Heranba Industries IPO to open on Feb 23; to raise Rs 625 crore

Gujarat-based crop protection chemicals manufacturer Heranba Industries will hit the capital market on February 23 to raise up to Rs 625 crore and the price band for the initial public offer has been fixed at Rs 626-627 per share.

The company will raise the money through an Offer for Sale (OFS) of up to 90,15,000 equity shares, according to a statement issued on Tuesday.

The funds raised through the IPO will be utilised to finance the company's working capital requirements and general corporate purposes.

The IPO will be open from February 23 to 25 and the portion for anchor investors will be open on February 22.

Shares of the company will be listed on NSE and BSE.

The Book Running Lead Managers to the IPO are Emkay Global Financial Services Ltd and Batlivala and Karani Securities India.

Heranba Industries recorded revenues of Rs 967.90 crore and a profit after tax of Rs 97.75 crore in FY20.

The company has three manufacturing plants and has over 9,400 dealers. It also exports to more than 60 countries.