Heranba Industries IPO: What You Need To Know

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Heranba Industries Ltd. will launch its Rs 625-crore share sale on Tuesday, more than two years after the agrochemicals maker filed for its public float.

The Gujarat-based company’s initial public offer comprises a fresh issue of Rs 60 crore and an offer-for-sale of a cumulative 90.15 lakh equity shares by its promoters Sadashiv K Shetty, Raghuram K Shetty, Babu K Shetty and Vittala K Bhandary, according to its red herring prospectus. The price band has been fixed at Rs 626-627 apiece.

  • Issue opens on: Feb. 23

  • Issue closes on: Feb. 25

  • Issue type: book-building

  • Face value: Rs 10 apiece

  • Minimum bid size: 50 shares

  • Promoter holding as a percent of total share capital as on Feb. 10 2021: 98.85%

  • Listing on: National Stock Exchange and BSE

  • IPO listing date: By March 5, 2021

The company, according to the prospectus, aims to use the net proceeds from the fresh issue to fund working capital requirements worth Rs 50 crore and expenditures towards general corporate purposes. Emkay Global Financial Services, Batlivala & Karani Securities India Pvt. are the book-running lead managers of the issue.

Heranba is the eighth company to go public so far in calendar year 2021 when participation of retail investors in the equity markets in India and around the world has increased following the pandemic-induced lockdowns. The benchmark indices, too, are scaling new records.

The company had originally filed for its IPO in September 2018. It received the market regulator’s approval in February 2019 but failed to launch the issue owing to unfavourable market conditions and volatility on account of general elections.

Continue Reading. Read more on IPOs by BloombergQuint.

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