[ad_1]
The Initial Public Offer (IPO) of Harsha Engineers International got subscribed 74.70 times, led by strong demand from institutional buyers, on the last day of subscription that closed on Friday. The public issue received bids for 125.96 crore shares against 1.68 crore shares on offer, according to a data with the NSE.
The finalisation of the share allotment of Harsha Engineers IPO has been done. As per market observers, Harsha Engineers shares are available at a premium (GMP) of ₹170 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on Monday, September 26, 2022.
The initial share sale of up to ₹755 crore had a fresh issue of up to ₹455 crore and an offer for sale of up to ₹300 crore. The price range for the offer was at ₹314-330 a share. Axis Capital, Equirus Capital and JM Financial were the managers to the initial share sale.
The quota for Qualified Institutional Buyers (QIBs) got subscribed 178.26 times, while the portion for non-institutional investors received 71.32 times subscription. The category for Retail Individual Investors (RIIs) got subscribed 17.63 times.
Proceeds from the fresh issue to the tune of up to ₹270 crore will be utilised for debt payment, up to ₹76 crore for funding working capital requirements towards purchase of machinery, up to ₹7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.
Based in Ahmedabad, Harsha Engineers Harsha Engineers International Limited is a precision engineering company manufacturing bearing cages and stamped components. It has five manufacturing facilities with two of its principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania, which allow access to its customers in over 25 countries.
Harsha Engineers International Ltd is the largest manufacturer of precision bearing cages, with 50-60% market share in the organized market. It offers diversified suite of precision engineering products across geographies and end-user industries. It operates under 2 business divisions – engineering business and solar EPC business.
Download The Mint News App to get Daily Market Updates.
[ad_2]
(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
Source link
