Shares of agro-chemical company Heranba Industries shot up 43.54 percent on its stock market debut on March 5.
The company, with made a strong a strong balance sheet and robust return ratios, debut today on BSE and NSE and rose as much as Rs 944 as compared to issue price of Rs 627. The IPO of the Gujarat-based company, which was open between February 23 and February 25, was subscribed over 80 times.
The stock started off the day at Rs 900 on the BSE as well as National Stock Exchange, registering gains of Rs 273 over the issue price of Rs 627 per share.
In terms of volume, Heranba traded with a volume of 42.68 lakh shares on the NSE and 5.36 lakh shares on the BSE.
Heranba Industries garnered around Rs 625 crore through its public issue, which was subscribed 83 times. The issue, which was available for subscription February 23-25, 2021, comprised a fresh issue of Rs 60 crore and an offer for sale of Rs 565.2 crore. The company will utilise net fresh issue proceeds of around Rs 50 crore for working capital requirements.
Incorporated in 1992, Heranba Industries manufactures intermediates, technicals and formulations. It is one of the leading domestic producers of synthetic pyrethroids with market share of 19.5 percent in 2019. Its pesticides range includes insecticides, herbicides, and fungicides.
The company is present in the entire product value chain of the agrochemicals industry. The business verticals include domestic bulk sales of technicals (which contributed 31.6 percent to FY20 sales), technicals bulk exports (36.5 percent of sales), branded formulations (12.7 percent), formulations exports (12.8 percent) and insect control chemicals (6.4 percent).
Heranba has more than 9,400 dealers in India and has three manufacturing facilities in and around Vapi in Maharashtra, with a capacity of 14,024 MTPA.
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