Heranba Industries has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float their initial public offering (IPO). The company’s initial share sale consists of fresh issue of equity shares to the tune of Rs 60 crore and an offer for sale of 90,15,000 equity shares by existing shareholders, as per the draft papers filed last month.
The shares of the company are proposed to be listed on both BSE and NSE. The proceeds of the fresh issue would be used to fund working capital requirements, expenditures towards general corporate purposes, and meet public issue expenses. The issue is being managed by Emkay Global Financial Services and Batlivala & Karani Securities India.
Heranba Industries is engaged in the business of manufacturing and marketing a range of agrochemicals.
