Harsha Engineers IPO: The IPO of Harsha Engineers International (HEIL) has received an overwhelming response from investors. The issue witnessed a demand 75 times higher than the shares. With this, it became the most subscribed first issue of the year.
40% jump in gray market
The gray market premium of Harsha Engineers IPO is up 40 per cent. Buoyed by the gray market premium, investors have bid over Rs 40,000 crore on the IPO. Institutional investors were subscribed 178.3 times, High Net Worth Individuals (HNIs) 71 times, Retail investors 18 times and Employees’ Reverse share 12 times.
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The price band was fixed at Rs 314-330
The company had fixed a price band of Rs 314-330 per share in the IPO. This included fresh fund raising of Rs 455 crore and secondary share sale of Rs 300 crore. Harsha Engineers International is the largest manufacturer of precision bearing cages.