Initial Public Offering (IPO) from Harsha Engineers International received a subscription of 74.70 times, led by a strong request from institutional buyers, on the last day of subscription which was closed on Friday. Public problems accept offers for 125.96 CRORE shares of 1.68 CRORE shares offered, according to data with NSE.
The finalization of the issuance of Harsha IPO engineers has been carried out. According to market observers, Harsha Engineers shares are available with Premium (GMP) of ₹ 170 in the current gray market. The company’s shares are expected to be registered on the leading stock exchanges for BSE and NSE on Monday, September 26, 2022.
Initial stock sales up to ₹ 755 Crore have a new edition up to ₹ 455 Crore and offers for sale up to ₹ 300 Crore. The price range for the offer is ₹ 314-330 per share. Axis Capital, Equirus Capital and JM Financial are managers for the sale of initial shares.
The quota for quality institutional buyers (QIBS) subscribed to 178.26 times, while the part for non-institutional investors receives a subscription of 71.32 times. The category for Retail Individual Investors (RII) subscribed 17.63 times.
Proceeds from the fresh issue to the tune of up to ₹ 270 crore will be utilized for debt payment, up to ₹ 76 crore for funding working capital requirements towards purchase of machinery, up to ₹ 7.12 crore for infrastructure repair and renovation of the existing production facilities and to propose public companies.
Based on Ahmedabad, Harsha Harsha Engineers International Limited engineer is a precision engineering company that produces a stamped cage and components. It has five manufacturing facilities with two main manufacturing facilities in Changodar and one in Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each in Changthu, China and Ghimbav Brasov in Romania, which allows access to customers in more than 25 country.
Harsha Engineers International Ltd. is the largest precision pad cage producer, with 50-60% market share in the organized market. It offers a series of diverse precision engineering products throughout the geography and the final user industry. This operates under 2 business divisions – Business Engineering and Business EPC.