The share allotment status of Harsha Engineers International's initial public offering (IPO) would be announced on Wednesday. The initial share sale of Ahmedabad-based company got subscribed 74.70 times, helped by heavy demand from institutional buyers, on the last day of subscription (September 16). The public offer received bids for 125.96 crore shares against 1.68 crore shares on offer, BSE data showed.
The qualified institutional buyers' (QIBs') portion got subscribed 178.26 times, while non-institutional investors' category received 71.32 times subscription. The quota for retail individual investors (RIIs) got subscribed 17.63 times. The IPO was fully subscribed on the first day of issuance (September 14).
The IPO of up to Rs 755 crore had a fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore. The price range for the offer was at Rs 314-330 a share.
Here's how to check the share allotment status on BSE:
* Open https://www.bseindia.com/investors/appli_check.aspx on your browser;
* Select 'Equity' option and issue name – 'Harsha Engineers' from the dropdown;
* Enter your application number and PAN (Permanent Account Number) details
* Check CAPTCHA and click submit to view the status.
Meanwhile, market participants suggested that Harsha Engineers IPO grey market premium (GMP) is around Rs 200. This implies that the grey market is expecting the lender to list around Rs 530 (Rs 330 + Rs 200), which is more than 60 per cent to the IPO's upper band price of Rs 330 per equity share.
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.
The company's revenue from operations increased by 51.24 per cent to Rs 1,321.48 crore for fiscal 2022, from Rs 873.75 crore for fiscal 2021, while profit after tax doubled to Rs 91.94 crore for fiscal 2022, from Rs 45.44 crore for fiscal 2021.
Shares of the company are likely to be listed at the exchanges on September 26.
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