Harsha Engineers IPO Share Allotment on Wednesday: After subscription, all eyes are now set on the Harsha Engineers IPO allotment date, which is most likely September 21. The Rs 755-crore initial public offering (IPO) of Harsha Engineers International was subscribed 74.7 times on Friday – the final day of bidding. The issue received bids for 125.97 crore shares against the 1.69 shares on offer, according to the stock exchanges data. This is the strongest response to an IPO from investors so far in 2022.
The IPO was a mix of a fresh issue of shares aggregating to Rs 455 crore and an offer for sale of up to Rs 300 crore. On Tuesday, the company raised Rs 226 crore from anchor investors ahead of its public issue by allotting 68.41 lakhs shares to institutions.
Harsha Engineers IPO: Subscription Status
The qualified institutional buyer portion was subscribed 178.26 times, while the portion reserved for non-institutional investors witnessed a subscription of 71.32 times. The retail investors’ portion was subscribed 17.63 times.
Harsha Engineers IPO Share Allotment Date, Listing Date
The basis of allotment for Harsha Engineers IPO will begin on September 21, Friday. On the other hand, investors who will not win the bid are likely to get their refunds on September 22, Thursday. Investors who win the bid will receive credit to their demat accounts on September 23, Friday.
Harsha Engineers IPO: How to check allotment status
Those who have applied for the public issue are advised to check their application status online after the announcement of share allotment. They can check Harsha Engineers IPO allotment status online by logging in at the BSE website — bseindia.com or at the website of official registrar of the IPO — Link Intime India Private Ltd. For convenience, they can login at direct BSE link — bseindia.com/investors/appli_check.aspx or at direct Link Intime web link — linkintime.co.in/MIPO/Ipoallotment.html.
Harsha Engineers IPO Issue: Objectives
Proceeds from the fresh issue to the tune of up to Rs 270 crore will be utilised for debt payment, up to Rs 76 crore for funding working capital requirements towards purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.
Harsha Engineers IPO GMP Today
Market observers went on to add that Harsha Engineers IPO GMP today is Rs 215 that means grey market is expecting that shares of the company may list around Rs 545 ( Rs 330 + Rs 215), which is around 65 per cent higher from its price band of Rs 314 to Rs 330 per equity share. This means, grey market is expecting listing premium from Harsha Engineers IPO to the tune of 65 per cent today.
However, stock market experts said that GMP is not an ideal indicator about the possible listing premium from an IPO. They said that GMP figures might be an artificial one as it involves even those who have high stake involved with the public offer. They said that it keeps on changing on daily basis and hence one should stick to the basics and rely on the fundamentals of the company that is available in the balance sheet of the company. Market experts advised allottees to go through the balance sheet of the company instead of following the grey market sentiments.
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