Harsha Engineers International’s IPO saw strong investor participation as the issue was subscribed 74.70 times at the close of the three-day window ending Friday.
Notably, the shares allocated for public issuance were oversubscribed on the very first day of issuance on Wednesday.
Shares reserved for retail private investors were subscribed for a total of 17.63 times, data shows.
Harsha Engineering International is a major precision bearing cage manufacturer, in terms of revenue, in the organized sector in India, being touted worldwide as one of the leading precision bearing cage manufacturers.
It plans to raise Rs 755 crore through the IPO which includes a new issue of Rs 455 crore and an offer for the sale of shares worth Rs 300 crore by promoters.
The price range for the public offering was set in the range of Rs 318 to Rs 330 per share.
A portion of the IPO proceeds will be used for debt servicing, capital expenditure financing, infrastructure repairs and renovation and general corporate purposes.
This is reportedly the strongest response to an IPO from investors to date in 2022 after Dreamfolks Services.
The Dreamfolks Services IPO was fully subscribed within hours of opening for subscription on August 24. At the end of the three-day subscription window, the shares had been subscribed 56.68 times.
The company’s public issuance was entirely an offer to sell, a mechanism that allows promoters to reduce their holdings in listed companies in a transparent manner.
Dreamfolks Services is touted as India’s largest airport services aggregator platform. It has an early mover advantage in the airport services aggregator segment and claims to have 95 percent market share in the segment.
(Except for the headline, this story has not been edited by NDTV staff and has been published from a syndicated feed.)