Harsha Engineers International IPO subscribed 10.35 times on Day 2 of issue

The initial public offering (IPO) of Harsha Engineers International was subscribed 10.35 times on Thursday, the second day of the issue.

The institutional investor portion was subscribed 1.6 times, the high net worth individual (HNI) portion by 24.9 times, the retail investor portion by 9.14 times and the portion reserved for employees by 6.3  times.

On Tuesday, the company raised Rs 225.7 crore from anchor investors. The company allotted 68.4 lakh shares at Rs. 330 per share. The company is a manufacturer of precision bearing cages, welded assemblies and brass castings.

The company has more than 50 per cent of the market share in the organised segment of the Indian bearing cages market. And 6.5 per cent of the market share in the global organised bearing cages market for brass, steel and polyamide cages in CY 2021.

The company caters to customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, and renewables sectors.