NE BUSINESS BUREAU
AHMEDABAD, DEC 1
Gujarat-based agrochemical manufacturer Heranba Industries Ltd on Tuesday announced that it has received approval for its draft red herring prospectus (RHP) from the capital market regulator Securities and Exchange Board of India (SEBI) for the initial public offering (IPO).
The IPO is now slated to open for subscription some time in December 2020, subject to the approval of Red Herring Prospectus (RHP) by the Registrar of Companies.
The initial share-sale consists of fresh issue of equity shares to the tune of Rs 60 crore and an offer for sale of 90,15,000 equity shares by existing shareholders, as per the draft papers red herring prospectus.
Heranba Industries, which filed its preliminary papers with Sebi in late September, obtained the regulator’s observation on November 27, an update by the capital markets watchdog showed on Tuesday.
The IPO will be through the book-building process. The Book Running Lead Managers to the IPO are Emkay Global Financial Services Limited and Batlivala & Karani Securities India Private Limited. Registrar to the Offer is Bigshare Services Private Limited.
Heranba Industries Limited, incorporated in 1992, now has three manufacturing plants in and around Vapi in Gujarat with a Corporate office in Mumbai. It is a crop protection chemical manufacturer, exporter, and marketing company. It manufactures Intermediates, Technicals, and Formulations. It is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin, etc. The pesticides range includes insecticides, herbicides, fungicides, and public health products for pest control. Besides the domestic Indian market, Heranba Industries Limited exports its products to more than 60 countries.
For the past three financial years of 2019-20, 2018-19, and 2017-18 it has clocked revenues of Rs 96.79 crore, Rs 101.18 crore, and Rs 75.04 crore and Profit After Tax of Rs. 9.78 crore, Rs 7.54 crore, and Rs 4.69 crore, respectively.
Equity shares of the company will be listed on the BSE and the NSE.
