India's Heranba Industries jumps 51% in market debut

Heranba Industries

05/03/2021 05:23

** Shares of the crop protection chemical maker  HERN.NS 
rise as much as 50.7% to 945 rupees in their market debut
    ** Co in Feb saw strong response to its initial public
offering, which consisted of a fresh issue of up to 600 mln
rupees and an offer for sale of 9 mln shares; the IPO was priced
at 626 rupees to 627 rupees
    ** The 6.25 bln rupees ($85.57 mln) IPO was subscribed over
83 times, exchange data showed
    ** Co plans to use the IPO proceeds to fund working capital
requirement
    ** Heranba continues to capture a dominant position with
sound fundamentals and diversification capabilities, Nirali
Shah, head- equity research, Samco Securities, said in a pre-IPO
note
    ** More than a dozen companies, including Burger King India,
opted for IPOs in the last few months of 2020 to cash in on a
rally in Indian shares, fuelled by record foreign fund inflows
and an improving economic outlook 
    ** Last week, state-owned RailTel Corp of India  RAIT.NS 
jumped 16% in its market debut  urn:newsml:reuters.com:*:nL4N2KW1L5

($1 = 73.0430 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
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