The IPO of agrochemical firm Heranba Industries will open for subscription next week. Heranba Industries is a Gujarat-based agrochemical company.
The company aims to raise Rs 625 crore from capital markets through the issue which will be a mix of an Offer for Sale (OFS) by existing shareholders and a fresh issue of equity shares.
Heranba Industries will join peers such as Rallis India, Dhanuka Agritech, Sumitomo Chemical India, and PI Industries, among others on the stock exchanges.
The issue will open for subscription on February 23. It will close on February 25.
Investors can bid for the issue in the price band of Rs 626-627 per share. A lot will comprise 23 equity shares and cost Rs 14,421.
The company has reserved 50 per cent of the issue for Qualified Institutional Buyers (QIB), 15 per cent for Non-Institutional Investors (NII) and the remaining 35% is for retail investors.
Heranba Industries had filed its preliminary papers with SEBI in September last year. It obtained the regulator's observation on November 27, an update by the capital markets watchdog showed on Tuesday. SEBI's observation is very necessary for any company to launch public issues like initial public offer, follow-on public offers and rights issue.
The company is engaged in the business of manufacturing and marketing a range of agrochemicals. Proceeds of the fresh issue will be used to fund working capital requirements, expenditures towards general corporate purposes, and meet public issue expenses. Equity shares of the company will be listed on the BSE and the NSE.
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