Agrochemical manufacturer Heranba Industries 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 Rs 700-crore IPO is now slated to open for subscription sometime in December 2020, subject to the approval of RHP by the Registrar of Companies, the press release said.
The IPO consists of a fresh equity of Rs 60 crore and an offer for sale by promoters and other shareholders.
The company will utilise the issue proceeds for working capital requirements and general corporate purposes.
Gujarat-based Heranba, having three manufacturing plants in and around Vapi in Gujarat with corporate office in Mumbai, is a crop protection chemical manufacturer, exporter, and marketing company.
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. Heranba Industries also exports its products to more than 60 countries.Emkay Global Financial Services and Batlivala & Karani Securities India are appointed as book running lead managers for the issue.