Latest News | Harsha Engineers IPO Fully Subscribed on Day One

New Delhi, Sep 14 (PTI) The initial public offer of Harsha Engineers IPO got fully subscribed on the first day of subscription on Wednesday.

The public offer received bids for 3,24,61,830 shares as against 1,68,63,795 shares on offer, translating into 1.92 times subscription, according to data available with the NSE till 1734 hrs.

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Retail individual investors' category received 2.28 times subscription, while the quota for non-institutional investors was subscribed 3.60 times. The category for qualified institutional buyers (QIBs) got 0.05 times subscription.

The public issue will conclude on Friday.

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Harsha Engineers International, a manufacturer of precision bearing cages, has fixed the price band at Rs 314-330 per share for its Rs 755-crore initial public offering (IPO).

The Rs 755-crore public issue consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer-for-sale (OFS) of up to Rs 300 crore by existing shareholders.

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.

The company has five manufacturing facilities with two of its principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania, which allow access to its customers in over 25 countries.

Axis Capital, Equirus Capital and JM Financial are the book running lead managers to the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)