Harsha Engineers IPO Listing Today: Harsha Engineers International will make its debut on the bourses today, September 30. The Rs 755-crore public issue was bought 74.7 times by participants, and despite uncertainty in the equity markets, analysts expect Harsha Engineers stocks to make a strong debut with a significant premium over its issue price of Rs 330 per share. As per the information available on BSE website, effective from Monday, September 26, 2022, the equity shares of Harsha Engineers International Limited shall be listed and admitted to dealings on the exchange in the list of ‘B’ group of securities. Hence, Harsha Engineers shares will be a part of the Special Pre-open Session (SPOS) on Monday, September 26, 2022.
Harsha Engineer IPO: Subscription Status
Its qualified institutional buyer portion was subscribed 178.26 times, while the portion reserved for non-institutional investors saw a subscription of 71.32 times. The retail investors’ portion was subscribed 17.63 times.
Harsha Engineer IPO Details
The lot size of Harsha Engineers IPO was 45 shares. It means an investor needed to spend a minimum of Rs 14,850. A retail individual investor could submit bids for up to 13 lots or 585 shares by spending Rs 1,93,050. Harsha Engineers IPO’s price band was fixed 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, Harsha Engineers IPO GMP today is Rs 150, which means grey market is expecting that the public issue may list around Rs 480 ( Rs 330 + Rs 150), which is around 45 per cent higher from its upper price band of Rs 330 per equity share.
Harsha Engineer IPO: What Do Analysts Say?
Expecting strong gain from Harsha Engineering IPO listing, Astha Jain, Senior Research Analyst at Hem Securities said, “We are expecting Harsha Engineers shares to list at 40 to 45 per cent premium to issue price. We recommend booking partial profit while remaining can be kept for long term as the company being comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries has long standing relationships with leading clientele. Company’s strategically located domestic and international production facilities and warehouses & expertise in tooling, design development and automation with consistent track record of growth and financial performance is looking strong to us.”
Expecting ‘grand debut’ of Harsha Engineers shares on Dalal Street, Aayush Agrawal, Senior Research Analyst at Swastika Investmart said, “We believe that the company may surprise the markets and might make a grand debut to list above its grey market premium. The company’s strong fundaments, competitive advantages like high entry barriers and switching costs, experienced management team, and robust growth outlook explains the healthy GMP. Further, the company is a proxy play on India becoming the global manufacturing hub. Our recommendation for the investors is to hold the allotted shares and long-term investors can accumulate the stock on dips.”
Harsha Engineers is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and among the leading manufacturers of precision bearing cages in the world. The company offers diversified suite of precision engineering products across geographies and end-user industries.
Harsha Engineer’s revenue from operations during the financial year 2021-22 jumped 51.24 per cent to Rs 1,321.48 crore, compared with Rs 873.75 crore a year ago. Its profit after tax doubled to Rs 91.94 crore for the financial year 2022, from Rs 45.44 crore for fiscal 2021.
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