Harsha Engineers IPO Listing Price
Shares of Harsha Engineers International Limited made a strong debut amid a falling market. Shares of Harsha Engineers opened at Rs 444 per share on the BSE. This is a premium of 34.55% or Rs 114 against the issue price of Rs 330.
Earlier, the IPO was subscribed 74.70 times on the final day. Against 1,68,63,795 shares put on offer for the IPO, the bids were received for 1,25,96,90,175 shares on the last day, as per NSE data. The retail category was subscribed 17.6 times, NIIs quota was booked 71.3 times and QIBs portion was subscribed a whooping 178.26 times on the last day. Harsha Engineers IPO remained open between September 14-16.
The grey market premium (GMP) for Harsha Engineers International Ltd, a manufacturer of precision bearing cages, has declined nearly 60 percent ahead of the listing amid volatile local equity markets. The stock will be listed on Monday.
A trader, who did not wish to be named, said that at the peak, the Harsha Engineers GMP was quoting at Rs 240 or 72 percent higher from its issue price at the time of closing of the IPO and then it went downhill. On Friday, it was quoting at Rs 180 and on Saturday it fell again to Rs 150 a share. It was in the Rs 135-140 range on Sunday, he said.
The share sale had a price band of Rs 314 to Rs 330 per share. The IPO was subscribed 74.70 times on the last day of the bidding process on September 16. The IPO was held from March 15 to March 19. The IPO received bids for 1,25,96,90,175 shares against 1,68,63,795 shares on offer, according to an update on the BSE. The portion for retail investors was fully subscribed 17.66 times, while that for qualified institutional buyers was subscribed 178.26 times.
The lot size of Harsha Engineers IPO was 45 shares for which one would have to spend Rs 14,850. A retail individual investor could submit bids for up to 13 lots or 585 shares by spending Rs 1,93,050. Axis Capital Limited, Equirus Capital Private Limited and JM Financial Consultants were the lead managers of the IPO.