New Delhi [India], September 16 (ANI): The initial public offering of Harsha Engineers International was subscribed 10.35 times at the end of the second day of its three-day public issue.

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

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As of now, the shares reserved for retail individual investors have been subscribed 9.14 times so far, data showed.

The public issue for subscriptions will conclude today.

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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.

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

Following are some of the views by brokerage firms about the company's IPO:

Anand Rathi

With over 35 years of operating history in the precision bearing cages market, a brightening outlook of the global automobile sector, a high degree of focus on manufacturing complex and specialized precision stamped components, robust revenue & profit growth of 22% and 105 per cent in the last three years we believe that HEIL is well-placed to capture growth recovery in the auto/auto ancillary sector...We recommend a 'SUBSCRIBE' rating for this IPO.

Geojit Financial Services

HEIL will not be impacted by the automotive segment's shift towards EVs as they are not manufacturing needle bearings cages, which are engine components, while the EV shift will increase the precision requirements sought by customers, which will help companies like HEIL to improve their market share further... Considering its strong financials and market share, the China-plus-one strategy by major economies and the growing outsourcing trend of bearing manufacturers, we assign a "Subscribe" rating on a medium to long-term basis.

Choice Broking

Considering the future growth outlook of the bearing market; HEIL's dominant position in the bearing cage market and the demanded attractive valuations, we assign a "SUBSCRIBE" rating for the issue.

Hem Securities

The company is a comprehensive solution provider offering a diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele. The company's strategically located domestic and international production facilities and warehouses and expertise in tooling, design development and automation with a consistent track record of growth and financial performance are looking strong to us. Hence, looking after all the above, we recommend "Subscribe" to this issue. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)