The initial public offer (IPO) of Harsha Engineers International was subscribed 74.70 times on the last day of subscription closing on Friday, driven by strong demand from institutional buyers. According to NSE data, the public issue received bids for 125.96 crore shares against 1.68 crore shares.
For Qualified Institutional Buyers (QIBs), the quota was subscribed 178.26 times, while the share of non-institutional investors was subscribed 71.32 times. The Retail Individual Investors (RII) category was subscribed 17.63 times.
Finalization of Basis for Allotment of Shares of Harsha Engineers IPO This week is expected to be on Wednesday, September 21, 2022 and if allotted, the shares will be credited to the demat account of the bidders on Friday, September 23, 2022. The registrar for this IPO is Link Intime India Private Limited. Hence the allotment application can be checked on the website of the Registrar Here or on BSE website Here,
As per market observers, the shares of Harsha Engineers are available at Premium (GMP) 234 in the gray market today. The shares of the company are expected to be listed on the major stock exchanges BSE and NSE on Monday, 26th September, 2022.
IPO for There was a fresh issue of up to 755 crores 455 cr and offer for sale 300 million. The price range for the offer was 314-330 per share. Axis Capital, Equirus Capital and JM Financial were the managers of the initial share sale.
From the latest issue till now 270 crore will be used for loan payment, up to 76 crore for financing working capital requirements for purchase of machinery, up to 7.12 crore for infrastructure repair and renovation of existing production facilities and for general corporate proposals.
Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, with 50-60% market share in the organized market. It offers a diverse suite of precision engineering products across geographies and end user industries. It operates under 2 business divisions – Engineering Business and Solar EPC Business.
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