Heranba Industries IPO Subscribed Over 84% On Day 1

The ₹525 crore initial public offering (IPO) of Gujarat-based agrochemicals company Heranba Industries opened today. So far, the issue was subscribed 84.18 per cent by the end of the first day of bidding.. Overall, the Heranba Industries IPO comprises a fresh issue of up to ₹ 60 crore and an offer for sale (OFS) of up to 9,015,000 equity shares, which are being sold in the price band of ₹ 626-627. The public issue is expected to fetch up to Rs 625 crore..The issue will remain open for subscription through February 25. The shares are likely to be listed on BSE and NSE on March 5, 2021..It received a demand for 58,76,845 shares across both the stock exchanges against 69,81,417 shares on offer, data from NSE showed..Investors who wish to subscribe to Heranba Industries IPO can bid in a lot of 23 equity shares and multiples thereafter. At the upper price band, they will be paying Rs 14,421 to get a single lot of Heranba Industries..All applicants of Heranba Industries IPO also must remember that the cut-off time for UPI mandate confirmation is Friday, February 26, 2021, up to 12:00 pm..The IPO comprises an offer for sale (OFS) of up to 90.15 lakh (90,15,000) equity shares, as per the information given in the red herring prospectus. The net proceeds from the issue will be utilised to finance the company's working capital requirements and general corporate purposes, the red herring prospectus said..Prior to the public offer, the anchor investors' portion was open for subscription on Monday where Heranba Industries raised Rs 187.51 crore from 18 anchor investors, data from the stock exchanges added..Emkay Global Financial Services and Batlivala & Karani Securities India are the book running lead managers to the IPO while Bigshare Services is the registrar of the issue.

Heranba Industries IPO Subscribed Over 84% On Day 1

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