Heranba Industries lists at 44% premium over issue price of Rs 627

Shares of Heranba Industries made a strong debut on the bourses on Friday with the stock listing at Rs 900, a 43.5 per cent premium over its issue price of Rs 627 per share on the BSE. The stock extended its gains and traded as high as Rs 944.95 in intra-day deals.

The initial public offer of the Gujarat-based firm was subscribed 83 times. The institutional investor portion was subscribed 67 times. The wealthy investor portion by 271 times, and retail investors subscribed 11 times the portion reserved for them.

The issue comprised Rs 60 crore of fresh fundraise and Rs 565 crore of offer for sale. The funds raised through the IPO will be utilised to finance the company's working capital requirements and general corporate purposes.

Heranba is a crop protection chemical manufacturer, exporter and marketing company. It 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.