homemarket NewsGrey market points to a strong debut for Harsha Engineers shares on Dalal Street

Grey market points to a strong debut for Harsha Engineers shares on Dalal Street

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By Sandeep Singh  Sept 26, 2022 8:03:21 AM IST (Published)

Harsh Engineers IPO listing: According to dealers, premium in the grey market suggests a strong listing on BSE and NSE for Harsha Engineers.

Harsha Engineers International — an Ahmedabad-based precision bearing cage manufacturer — is all set to make a debut on exchanges BSE and NSE on Monday. According to dealers, Harsha Engineers commanded a premium of Rs 170-240 in the grey market —  or an unofficial market for unlisted securities —  since the launch of its IPO, which saw a robust response from investors across categories.

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Harsha Engineers International's IPO, to raise up to Rs 755 crore, was open for subscription from September 14 to 16 wherein potential investors could bid for the company's shares in a price band of Rs 314-330 apiece in multiples of 45. The IPO was a combination of fresh issuance of shares worth up to Rs 455 and an offer for sale (OFS) by existing shareholders.
"Harsha Engineers got a voluminous subscription due to its decent prospects and pricing. However, a global sell-off may become a culprit and dent the listing prospects to some extent," Abhay Doshi, Co-Founder of Unlisted Arena — a portal that tracks grey markets and deals in unlisted securities — told CNBCTV18.com.
DateGrey market premium (in rupees)
Sept 24170
Sept 23170
Sept 22240
Sept 21240
Sept 20240
Sept 19240
Sept 17240
Sept 16235
Sept 15225
Sept 14210
(Source: IPO Watch)
"Nonetheless, Harsha Engineers is expected to make a strong debut and list in the Rs 450-500 range, rewarding applicants generously," Doshi said.
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.
Many brokerages had recommended subscribing to the Harsha Engineers IPO.
BrokerageRecommendation
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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