Updated: February 18, 2021 6:44:42 pm
The Rs 625 crore initial public offering (IPO) of agrichemicals manufacturer Heranba Industries will open on Tuesday, February 23, 2021, and will be available for subscription till Thursday, February 25, 2021. The price band of the IPO has been fixed at Rs 626-627 per share of the face value of Rs 10 each.
Heranba Industries is a Gujarat-based crop protection chemicals manufacturer. It manufactures different types of pesticides including insecticides, herbicides, fungicides, and plant growth products. Upon its listing, it will join the Bharat Rasayan, Rallis India, Dhanuka Agritech, Punjab Chemicals and Crop Protection and so on.
The IPO comprises an offer for sale (OFS) of up to 90.15 lakh (90,15,000) equity shares, as per the information given in the red herring prospectus. The company could raise up to Rs 625 crore.
Investors who wish to subscribe to Heranba Industries’ IPO can bid in the lot of 23 equity shares and multiples thereof. At the upper price band, they will have to shell out Rs 14,421 to get a single lot of Heranba. The shares will be listed on both BSE and the National Stock Exchange (NSE).
The net proceeds from the issue will be utilised to finance the company’s working capital requirements and general corporate purposes, the red herring prospectus said.
Ahead of the public offer, the anchor investors’ portion will be available on Monday, February 22, 2021.
Emkay Global Financial Services and Batlivala & Karani Securities India are the book running lead managers to the IPO while Bigshare Services is the registrar of the issue.
In the financial year 2019-20, Heranba Industries had a revenue of nearly Rs 967.91 crore (Rs 9,67,90,60,000) and a profit after tax of around Rs 97.75 crore (Rs 97,74,90,000), data from the prospectus showed.
The company exports its products to more than 60 countries in the world.
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