 "Harsha Engineers most subscribed IPO this calendar year with 75x mop up")
The initial public offering (IPO) of Harsha Engineers International (HEIL) saw 75 times more demand than shares on offer, making it the most oversubscribed maiden share sale for this year.
Enthused by the 40 per cent grey market premium, investors have placed bids worth more than Rs 40,000 crore on the IPO. The institutional investor portion was subscribed 178.3 times, the high net worth individual (HNI) portion by 71 times, the retail investor portion by 18 times and the portion reserved for employees by 12 times.
HEIL is a manufacturer of precision bearing cages, welded assemblies and brass castings. The company had set a price band of Rs 314-330 per share in the IPO, which consisted of Rs 455 crore fresh fund raise and a secondary share sale of Rs 300 crore. At the top end of the price band, HEIL is valued at about Rs 3,000 crore.
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