Harsha Engineers Public Offer Received Large Participation From Investors
The data shows that the reserved shares for retail individual investors were subscribed a total of 17.63 times.
New Delhi:
Harsha Engineers International’s initial public offering saw strong investor participation as its issue was subscribed 74.70 times at the end of the three-day window ending on Friday.
Notably, the shares allotted for the public issue were oversubscribed on the first day of issuance on Wednesday.
The data shows that the reserved shares for retail individual investors were subscribed a total of 17.63 times.
Harsha Engineering International, by revenue, is one of the largest manufacturers of precision bearing cages in the organized sector in India, and is among the leading manufacturers of precision bearing cages globally.
It plans to raise Rs 755 crore through the IPO, which includes a fresh issue of Rs 455 crore and an offer for sale of shares worth Rs 300 crore by the promoters.
The price band for the public issue was fixed between Rs 318 to Rs 330 per share.
Some of the proceeds from the IPO will be used for debt repayment, capital expenditures, infrastructure repairs and renovations and general corporate purposes.
This is reportedly the strongest response from investors to an IPO in 2022 since DreamFlex Services.
DreamFolks Services’ IPO was fully subscribed within hours of opening for subscription on August 24. At the end of the three-day window for subscription, the shares were subscribed 56.68 times.
The company’s public issue was an offer for sale outright, a mechanism that allows promoters to transparently reduce their holdings in listed companies.
DreamFolks Services is said to be India’s largest airport service aggregator platform. It has an early advantage in the airport services aggregation segment, and claims to control 95 percent market share in this segment.
(Other than the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)