Harsha Engineers Public Offer Subscribed 74.70 Times On Last Day Of Offer

The Initial Public Offer (IPO) of Harsha Engineers International got subscribed 74.70 times, helped by heavy demand from institutional buyers, on the last day of subscription on Friday.

The public offer received bids for 125.96 crore shares against 1.68 crore shares on offer, according to a data with the NSE.

The 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.

On Wednesday, the IPO of Harsha Engineers had got fully subscribed on the first day of subscription.

The IPO of up to Rs 755 crore had a fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore.

The price range for the offer was at Rs 314-330 a 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.

The company has five manufacturing facilities, with two of its principal manufacturing facilities at Changodar and at Moraiya, near Ahmedabad in Gujarat, 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 were the managers to the offer. 

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