The portion reserved for QIBs of Harsh Engineers IPO is the most subscribed.
If we look at the gray market premium, then the shares of the company can be listed above Rs 550.
The shares of Harsh Engineers may get listed on the stock market on 26 September.
New Delhi. Harsh Engineers International Limited will allot bidders for its IPO from Wednesday. The company’s IPO was open for subscription on 14 September and bidding was done till 16 September. The IPO was subscribed a total of 74.70 times in three days. The share reserved for retail bidders was subscribed the highest at 17.6 per cent, non-institutional investors (NIIs) at 71.3 per cent and qualified institutional bidders (QIBs) at 178.26 per cent.
The company is one of the largest manufacturers of Precision Bearing Cages in India. It provides its services to companies working in the fields of Automotive, Railway, Aviation-Aerospace, Construction, Mining, Agriculture, Electronics and Renewable Energy. Its products are supplied to 25 countries.
Where to see share allotment
You can check the share allotment on the BSE website. First of all you have to visit https://www.bseindia.com/investors/appli_check.aspx. Must visit this link. After this select Harsh Engineers in the issue name. Enter your PAN card number. Similarly, you can also check allotment on the website of Link Intime India Private Limited. Any bidders who have not been allotted shares will start getting refund from September 22. Let us tell you that Harsh Engineers can be listed in the market on 26 September.
Harsh Engineers came up with an IPO to raise Rs 755 crore. In this, new shares worth Rs 455 crore were issued and shares worth Rs 300 crore were offered through Offer for Sale (OFS). The company had fixed the price band of IPO at Rs 314-330. The bidder had to bid for at least one lot consisting of 45 shares. Eligible employees got a discount of Rs 31 on every share. Till Monday, its gray market premium (GMP) was at Rs 234. This means that the listing of shares can happen with a bumper jump. If GMP is considered as the basis, then its shares will be listed around Rs 564 according to the upper limit of the IPO price band.
What will be the use of the money raised?
The company will use Rs 270 crore out of the amount raised to repay the loan. Apart from this, Rs 77.95 crore will be used to buy machines, Rs 7.12 crore will be used for infrastructure repair and other corporate purposes.
FIRST PUBLISHED : September 20, 2022, 19:34 IST