Shares of Heranba Industries slipped 3 per cent to hit a new low of Rs 606.55 on the BSE in intra-day trade on Tuesday, falling below its issue price of Rs 627 per share. The stock of agrochemicals company was trading at its lowest level since listing on March 5. It has now corrected 36 per cent from its high of Rs 944.95 touched on its debut day. Shares of Heranba Industries had made a strong debut on the bourses with the stock listing at Rs 900, a 43.5 per cent premium over its issue price. The initial public offer of the Gujarat-based firm was subscribed 83 times. The institutional investor portion was subscribed 67 times, the wealthy investors portion by 271 times and the retail investors quota 11 times.
India Business News: The Rs 625 crore issue was subscribed 83.29 times, with the quota for qualified institutional investors seeing bids for 67.45 times the quota limit an
Read more about Heranba Industries lists at 44% premium over issue price of Rs 627 on Business Standard. The initial public offer of the Gujarat-based firm was subscribed 83 times
NEW DELHI: As the bears tighten their grip on the broader market, Dalal Street is warming up for another primary offering; that of Heranba Industries.
The grey market has given a thumbs up to the issue, with the premium in the unofficial market surging to Rs 200-210, which translates into one-third, or 33 per cent, of the IPO price band at Rs 626-627.
The primary market has remained jubilant in the past few months, as new-age investors are lapping up almost every issue, trying to make a quick buck. And the grey market has been celebrating the same.
Heranba Industries, a Gujarat-based crop protection chemicals manufacturer, is likely to sweep up Rs 625 crore via its initial public offering. The IPO will open for subscription on Tuesday, February 23, and close on Thursday, February 25.