is 35 per cent of the net offer, QIB quota stands at 50 per cent and NII quota is 15 per cent.

Heranba Industries will utilise the IPO proceeds for its working capital requirements and general corporate purposes.

Heranba Industries is a Gujarat-based crop protection chemical manufacturer and counts among the leading domestic producers of synthetic pyrethroids and pesticides.

Emkay Global Financial Services and Batlivala & Karani Securities are the book running lead managers to the pubic issue of Heranba Industries.

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