The Initial Public Offering (IPO) of Harsha Engineers International has been subscribed over 74.70 times.

By Abhijit Jha

There was strong demand from institutional buyers on the last day of the subscription which closed on Friday.

According to NSE data, the public issue received bids for 125.96 crore shares while 1.68 crore shares were offered.

The Retail Individual Investor (RII) category is subscribed to Harsha Engineers International over 17.63 times.

The basis for the share allocation of Harsha Engineers IPO is expected to be finalized this week on Wednesday, September 21, 2022.

If allotted, the shares will be credited to the Demat accounts of the bidders on Friday, September 23, 2022.

According to market experts, the shares of Harsha Engineers are currently available at a premium (GMP) of 195 in the market.

The company's shares are expected to be listed on the major stock exchanges BSE and NSE on Monday, September 26, 2022.

The initial public offering (IPO) of up to Rs 755 crore included the fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore.

Up to Rs 270 crore from the new issue will be used for debt repayment and up to Rs 76 crore for working capital funding.