Heranba Industries’ Rs 625 Crore IPO To Open For Bidding On Tuesday

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Heranba Industries' Rs 625 Crore IPO To Open For Bidding On Tuesday

Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company

Heranba Industries’ Rs 625 crore initial public offering (IPO) will open on Tuesday, i.e. February 23. The Gujarat-based crop protection chemical manufacturer’s share offering will be open for three days from February 23 to February 25, 2021. Heranba Industries will sell shares in the price band of Rs 626-627 per share and is expected to raise Rs 625 crore at the higher end of the price band. The shares will 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 quota for retail investors in the IPO is 35 per cent of the net offer, QIB quota stands at 50 per cent and NII quota is 15 per cent.

The subscription for anchor investors’ portion will take place on February 22, 2021.

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

Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company based in Vapi, Gujarat. It is one of the leading domestic producers of synthetic pyrethroids such as cypermethrin, alphacypermethrin, deltamethrin, permitherin and lambda, and pesticides including herbicides, fungicides and public health products for pest control.

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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