InvestorQ : Can you tell me about the forthcoming IPO of Heranba Industries?
Mitali Bhutta made post

Can you tell me about the forthcoming IPO of Heranba Industries?

11 months ago

Heranba is a agrochemical company focusing on crop protection product and solutions. This Gujarat based outfit will open its IPO for the public on 23-Feb and will be open for subscription till 25-Feb. Heranba proposes to raise a sum of Rs.625 crore via the initial public offer in the price band of Rs. 626-627 per share.

The final price will be discovered through the book building route. In the IPO, the retail investors can bid in lot size of 23 shares and an individual investor can apply for up to 13 lots. The retail investor category has an upper limit of Rs.2 lakh investment in an IPO and beyond that it goes into the HNI category.

The overall IPO by Heranba Industries will comprise of an offer for sale or OFS of Rs.565 crore and fresh issue of Rs.60 crore. While the OFS will not lead to any fresh infusion of funds into the company, the proceeds from the fresh issue will be used to meet working capital requirements and for general corporate purposes. The IPO will be listed on the stock exchanges on March 5.

Heranba is a specialized crop protection product and solution company with its manufacturing unit in Vapi in Gujarat. Heranba makes intermediates and formulations and is a leading domestic producer of synthetic pyrethroids. It also manufactures a range of pesticides, insecticides, herbicides, fungicides and other pest control products. The initial reaction in the GMP has been quite positive for the stock.