Crop protection chemical manufacturer Heranba Industries' Rs 625 crore initial public offering (IPO) is set to open on 23 February at a price band of Rs 626-627. The offer will close on 25 February.
The IPO will comprise of a fresh issue of Rs 60 crore and an offer for sale (OFS) of 90.15 lakh equity shares by promoters. Sadashiv K Shetty will sell 58,50,000 equity shares, Raghuram K Shetty will offer 22,72,038 shares, 8,12,962 shares will be offered by Sams Industries, 40,000 shares by Babu K Shetty and 40,000 shares by Vittala K Bhandary.
Sadashiv K Shetty, Raghuram K Shetty, Babu K Shetty and Vittala K Bhandary are promoters of the company and their total holding equates to 98.85% of the total share capital, as of 10 February 2021.
Net fresh issue proceeds from the issue will be utilised by Heranba for working capital requirements.
Investors participating in the IPO can bid for a minimum of 23 equity shares and in multiples of 23 shares thereafter.
The Gujarat-based Heranba Industries is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin etc. Its pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.