Price, Financials, GMP, Should you Invest?

Harsha Engineers IPO: The initial public offering of Harsha Engineers Limited saw a subscription rate of 74.7 times as it closed on Friday, September 16. The issue received bids for 125.97 crore shares against the 1.69 crore shares up for bidding, data on the Bombay Stock Exchange (BSE) showed on Friday at close. The Harsha Engineers IPO has received one of the strongest investor responses so far this year. The offer opened on Wednesday, September 14 for subscription and closed on Friday, September 16, after three days of bidding.

Harsha Engineers IPO: Subscription Status

The Harsha Engineers IPO quota for Qualified Institutional Buyers (QIBs) got subscribed 178.26 times, while the portion for non-institutional investors received 71.32 times subscription. The category for Retail Individual Investors (RIIs) got subscribed 17.63 times.

Harsha Engineers IPO Issue Size, Pricing, Objectives

The Rs 755 crore Harsha Engineers IPO has a fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore. Price range for the offer had been fixed at Rs 314-330 per share.

Proceeds from the fresh issue to the tune of up to Rs 270 crore will be utilised for debt payment, up to Rs 76 crore for funding working capital requirements towards purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.

Harsha Engineers IPO GMP Today

As per market observers, Harsha Engineers shares are available at a premium (GMP) of Rs 240 in the grey market today. This is Rs 8 higher than the GMP of Friday, which was Rs 232 per share. The high GMP indicates a positive listing for Harsha Engineers IPO.

Harsha Engineers IPO Share Allotment Date, Listing Date

The basis of allotment for Harsha Engineers IPO will begin on September 21, Friday. On the other hand, investors who will not win the bid are likely to get their refunds on September 22, Thursday. Investors who win the bid will receive credit to their demat accounts on September 23, Friday.

The share allotment status for Harsha Engineers IPO will be available on the official website of the BSE and on the website of the registrar — Link Intime India Private Ltd.

The shares of Harsha Engineers are expected to list on bourses on September 26. The shares will list on both BSE and NSE.

Harsha Engineers IPO: Valuation

“HEIL’s upper band price is Rs 330 — it is valued at 27.7 times its fiscal 2022 earnings of Rs 11.9 which in our view is reasonable compared to its peers,” said Arihant Capital, with a ‘subscribe’ call on the IPO. Religare has a neutral call on the HEIL IPO.

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By jaghit

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