IPO Alert: Heranba Industries' Rs 625-crore IPO see a surge of over 30% in grey market in its share

Agro chemical firm Heranba Industries will open for subscription next week on February 23. According to a news report, the grey market was quoting the share about 32 per cent higher or Rs 200 more from than the IPO price of Rs 627 a piece, on Wednesday. The grey market was trading the share at Rs 827 per share.

The subscription for anchor investors will open on February 22, 2021. The subscription will close on February 25, 2021.

Meanwhile, investors can subscribe to the IPO for a lot of 23 shares or in multiples thereof. Retail investors can bid for a maximum of 13 lots. The company is planning to raise Rs 625 crore with this IPO.

The crop protection chemical manufacturer manufactures different types of pesticides including insecticides, fungicides, herbicides, and other pest control products. The Gujarat-based company is offering fresh issue of shares worth Rs 60 crore and an offer for sale of 90,15,000 shares by promoters.

Emkay Global Financial Services and Batlivala & Karani Securities are the book running lead managers to the issue.

It will be listed on BSE and National Stock Exchange on March.

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