The data shows that the shares reserved for retail individual investors were subscribed 17.63 times in total.
New Delhi:
The initial public offering of Harsha Engineers International witnessed huge investor participation as its issue was subscribed 74.70 times at the end of the three-day window that ended on Friday.
Notably, the shares allotted for the public issue were oversubscribed on the very first day of issue on Wednesday.
The data shows that the shares reserved for retail individual investors were subscribed 17.63 times in total.
Harsha Engineering International is a leading manufacturer of precision bearing cages in India, in terms of revenue, in the organized sector, and one of the leading manufacturers of precision bearing cages globally.
It plans to raise Rs 755 crore through IPO which includes fresh issue of Rs 455 crore and offer for sale of shares worth Rs 300 crore by promoters.
The price band for the public issue was fixed in the range of Rs 318 to Rs 330 per share.
Some of the proceeds from the IPO will be used for debt repayment, capital expenditure financing, infrastructure repair and renovation, and general corporate purposes.
This is reportedly the strongest investor response ever in 2022 after Dreamfolx Services.
The IPO of Dreamfolx Services was fully subscribed within hours of opening for subscription on 24th August. At the end of the three-day window for subscriptions, the shares were subscribed 56.68 times.
The company’s public issue was an outright offer for sale, a mechanism that allows promoters to reduce their stake in listed companies in a transparent manner.
Dreamfolx Services is known as India’s largest airport service aggregator platform. It has an early mover advantage in the airport services aggregator segment, and claims to control 95 per cent market share in the segment.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)