Heranba Inds lists 44% up

Heranba Industries was expected to have a double-digit premium listing, going by the huge HNIs response to the IPO and the grey market buzz. And it did.

As against the IPO price of Rs.627, it got listed on the BSE at Rs.900, a premium of 44% and it even went up to Rs.944.

The IPO was subscribed 83.29 times with HNIs portion seeing a huge 271.15x subscription while institutional investors was at 67.45x. Retail portion was subscribed 11.84x.

In our New Issue Analysis, we had concluded, “Patchy corporate governance track record, weak short term outlook and unattractive valuation make Heranba’s IPO best avoided.”