The Rs 625-crore initial public offering (IPO) of Heranba Industries has been subscribed 83.3 times on February 25 (Thursday), the final day of bidding.

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The public issue received bids for 58.15 crore equity shares until 5 pm against an offer size of 69.81 lakh shares, as per the subscription data available on the exchanges.

The offer size excludes anchor book of over 29.90 lakh equity shares. The company has already raised Rs 187.5 crore from anchor investors on February 22, a day before the opening for the issue.

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Heranba Industries IPO opens for subscription today: Should you invest?

The Heranba Industries' IPO comprises an offer-for-sale (OFS) of up to 90.15 lakh equity shares and a fresh issue of Rs 60 crore shares. The price band for the issue has been fixed at Rs 626-627 per share.

The net fresh issue proceeds will be utilised for working capital requirements.

Also Read: Heranba Industries IPO to open on Tuesday: Key things to know before you subscribe

Heranba Industries is a crop protection chemical manufacturer and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, deltamethrin, lambda-cyhalothrin, etc.

Also Read: How to apply for Heranba Industries IPO via Groww: A step-by-step guide

First Published:Feb 25, 2021 2:14 PM IST