In the IPO, qualified institutional buyers (QIB) bid the most, followed by high-net-worth clients. Retail investors were also in high demand for the IPO.
On the last day of the public offering, the Harsha Engineers International IPO was oversubscribed 74.70 times. The largest bidders in the IPO were qualified institutional buyers (QIB), followed by high-net-worth clientele. Retail investors were also in high demand for the IPO. On Sunday, the IPO was trading at 240 in the grey market. The process of assigning shares to bidders will be completed within six working days of the IPO’s closing day.
Harsha Engineers IPO GMP
The Harsha Engineers IPO currently has a GMP of 240 per equity share in the grey market. A grey market is an unofficial marketplace where traders can buy and sell a company’s stock.Harsha Engineers, with a GMP of 240 per share, is likely to list at a premium of 570 per share (upper price band of 330 per share + 240 per share GMP).
Harsha Engineers IPO distribution
Harsha Engineers claimed in its red herring prospectus that the “Company is required to complete allotment pursuant to the Offer within six working days of the Bid/Offer Closing Date.”
Nonetheless, Harsha Engineers expects to allot shares to qualified bidders in the IPO on September 21.
The company is expected to go public on September 26, 2022. It will be traded on both the NSE and the BSE.
Harsha Engineers Initial Public Offering
Harsha Engineers launched an initial public offering (IPO) to raise Rs 755. The IPO was oversubscribed by 74.70 times on Day 3. The amount intended for QIBs was oversubscribed 178.26 times, while the portion reserved for the NII category (HNIs) was oversubscribed 71.32 times. The reserved share for retail individual investors was 17.63 times oversubscribed.The IPO is priced between $314 and $330 per equity share.
Expected growth!
Harsha Engineers is India’s largest precision bearing cage manufacturer in terms of sales, and one of the world’s leading precision bearing cage manufacturers. Across countries and end-user sectors, the company provides a diverse array of precision engineering products.
In CY 2021, it has roughly 50-60% of the organised portion of the Indian bearing cages market and 6.5% of the global organised bearing cages market for brass, steel, and polyamide cages.
The company’s revenue increased significantly in FY22 to 1,321.5 crore, up from 873.7 crore in FY21 and 885.8 crore in FY20. PAT increased to 91.9 crore in FY22, compared to 45.4 crore in FY21 and 21.9 crore in FY20.
