Harsha Engineers IPO Subscription Status: Harsha Engineers IPO: Harsha Engineers IPO was a hit, got more than 100% subscription on the very first day

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New Delhi: Harsh Engineers IPO has been taken by the investors hand-in-hand. This IPO has got more than 100 percent subscription on the very first day. This IPO has received a total subscription of 1.71 times till 2:54 pm. The company has invited bids for a total of 1,68,63,795 shares. At the same time, bidders have placed bids for 2,88,57,060 shares. The company’s IPO can be subscribed till September 16, 2022.

Know how much subscription got in which category

This IPO has got 0.01 percent subscription in the category of Qualified Institutional Buyers (QIBs). At the same time, it has got 2.89 percent subscription in the non-institutional investors category. It has subscribed 2.19 times in the category of retail individual investors and 1.48 times in the reserved category for employees.

Know about this IPO

The company has fixed a price band of Rs 314-330 for this IPO (Harsha IPO Price Band). The company will raise Rs 755 crore through this stake sale. Under this, the company will issue new shares worth Rs 455 crore. At the same time, existing promoters will sell shares worth Rs 300 crore.

SUBSCRIBE THIS IPO OR NOT

Most of the brokerages seem very optimistic about this issue and are advising to subscribe to it. However, buoyancy in raw material prices and dependence on some big clients are being shown as major concerns.

This IPO has been given a subscribe rating by Nirmal Bang Equity Research. Motilal Oswal Financial Services has advised to invest money in this IPO to get Gain on Listing. Religare Broking has assigned neutral rating to this IPO. Canara Bank Securities has advised to subscribe to this IPO for long term and to reap profits on listing. Apart from these, Choice Broking and BP Equities have also given subscribe rating to this IPO.

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