Heranba Industries Rs 625 crore IPO subscribed 84% on Day-1

Price band set at Rs 626-627 per share; offer is priced at nearly 23 times its trailing 12-month earnings

Heranba Industries’ IPO was subscribed 84 per cent on Tuesday, the first day of the issue. The price band for the IPO has been set at Rs 626-627 per share. The issue comprises of Rs 60 crore of fresh fund raise and Rs 565 crore of offer for sale. At the upper end, the IPO is priced at nearly 23 times its trailing 12-month earnings and values the company at Rs 2,509 crore. Gujarat-based Heranba is a crop protection chemical manufacturer, exporter and marketing company.