Updated: March 5, 2021 11:26:04 am
Shares of agrichemicals maker Heranba Industries made a strong debut on the BSE and National Stock Exchange (NSE) today listing at a premium of 43.54 per cent against their issue price.
The scrip initially got listed at Rs 900 apiece on both the BSE and NSE, thereby registering a rise of 43.54 per cent from its offer price of Rs 627. It quickly climbed to Rs 944.95 on the BSE and 945.00 within a few minutes of its debut but lost the momentum soon after and slipped below the listing price. So far in the day, the stock has hit a low of Rs 805.20 on the BSE and Rs 806.30 but it still continues to trade above its issue price.
Over 1.08 crore shares of Heranba Industries were traded on the NSE during the first hour of trade, while over 11.53 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.
The Rs 625 crore IPO of Heranba Industries was met with a robust demand during its offer period from February 23-25. The issue was oversubscribed by 83.29 times. The Gujarat-based crop protection chemicals manufacturer saw 67.45 times subscription from the qualified institutional buyers (QIBs), while the non institutional investors subscribed it a whopping 271.15 times and retail individual investors (RIIs) subscribed to the offer 11.84 times, data from NSE showed.
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.
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