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Harsha Engineers IPO subscribed nearly 75 times on final day

Harsha Engineers IPO subscribed nearly 75 times on final day

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By Sandeep Singh  Sept 15, 2022 12:51:46 PM IST (Published)

Harsha Engineers International IPO: The issue to raise up to Rs 755 crore concluded for subscription on September 16 with an overall subscription of 74.7 times the shares on offer.

Harsha Engineers International's IPO to raise up to Rs 755 crore was subscribed 74.7 times the shares on offer on September 16, the final day of the bidding process. The IPO of Ahmedabad-based precision bearing cage manufacturer Harsha Engineers was a combination of fresh issuance of shares worth up to Rs 455 and an offer for sale (OFS) by existing shareholders. Bidding will conclude on Friday, September 16.

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By the end of the day, the Harsha Engineers public offer received bids for an overall 126 crore shares as against the 1.7 crore on offer, according to provisional exchange data.
Harsha Engineers' was the fourth initial share sale to hit Dalal Street within a little over a month, following the primary market offerings of Syrma SGS, DreamFolks and Tamilnad Mercantile Bank.
The Harsha Engineers IPO was open for subscription from September 14 to September 16. Potential investors could bid for Harsha Engineers shares under the IPO within a price range of Rs 314-330 apiece in multiples of 45.
Many brokerages suggested subscribing to the Harsha Engineers IPO.
Harsha Engineers is "demanding an EV/sales multiple of 2.2 times, which is at a discount to a peer average of 5.6 times... The issue is attractively priced," said Choice Broking.
Here's what other brokerages make of the IPO:
Motilal OswalSubscribe for listing gains
Ventura SecuritiesSubscribe
Angel OneSubscribe
Choice BrokingSubscribe
Arihant CapitalSubscribe for long term
BP WealthSubscribe for long term and for listing gains
LKP SecuritiesSubscribe
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