Shares of Harsha Engineers will be listed today. After the company’s ₹755-crore IPO was subscribed a massive 74.70 times, the company has fixed the issue price as ₹330.
While the retail category was subscribed 17.6 times, NIIs portion saw a subscription of 71.3 times and QIBs portion a whooping 178.26 times.
Anchor investors
The IPO size was ₹755 crore comprising a fresh issue of ₹455 crore and open offer for sale (OFS) of ₹300 crore.
Ahead of the issue, the company raised ₹225.75 crore by allotting 68.40 lakh shares to 23 anchor investors, who included American Funds Insurance, Goldman Sachs India Equity, HDFC Small Cap Fund, Abu Dhabi Investment Authority, Nippon India Small Cap Fund, SBI Multi Asset Allocation Fund, Whiteoak Capital Flexicap, Pinebridge India Equity, Franklin India Smaller Cap, SBI Life Insurance, DSP Small Cap Fund, L&T Focussed Equity Fund and ICICI Prudential LIC.
The cages manufacturer will utilise fresh issue proceeds for repaying some debts, purchase of machinery, and infrastructure repairs and renovation of existing production facilities including office premises in India, apart from general corporate purposes.