Heranba Industries IPO allotment to be finalised on Tuesday
Heranba Industries will finalise the share allotment of its Rs 625-crore initial public offer (IPO) on Tuesday. The IPO was open for bidding for three days from February 23 to 25. Heranba Industries is Gujarat-based crop protection chemicals manufacturer.
The price band for the initial public offer was fixed at Rs 626-627 per share. The public issue was oversubscribed 83.29 times. The company received cumulative bids of 58,15,01,663 equity shares against the IPO size of 69,81,417 equity share.
According to the company, the funds raised through the IPO will be utilised to finance the company's working capital requirements and general corporate purposes.
The shares of Heranba Industries will be listed on NSE and BSE on March 5.
The IPO saw strong retail participation at bids and investors are expecting a good listing gains. Ahead of the public issue, Heranba Industries shares were commanding a grey market premium of Rs 105 which is 24 per cent apiece over the issue price.
Heranba Industries recorded revenues of Rs 967.90 crore and a profit after tax of Rs 97.75 crore in FY20. The company has three manufacturing plants and has over 9,400 dealers. It also exports to more than 60 countries.
