Heranba Industries IPO subscribed 65% so far on Day 1

Updated : February 23, 2021 03:48 PM IST

The portion reserved for retail investors has been booked 1.28 times

The Rs 625-crore initial public offering (IPO) of Heranba Industries has been subscribed 65 percent so far on February 23 (Tuesday), the first day of bidding. The public issue has received bids for 45.33 lakh equity shares against an offer size of 69.81 lakh shares, as per the subscription data available on the exchanges.

The portion reserved for retail investors has been booked 1.28 times, while that of non-institutional investors has been subscribed 4 percent. Qualified institutional buyers have not started bidding for the issue.

The offer size excludes anchor book of over 29.90 lakh equity shares. The company has already raised Rs 187.5 crore from anchor investors on February 22, a day before the opening for the issue.

Read here: Heranba Industries IPO opens for subscription today: Should you invest?

The Heranba Industries' IPO comprises an offer-for-sale (OFS) of up to 90.15 lakh equity shares and a fresh issue of Rs 60 crore shares. The price band for the issue has been fixed at Rs 626-627 per share.

The net fresh issue proceeds will be utilised for working capital requirements.

Also Read: Heranba Industries IPO to open on Tuesday: Key things to know before you subscribe

Heranba Industries is a crop protection chemical manufacturer and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, deltamethrin, lambda-cyhalothrin, etc.

Also Read: How to apply for Heranba Industries IPO via Groww: A step-by-step guide