Heranba Industries is planning to sell shares in the price band of Rs 626-627 per share.
The Gujarat-based crop protection chemical manufacturer Heranba Industries three-day share sale via initial public offering (IPO) will open on Tuesday, i.e. February 23 and close on February 25. The company plans to raise Rs 625 crore via IPO by selling shares in the price band of Rs 626-627 per share. Retail investors can bid for Heranba Industries in lot size of 23 shares and a retail-individual investor can apply for up to 13 lots.
Heranba Industries IPO comprises of offer for sale of Rs 565.2 crore and fresh issue of Rs 60 crore. Proceeds from the fresh issue will be used for working capital requirements and general corporate purposes while company will not receive any proceeds from offer for sale, brokerage firm Anand rathi said in a research report.