Harsha Engineers shares make stellar debut, list at 36% premium to issue price

Shares of Harsha Engineers International made a stellar debut today, listing at 36.36 per cent premium to their IPO issue price. The company listed at Rs 450 (up 36.36 per cent) on the NSE against the IPO issue price of Rs 330. Market cap of the firm rose to Rs 4,097 crore. Total 24.56 lakh shares of the firm changed hands amounting to a turnover of Rs 110.55 crore on the NSE.

The stock listed at Rs 444 (34.55 per cent) on the BSE compared with issue price of Rs 330 per share. Market cap of the firm rose to Rs 4,042 crore. Total 1.69 lakh shares of the firm changed hands amounting to a turnover of Rs 7.49 crore on the BSE.

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The share sale had a price band of Rs 314 to Rs 330 per share. The IPO was subscribed 74.70 times on the last day of the bidding process on September 16. The IPO was held from March 15 to March 19. The IPO received bids for 1,25,96,90,175 shares against 1,68,63,795 shares on offer, according to an update on the BSE. The portion for retail investors was fully subscribed 17.66 times, while that for qualified institutional buyers was subscribed 178.26 times.

The lot size of Harsha Engineers IPO was 45 shares for which one would have to spend Rs 14,850. A retail individual investor could submit bids for up to 13 lots or 585 shares by spending Rs 1,93,050. Axis Capital Limited, Equirus Capital Private Limited and JM Financial Consultants were the lead managers of the IPO.