Heranba Industries raises Rs 187.51 crore from 18 anchor investors

MUMBAI: Gujarat-based agrochemical company, Heranba Industries has raised Rs 187.51 crore by allotting 29.91 lakh shares to 18 anchor investors on Monday, a day prior to its issue opening for public bidding. The shares were issued at Rs 627 apiece, which is the upper end of the price band.

Government Pension Fund Global has been allotted a major chunk of 18.67% of the anchor allotment while HDFC Mutual Fund subscribed about 12%. Other anchor investors include Society Générale, Morgan Stanley, Jupiter India Fund, Max Life Insurance, IIFL Special Opportunity Fund, IDFC Mutual Fund, Dovetail India Fund among others.

Heranba Industries IPO will open on 23 February for subscription and the company has fixed a price band of Rs 626-627 per share. The issue closes on February 25.

One of the leading manufacturers of synthetic pyrethroids in India, Heranba is offering up to 99.8 lakh shares in the IPO, with 90.2 lakh shares under offer for sale and the rest through fresh issue of shares. The funds raised through fresh issue of shares will be utilised to finance the company's working capital requirements and general corporate purposes.