Harsha Engineer Initial Public Offer signed up 74.70 times on the last day of the offer

Harsha Engineers Public Offer is subscribed 74.70 times on the last day of the offer

The IPO up to Rs 755 crore had a new issue of up to Rs 455.

New Delhi:

Harsha Engineers International’s Initial Public Offering (IPO) was registered 74.70 times, thanks to strong demand from institutional buyers, on its last registration day on Friday.

According to an NSE data, the public offering received a bid of 125.96 crore compared to the 1.68 crore offered.

The Quota for Qualified Institutional Buyers (QIBs) was registered 178.26 times, while the section for non-institutional investors received 71.32 registrations.

The Retail Individual Investor (RII) Portfolio has been registered 17.63 times.

On Wednesday, the Harsha Engineers IPO was fully booked on the first day of registration.

The IPO up to Rs 755 crore had a new issuance up to Rs 455 crore and an offer to sell up to Rs 300 crore.

The asking price range is Rs 314-330 per share.

Proceeds from the new issue of up to 270 crore will be used to repay debt, up to 76 crore to finance working capital needs for the purchase of machinery, up to 7.12 crore to repair the facility infrastructure and renovating existing production facilities and for general company proposals.

The company has five production sites, with two main production sites in Changodar and Moraiya, near Ahmedabad in Gujarat, and one production site each in Changshu, China and Ghimbav Brasov in Romania, allowing access its customers in more than 25 countries.

Axis Capital, Equirus Capital and JM Financial are the curators of this offer.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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