Harsha Engineers IPO: The IPO of Harsha Engineers Limited had a subscription rate of 74.7 times when it closed on Friday, September 16. The issue received bids for 125.97 crore shares against the 1.69 crore shares bid, data on the Bombay Stock Exchange (BSE) showed at close Friday. The Harsha Engineers IPO has received one of the strongest investor reactions to date this year. The offer opened for registration on Wednesday, September 14, and closed on Friday, September 16, after three days of bidding.
Harsha Engineers IPO: Subscription Status
Harsha Engineers’ IPO quota for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times, while the non-institutional investor portion was subscribed 71.32 times. The category for Private Private Investors (RIIs) was subscribed 17.63 times.
Harsha Engineers IPO Issue Size, Pricing, Objectives
Harsha Engineers IPO of Rs 755 crore has a new issue of up to Rs 455 crore and a sale offering of up to Rs 300 crore. The price range for the offer was set at Rs 314-330 per share.
The proceeds of the new issue amounting to up to Rs 270 crore will be used for debt payment, up to Rs 76 crore to finance working capital requirements for the purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of existing production facilities and for general business proposals.
Harsha Engineers IPO GMP today
According to market observers, the shares of Harsha Engineers are available today at a premium (GMP) of Rs 240 in the gray market. This is Rs 8 higher than Friday’s GMP which was Rs 232 per share. The high GMP indicates a positive listing for the IPO of Harsha Engineers.
Harsha Engineers IPO Share Allocation Date, Listing Date
The allocation base for Harsha Engineers’ IPO will begin on Friday, September 21. On the other hand, investors who will not win the offer are likely to get their money back on September 22, Thursday. Investors who win the offer will receive credit in their demat accounts on Friday, September 23.
Share allotment status for Harsha Engineers IPO will be available on BSE official website and registrar’s website — Link Intime India Private Ltd.
Shares of Harsha Engineers are expected to be listed on stock exchanges on September 26. The shares will be listed on both BSE and NSE.
Harsha Engineers IPO: appreciation
“HEIL’s highest price is Rs 330 – it is valued at 27.7 times its fiscal 2022 profit of Rs 11.9 which we believe is reasonable compared to its peers,” said Arihant Capital, with a ‘subscribe’ call on the flotation. Religare has a neutral call on the HEIL IPO.