Heranba Industries Makes Strong Debut; Lists At 43% Premium
On Friday, shares of Heranba Industries soared 43.54% at the opening to list at Rs 900 on BSE and NSE. The stock made gains of Rs 273 per share over the issue price of Rs 627.
The manufacturer of intermediates, technicals and formulations, successfully garnered around Rs 625 crore through its initial public offering (IPO) which was subscribed 83 times during 23-25 February 2021. The issue comprised a fresh issue of Rs 60 crore and an offer for sale of Rs 565.2 crore. The company will utilise net fresh issue proceeds of around Rs 50 crore for working capital requirements.
As of the last day of the IPO, the public issue was subscribed 11.84 times in the retail category, 67.45 times in QIB (qualified institutional buyers), and 271.15 times in the NII (non-institutional investors) category by Feb 25, 2021
Heranba Industries is one of the leading domestic producers of synthetic pyrethroids with a market share of 19.5% in 2019. Its pesticides range includes insecticides, herbicides, and fungicides.
The company is based out of Vapi, Gujarat, with Corporate and Administration Offices in Mumbai.