Heranba Industries Makes Stellar Market Debut, Lists At Premium Of 44%


2021-03-05 04:38:01

Heranba Industries Makes Stellar Market Debut, Lists At Premium Of 44%

Heranba Industries raised Rs 625 crore via IPO.

Heranba Industries made a stellar stock market debut on exchanges on Friday. Heranba Industries shares opened for trading at Rs 900 on the BSE compared with its issue price of Rs 627 marking a gain of 44 per cent over the price at which shares were sold in the initial public offering (IPO). On the National Stock Exchange also Heranba Industries registered a listing gain of 44 per cent. The stock rose as much as 51 per cent from the issue price to hit an intraday high of Rs 945.

Heranba Industries shares were in huge demand during the three-day share sale via IPO between February 23-25. The IPO was subscribed over 83 times, data from the National Stock Exchange showed.

The company raised Rs 625 crore via IPO by selling shares in the price band of Rs 626-627 per share.

Heranba Industries IPO comprised of an offer for sale of Rs 565.2 crore and fresh issue of Rs 60 crore. Proceeds from the fresh issue will be used for working capital requirements and general corporate purposes while the company did not receive any proceeds from the offer for sale.

Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat, with corporate and administration offices in Mumbai. It manufactures intermediates, technicals and formulations and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin etc. Its pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.

Emkay Global Financial Services and Batlivala & Karani Securities were the book running lead managers to the issue and Bigshare Services is the registrar for the offer.

As of 10:06 am, Heranba Industries shares traded at Rs 919, up 1.6 per cent from the opening price of Rs 900 and up 47 per cent from the issue price of Rs 627.



Source link

Leave a Reply