Stock Report

Harsha Engineers sees a blockbuster debut, closes more than 45% premium

Posted On : 2022-09-26 20:30:00( TIMEZONE : IST )

Harsha Engineers sees a blockbuster debut, closes more than 45% premium

Harsha Engineers International Ltd (HEIL), the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and among the leading manufacturers of precision bearing cages in the world debuted on the stock exchanges on September 26, 2022.

The scrip listed Rs 444 per share on BSE and Rs 450 per share on NSE, at a premium of 34.55% and 36.36% respectively. The company's share price closed at Rs 485.90 per share on the BSE, a 47.24% premium, and at Rs 482.70 per share on the NSE, a 46.27% premium.

As per NSE, the total quantity traded stood at 361.80 lakh shares, on BSE the total Quantity stood at 24.98 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1858.54 crore.

Mr. Rajendra Shah, Chairman and Whole-time Director - Harsha Engineers International Limited said "We are really happy to go from being privately held to publicly held, with lakhs of public shareholders across the length, breadth and depth of India. We are happy that during the IPO process, the market at large appreciated the value of Harsha Engineers and our ability to deliver potentially infinite benefits to customers and users across the enterprise and consumer world. We are grateful that tens of lakhs of retail investors, blue chip domestic institutional investors including mutual funds and insurance companies, and marquee internationally renowned investors, all participated in our IPO, and welcome them to join in our journey."

The Market Capitalization of the Company at today's closing price stood at Rs. 4,423.83 Crore as per BSE and Rs. 4,394.70 Crore as per NSE.

The offer consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale of up to Rs 300 crore by existing shareholders and the issue closed on 16th September 2022.

The offer received bids of 1,25,96,90,175 shares against the offered 1,68,63,795 equity shares, at a price band of ₹314-330, according to the data available on the stock exchanges. Overall the issue was subscribed 74.7 times on the final day of bidding. The qualified institutional buyer portion was subscribed 178.26 times. The reserved portion of non-institutional investors witnessed a subscription of 71.32 times. Retail Investors saw a robust demand and was subscribed 17.63 times. The employee portion was subscribed 12.07 times. The company raised Rs 225.74 crore from anchor investors a day ahead of its initial share sale. The company raised Rs 755 crore through the IPO.

Axis Capital Limited, Equirus Capital Private Limited, and JM Financial Limited are the book-running lead managers to the issue, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.

Source : Equity Bulls


HarshaEngineersInternational IPO FundRaising Listing Blockbuster