Harsha Engineers IPO received large participation from investors; Check status after Day 3

New Delhi [India], September 18 (ANI): The initial public offering of Harsha Engineers International saw large participation from investors as its issue was subscribed 74.70 times at the end of the three-day window that ended on Friday.

Notably, the shares allotted for the public issue were oversubscribed on the very first day of its issuance on Wednesday.

The shares reserved for retail individual investors were subscribed 17.63 times in total, data showed.

Harsha Engineering International is a major manufacturer of precision bearing cages, in terms of revenue, in the organised sector in India, and is touted among the leading manufacturers of precision bearing cages globally.

It plans to raise Rs 755 crore through the IPO that comprises a fresh issue of Rs 455 crore and an offer for the sale of shares worth Rs 300 crore by promoters.

The price band for the public issue was set in the range of Rs 318 to Rs 330 per share.

Some proceeds from the IPO will be utilised for debt repayment, funding capital expenditure, infrastructure repairs and renovation and general corporate purposes.

This is reportedly the strongest response to an IPO from investors so far in 2022 after Dreamfolks Services.

The IPO of Dreamfolks Services was fully subscribed within hours of opening for subscription on August 24. At the end of the three-day window for subscription, the shares were subscribed 56.68 times.

The public issue of the company was entirely an offer for sale, a mechanism that allows promoters to reduce their holdings in listed companies in a transparent manner.

Dreamfolks Services is touted as India's largest airport service aggregator platform. It has an early mover advantage in the airport services aggregator segment, and it claims to control 95 per cent market share in the segment. (ANI)

Source: Business