Heranba Industries IPO: Heranba Industries, the company that makes crop protection chemical (Agro-Chemical), is coming to the market with an IPO. The IPO will open on February 23 and close on February 25. The price band of this IPO has been fixed at Rs 626-627 per share. The company plans to raise Rs 625 crore through this issue. The lot size of this issue is 23 shares and its multiplier.
The IPO will have a fresh issue of Rs 60 crore. At the same time, the offer for sale of 90.15 lakh shares will be kept by the promoters. The company will use the money received from this issue to meet its working capital needs.
In this issue, Sadashiv’s Shetty would sell 58,50,000 shares and Raghuram’s Shetty 22,72,038 shares. Sams Industries will sell 8,12,962 shares, Babu K Shetty 40,000 shares and Vittala K Bhandary 40,000 shares.
Sadashiv’s Shetty, Raghuram’s Shetty, Babu’s Shetty and Vitthal’s Bhandari are among the company’s promoters. As of February 10, his total stake in the company was 98.85 per cent.
Heranba Industries is a Gujarat-based company that manufactures insecticides, fungicides and herbicides used for crop protection. The company has exported more than 60 countries in Latin America, CES, Middle East, Africa, Asia and South-East Asia in FY 2020.
Heranba has a large distribution network in India with over 9,400 dealers in 16 states and 1 union territory across the country. The company also has 21 storage centers across the country. Emkay Global Financial Services and Batlivala & Karani Securities are the book running lead managers to the issue. This will be the 8th IPO of 2021 after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca and RailTel Corporation of India.