Strong debut by Harsha Engineers, up 36% over IPO

Harsha Engineers International made a strong debut on Monday in a weak market, with its shares listing at ₹450 on the NSE, a premium of 36% over its issue price of ₹330.

The stock closed at ₹482.70 on the NSE, a 46.27% premium to its issue price. About 185.8 million shares were traded on the first day.

The ₹755-crore initial public offer of the precision bearing cages maker was subscribed 74.7 times earlier this month. The IPO remained open for subscription between September 14 and September 16. The company sold its shares for ₹314-330 apiece.


The company raised ₹226 crore from anchor investors ahead of the IPO by selling 6.84 million shares at ₹330 per share.

The anchor investors included global names such as American Funds Insurance, Goldman Sachs, PineBridge Global, Abu Dhabi Investment, and domestic mutual funds such as HDFC, SBI, Franklin Templeton, UTI, and ICICI Prudential.