Harsha Engineers IPO: Last Day To Subscribe This Initial Public Offering
Today is the last day to subscribe to the 755-crore Harsha Engineers IPO. The company covers the 60% market share in India’s precision bearing cages manufacturing.
On Thursday’s second day of subscriptions, the Harsha Engineers International initial public offering (IPO) was subscribed 10.35 times. 17,45,50,545 shares were offered in the public offering, but there were only 1,68,63,795 shares offered.
Also Read: Tamilnad Mercantile Bank IPO Subscribed 83% On 1st Day
According to BSE data, as of 11 a.m. on the last day, the issue had been subscribed to 13.7 times overall, with individual investors booking 11.4 times, NIIs 35 times, workers 7.8 times, and QIBs 1.9 times.
According to market watchers, shares of Harsha Engineers are currently trading in the gray market at a premium (GMP) of $232.
On Monday, September 26, 2022, the company’s shares are anticipated to list on the top stock exchanges BSE and NSE.
The $755 billion initial public offering (IPO) comprises a new issue of equity shares totaling $455 billion and an OFS (offer-for-sale) by existing shareholders of up to $300 billion.
Also Read: Tata Play May File For $400 Million IPO This Month
Up to 270 crore rupees in proceeds from the additional issuance would be used for debt repayment, up to 76 crore for working capital requirements for machinery purchases, up to 7 crore for infrastructural repairs and production facility renovations, and for general corporate purposes.
With a market share of between 50% and 60% in the organized market, Harsha Engineers International Ltd. is the biggest producer of precision bearing cages.
It provides a broad range of precision engineering materials for various end-user industries and geographical markets.
The engineering business and the solar EPC business are the two business divisions that it operates under.
The company, which has its headquarters in Ahmedabad, has five manufacturing facilities, with two of them located close to Ahmedabad in Gujarat, India—in Changodar and Moraiya—and one each in Changshu, China, and Ghimbav Braşov, Romania.
Also Read: DreamFolks Services IPO Review, Last Day To Subscribe
These facilities give the company access to customers in over 25 different countries.
By March 31, 2022, it had produced more than 2,95 additional goods in addition to 7,205 bearing cages. Additionally, its research and development and innovation center has created more than 1,200 products in various bearing kinds during the last three years.
