Gujarat-based agrochemicals manufacturer Heranba Industries’ Rs 625-crore initial public offering (IPO) will open for subscription between Tuesday, February 23, 2021, to Thursday, February 25, 2021.

The subscription for anchor investors will open on Monday, February 22, 2021, ahead of the public issue.

The price band of the IPO has been fixed at Rs 626-627 per share. Heranba's IPO comprises an offer for sale (OFS) of up to 90.15 lakh equity shares, where investors can bid in the lot of 23 equity shares and multiples thereof. The shares were trading at Rs 827 in the grey market, quoting a premium of Rs 200 or 32% over the IPO price of Rs 627 apiece.

As per the company's DRHP, the net proceeds from the IPO will be utilised to finance the company's working capital requirements and general corporate purposes. Post the IPO, the promoters and promoter group shareholding will come down to 74.15 per cent from 98.85 per cent. Meanwhile, the public shareholding will rise to 25.85 per cent from 1.15 per cent.