Heranba Industries IPO ends with robust subscription

February 26,2021

The initial public offer (IPO) of Heranba Industries received bids for 58.15 crore shares as against 69.81 lakh shares on offer, according to the stock exchange data on Thursday (25 February). The issue was subscribed 83.29 times.

The non-institutional investors category was subscribed 271.15 times. The qualified institutional buyers (QIBs) category was subscribed 67.45 times. The retail individual investors category was subscribed 11.84 times.

The issue opened for bidding on 23 February 2021, and closed on 25 February 2021. The price band for the IPO was set at Rs 626-627 per share.

The IPO comprised 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.

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