Heranba Industries IPO subscribed 2.74 times

Published on Feb 24, 2021 17:30

The initial public offer (IPO) of Heranba Industries received bids for 1.91 crore shares as against 69.81 lakh shares on offer today, according to the stock exchange data at 17:00 IST. The issue was subscribed 2.74 times.

The issue opened for bidding on Tuesday, 23 February 2021, and it will close on Thursday, 25 February 2021. The price band for the IPO is set at Rs 626-627 per share. An investor can bid for a minimum lot of 23 equity shares and and in multiples thereof.

The IPO comprises of a fresh issue of up to Rs 60 crore and an offer for sale of 90,15,000 equity shares by promoters (including anchor portion of 29,90,520 equity shares).

The net proceeds of the fresh issue are proposed to be utilized towards Rs 50 crore as working capital requirements and to fund expenditures towards general corporate purposes.

Ahead of the IPO, the company on 22 February 2021 allotted 29,90,520 shares to anchor investors at Rs 627 per share, aggregating to Rs 187.50 crore.

The company reported a net profit of Rs 66.31 crore and a total income of Rs 618.34 crore for the six months ended on 30 September 2020.

Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat. The company is present in the entire product value chain of the agrochemicals industry i.e. intermediates, technicals and formulations. The company has an extensive distribution network in India with more than 9400 dealers having access to 21 depots of the company across 16 states and 1 union territory, supporting the distribution of its products.