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Heranba IPO Subscribed 39% In First Two Hours Of Bidding

Heranba Industries will utilise IPO proceeds for its working capital requirements.

The ₹525 crore initial public offering (IPO) of agrochemicals company Heranba Industries opened today and in just two hours of opening, the retail portion of the issue was subscribed 77 per cent, and the overall subscription was at 39 per cent.

Overall, the Heranba Industries IPO comprises a fresh issue of up to Rs 60 crore and an offer for sale (OFS) of up to 9,015,000 equity shares, which are being sold in the price band of Rs 626-627.

The issue will remain open for subscription through February 25. The shares are likely to be listed on BSE and NSE on March 5, 2021.

Emkay Global Financial Services and Batlivala & Karani Securities are the book running lead managers to the public issue of Heranba Industries.

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The quota for retail investors in the primary offering is 35 per cent of the net offer, QIB quota stands at 50 per cent and NII quota is 15 per cent.

Heranba Industries will utilise the IPO proceeds for its working capital requirements and general corporate purposes.

The public issue has received positive reviews from top brokerages, and the grey market is ready to pay a hefty premium for its shares. The shares were commanding a premium of ₹140-150 in the grey market. However, the grey market is not an official measure of the market premium.

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