MUMBAI: Shares of Heranba Industries Ltd listed at a 43% premium to the issue on their debut on stock exchanges. The company's Rs625 crore initial public offering (IPO) was subscribed more than 83 times.
On the BSE, the stock listed at Rs900 apiece, up from its issue price of Rs627 a share. At 1005am, the scrip traded at Rs911.70. So far today, the stock has touched a high of Rs944.95, and a low of Rs877.65.
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The IPO comprised an offer-for-sale of up to 90.15 lakh equity shares and a fresh issue of ₹60 crore shares. The price band for the issue was fixed at ₹626-627 per share.
The Gujarat-based entity plans to use the IPO proceeds for working capital requirements.
The portion set aside for non-institutional investors was subscribed 271.15 times, while that for qualified institutional buyers was subscribed 67.45 times. The retail portion was subscribed 11.84 times.
The company raised Rs187.51 crore from 18 anchor investors.
Heranba Industries is a crop protection chemical manufacturer and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, deltamethrin, lambda cyhalothrin.
