Harsha Engineers IPO listing today: Harsha Engineers International will make its debut on the trade shows today, September 30. The public issuance of Rs 755 crore was bought 74.7 times by participants, and despite the uncertainty in the stock markets, analysts expect the shares of Harsha Engineers to make a strong debut with a significant premium above the issue price of Rs 330 per share. According to the information available on the BSE website, with effect from Monday 26 September 2022, the shares of Harsha Engineers International Limited will be listed and admitted to trading on the exchange in the list of ‘B’ group of securities. Therefore, the shares of Harsha Engineers will be part of the Special Pre-open Session (SPOS) on Monday, September 26, 2022.
Harsha Engineer IPO: Subscription Status
The portion for qualified institutional buyers was subscribed 178.26 times, while the portion reserved for non-institutional investors was subscribed 71.32 times. The share of private investors was subscribed 17.63 times.
Harsha Engineer IPO Details
The lot size of Harsha Engineers IPO was 45 shares. It means that an investor has to spend a minimum of Rs 14,850. A private retail investor can submit bids for up to 13 lots or 585 shares by spending Rs 1,93,050. The price band of Harsha Engineers IPO was set at Rs 314-330 per share band.
Axis Capital Limited, Equirus Capital Private Limited and JM Financial Consultants were the lead managers of the IPO.
Harsha Engineer IPO GMP today
According to market observers, the IPO GMP of Harsha Engineers today is Rs 150, which means that the gray market expects the public issue to be around Rs 480 (Rs 330 + Rs 150), which is about 45 percent higher than the top price range of Rs 330 per share of shares.
Harsha Engineer IPO: What Are Analysts Saying?
Astha Jain, Senior Research Analyst at Hem Securities, expects a strong gain from Harsha Engineering’s IPO listing: “We expect the shares of Harsha Engineers to trade at a premium of 40 to 45 percent to the issue price. We recommend to make a partial profit while keeping the remaining profit for the long term, as the company, which is a comprehensive solution offering a diversified range of precision engineering products in different regions and end-user sectors, has long-standing relationships with leading The company’s strategically located national and international manufacturing facilities and warehouses and expertise in tooling, design development and automation with a consistent track record of growth and financial performance look strong to us.”
Aayush Agrawal, Senior Research Analyst at Swastika Investmart, expects a ‘grand debut’ for Harsha Engineers shares in Dalal Street: “We believe the company can surprise the markets and make a big debut to trade above its gray market premium. The company’s strong fundamentals, competitive advantages such as high barriers to entry and switching costs, experienced management team and robust growth prospects explain the healthy GMP. Furthermore, the company is a proxy play on India to become the global manufacturing hub. Our recommendation to investors is to hold the allocated shares and long-term investors can accumulate the shares in dips.”
Harsha Engineers is the largest precision bearing cage manufacturer, in terms of sales, in the organized sector in India, and one of the leading precision bearing cage manufacturers in the world. The company offers a diversified range of precision engineering products in different geographies and end-user sectors.
Harsha Engineer’s revenue from operations during the fiscal year 2021-2022 increased by 51.24 percent to Rs 1,321.48 crore, compared to Rs 873.75 crore a year ago. The after-tax profit doubled to Rs 91.94 crore for fiscal 2022, from Rs 45.44 crore for fiscal 2021.
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