Harsha Engineers International IPO Subscribed 74.65 Times On Final Day
Harsha Engineers IPO continued to see investor traction, led by non-institutional investors, on its final day of subscription.
The demand from qualified institutional buyers for Harsha Engineers International Ltd.’s initial public offering picked up pace on its final day of subscription.
The initial share sale, which comprises 25.13% of the post-issue equity capital of the company, included a fresh issue worth Rs 455 crore and an offer for sale of 90 lakh shares aggregating to Rs 300 crore by the promoter group, according to its red herring prospectus.
The company also kept Rs 2.5 crore worth of shares reserved for subscription by its employees.
Harsha Engineers said it will use the net proceeds from the IPO to pay off its existing debt worth Rs 270 crore. In addition, it will also invest Rs 77.95 crore towards capital expenditure to purchase machinery and Rs 7.12 crore for infrastructure and renovation works.
A manufacturer of precision bearing cages, Harsha Engineers International was incorporated back in 2010. The company makes brass, steel and polyamide cages along with complex and specialised precision stamped components.
Harsha Engineers presents a wide array of bearing cages, with diameter ranging from 20 mm to 2,000 mm, to sectors such as automotive, railways, aviation and aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors, among others.
In addition, through its solar EPC business, it provides turnkey solutions to solar photovoltaic requirements.
Subscription Status: Day 3
The IPO subscribed 74.65 times as of 5:00 p.m. on Sept. 16.
Institutional investors: 178.26 times.
Non-institutional investors: 71.31 times.
Retail investors: 17.53 times.
Employee reserved: 11.97 times.