New Delhi (Anish Yande): Heranba Industries, an agrochemical company would be opening its initial public offering for a subscription today. The agrochemical company has announced its Rs 625 crore initial public offering. The public issue would be open till February 25, 2021.
The agrochemical company is a company based in Gujarat, which produces chemicals for crop protection. The company is a leading producer of pesticides and synthetic pyrethroids.
Details of the Heranba Industries IPO:
The Heranba Industries IPO would constitute a fresh issue of Rs 60 crore. The offer for sale of the public issue would consist of 90,15,000 equity shares by promoters. The offer for sale would amount to Rs 565.2 crore.
Retail investors can bid for a minimum amount of one lot of the agrochemical company's IPO. One lot of the company's IPO would consist of 23 shares. Retail investors can bid for a maximum of 13 lots of the Heranba Industries IPO.
Retail investors hold a quota of 35 per cent of the issue and non-institutional investors can bid for 15 percent of the issue. 50 percent of the Heranba Industries issue is reserved for Qualified Institutional Buyers.
Heranba Industries is expected to raise Rs 625 crores at the higher end of the price band. The price band has been set at Rs 626-627 per share by Heranba Industries. The shares of the agrochemical company are expected to be listed on the stock exchanges, BSE, and NSE on March 5, 2021.
The book running lead managers to the public issue is Batlivala & Karani Securities and Emkay Global Financial Services.
Financial details of Heranba Industries:
Heranba Industries is a leading manufacturer of crop protection chemicals. The company currently manufactures synthetic pyrethroids such as lambda-cyhalothrin, deltamethrin, and cypermethrin.
The agrochemical company has a market share of 19.5 percent in the pyrethroids market and has operations across 60 countries. Heranba Industries plans to use the proceeds from the IPO for its requirements in working capital and the rest for general corporate purposes.
Image Credit: Google