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Issue subscribed 74.70 times on final day led by QIBs and non institutional investors


Harsha Engineers IPO GMP Subscription Standing at present: The initial public offering (IPO) of Harsha Engineers International, a producer of precision bearing cages, which obtained totally subscribed inside hours of opening earlier this week, was subscribed 74.70 occasions on the ultimate day, in accordance with the info obtainable on the Nationwide Inventory Alternate (NSE).

The Rs 755 crore provide acquired bids for almost 125.97 crore (1,25,96,90,175) shares towards the difficulty dimension of almost 1.69 crore (1,68,63,795) shares, the info confirmed.

The shares that are to be allotted for the certified institutional patrons (QIBs) was subscribed 178.26 occasions, whereas the portion for non institutional buyers was subscribed 71.32 occasions and that of retail particular person buyers (RIIs) was subscribed 17.63 occasions, the data confirmed. Aside from them, the staff’ phase was subscribed 12.07 occasions.

Harsha Engineers IPO consists of a recent concern of fairness shares aggregating to Rs 455 crore, and an offer-for-sale (OFS) of as much as Rs 300 crore by current shareholders. As part of the OFS, Harish Rangwala (as much as Rs 75 crore), Rajendra Shah (as much as Rs 66.75 crore), Pilak Shah (as much as Rs 16.5 crore), Charusheela Rangwala (as much as Rs 75 crore) and Nirmala Shah (as much as Rs 66.75 crore) will offload shares.

The web proceeds from the recent concern might be utilised for pre-payment or scheduled compensation of a portion of the present borrowing availed by our firm, funding capital expenditure necessities in the direction of buy of equipment, infrastructure repairs and renovation of our current manufacturing amenities together with workplace premises in India and normal company functions.

The three-day IPO opened for subscription on Wednesday, September 14, 2022, and concluded at 5 pm at present. It has a value band of Rs 314-330 per share.

Proper earlier than the beginning of the IPO, Harsha Engineers Worldwide raised over Rs Rs 225.74 crore (Rs 2,25,74,82,150) from 23 anchor buyers.

Harsha Engineers Worldwide is the biggest producer of precision bearing cages in India (brass/metal/polyamide) with 50-60 per cent market share within the organized market. It is usually one of many main gamers globally with market share of 6.5 per cent for brass, metal and polyamide cages in CY21 (forming 75 per cent of world bearing cage requirement). It caters to every of the highest six international bearing firms and derives 75 per cent income from this phase.

Going forward, buyers will now sit up for the share allotment date of the difficulty. The finalisation of the idea of allotment for Harsha Engineers Worldwide is anticipated to happen on Wednesday, September 21, 2022, as per the data offered within the purple herring prospectus (RHP).


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