Heranba IPO – Date, Price, Review & Details

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Issue Highlights

Heranba Industries Limited is a crop protection chemical manufacturer and has planned to raise INR 625 crores through this public offer.

The issue does not include any reservation of equity shares for subscription by eligible employees.

Issue Details

Company Strengths

  • Wide range of products across the entire value chain of Synthetic Pyrethroids
  • Domestic and Global presence
  • Diversified and stable customer base
  • Strong product portfolio and wide distribution network
  • Experienced promoters with strong management team


The company reported its EPS at 25.03 for the year ending March 2020, bringing the IPO valuation to a P/E of 25.05 at upper price band, against sector PE of 11.91.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

Commenced in 1996, Heranba Industries Limited (Heranba) is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat. It manufacture Intermediates, Technicals and Formulations.

It is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permethrin, lambda cyhalothrin etc. Its Pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.

The company’s business verticals include:

  • Domestic Institutional sales of Technicals: Manufacturing and selling of Technicals in bulk to domestic companies;
  • Technicals Exports: Exports of Technicals in bulk to customers outside India;
  • Branded Formulations: Manufacturing and selling of Formulations under the company’s own brands through its own distribution network in India;
  • Formulations Exports: Export of Formulations in bulk and customer specified packaging outside India; and
  • Public Health: Manufacturing and selling of general insect control chemicals by participating in public health tenders issued by governmental authorities and selling to pest management companies.

The company’s R&D facilities at Unit I and II are recognized by the Department of Scientific and Industrial Research, Ministry of Science & Technology, Government of India (DSIR). Its new R&D facility at Unit III, Sarigam has become operational from October, 2020.

Heranba exported its products to more than 60 countries in Latin America, CIS, Middle East, Africa, Asia and South East Asia in Fiscal 2020. As of November 15, 2020, its International Distribution Partners have successfully obtained 371 registrations of its Technicals and Formulations in 41 countries across Middle East, CIS, Asia, South East Asia and Africa.

The company’s International Distribution Partners have presently filed 172 registration applications for its Technicals and Formulations products which are pending before the regulatory authorities in 41 countries. Its International Distribution Partner in Europe has already received registration for Deltamethrin Technical.

The company has more than 9,400 dealers having access to its 21 depots across 16 states and 1 union territory in India supporting the distribution of our products.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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