Heranba Industries Closes  29% Higher Than IPO Price On Market Debut
Insecticide is sprayed from the back of a farmer’s truck onto the roadside soil where locusts have hatched and started hopping. (Photographer: Carla Gottgens/Bloomberg)

Heranba Industries Closes 29% Higher Than IPO Price On Market Debut

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Making a strong debut, Gujarat-based crop protection chemicals manufacturer Heranba Industries on Friday listed at a premium of over 43% over its issue price of Rs 627.

On BSE, the scrip was listed at Rs 900, higher 43.54% over the premium price.

However, shedding the intra-day gains, it closed the counter at Rs 812.25, 29% higher the IPO price.

Heranba Industries Ltd.'s initial public offering was open for subscription between Feb. 23 and Feb. 25 to finance its working capital requirements and general corporate purposes and an offer for sale, as per a release.

"The IPO was for upto 90,15,000 equity shares for Rs 6,252.40 million of face value of Rs 10 each for cash at a premium offered through a book-building route at a price-band of Rs 626 to Rs 627 per equity share," the release added.

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