Heranba Industries recorded oversubscription on the second day of its initial public offering. Retail individual investors (RII) were major bidders of the IPO, with significant bidding also recorded in institutional investors and high networth individuals (HNIs).
On day 2, the maiden received cumulative bids of 1,91,22,522 equity shares against the IPO issue size of 69,81,417 equity shares.
With that, the IPO has been oversubscribed by 2.74 times.
The retail portion of the IPO got subscribed by 4.53 times, while the portion reserved for qualified institutional buyers witnessed a subscription of 1.01 times. The non-institutional investors (NII) which are also called as HNIs, saw 0.87 times subscription.
The company launched its Rs625cr IPO on February 23 and will be available for subscription till February 25, 2021.
The IPO comprised of a fresh issue aggregating to Rs60cr and an offer for sale (OFS) for about 90,15,000 Equity Shares (including an Anchor portion of 29,90,520 equity shares).
A price band of Rs626-627 per equity share has been fixed on the IPO.
Bid lot size involves 23 Equity Shares and in multiples thereof.
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