IPO’s issued by Heranba Industries: 18 anchor investors contributed Rs. 187 crore.


Heranba industries’ initial public offering was open for subscription from February 23rd to 25th for raising capital of Rs. 625 crore. Before the issue of the same Heranba industries were able to raise a total of Rs. 187.5 crores by allotting 29090 lakh equity shares to anchor investors.

The currently issued IPO of the agrochemical industry includes fresh issues worth Rs 60 crores and the remaining is the existing shareholders selling of shares. The company promoters held a 98.8% stake in the company which came down to 74% after the issue. Other shareholders consist of 1.2% which increased to 26% after the issue.

Anchor investors

The party with the major share in anchor investment was Government Pension Fund Global, which bought a total of 5.58 lakh shares. 12% of anchor share was bought by HDFC Trustee Company. Cohesion MK Best Ideas Sub-trust and Dovetail India Fund both took up 8% share each. IDFC and HDFC Mutual funds together picked up 20% of the anchor share via three schemes.

The minimum application size is Rs 14421 for 23 equity shares for Rs 626 to 627. 50 % of the total issue was reserved for Qualified Institutional Buyers (QIB), 35% for retail investors, and the rest 15% for the total issue. The amount raised through the fresh issue will be used for the working capital requirements of the company whereas the OFS proceeds will go towards selling the shareholders.  The promoter, Chairman, and Executive Director of the Company Sadashiv K Shetty, and Promoter and Managing Director of the Company Raghuram K. Shetty are the selling shareholders.

The companies the main function is the manufacture, export, and marketing of crop protection chemicals, with over 94000 dealers spread across 16 states and 1 union territory and exports to more than 60 countries including the Middle East, CIS, Asia, South Asia, and Africa.

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