Heranba Industries IPO subscribed 40% on Day 1

The initial public offering of agrochemical manufacturer Heranba Industries has been subscribed 40 per cent so far on the first day of bidding. The price band for the issue has been fixed at Rs 626-627 per share.

The Rs 625-crore public issue has received bids for 27.54 lakh equity shares against an offer size of 69.81 lakh shares, the subscription data available on the exchanges showed. The company also mopped up Rs 187.5 crore from anchor investors on February 22, a day before the opening for the issue.

Mehta Equities believes that an increase in global and domestic food demand would lead to an increase in demand to protect the food produces and Heranba is well placed to reap the benefits.

Heranba IPO is to be closed on February 25.