Home / Markets / Ipo /  Harsha Engineers IPO: Latest GMP ahead of share allotment. How to check application status online
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The Initial Public Offer (IPO) of Harsha Engineers International got subscribed 74.70 times, led by strong demand from institutional buyers, on the last day of subscription that closed on Friday. The public issue received bids for 125.96 crore shares against 1.68 crore shares on offer, according to a data with the NSE.

The quota for Qualified Institutional Buyers (QIBs) got subscribed 178.26 times, while the portion for non-institutional investors received 71.32 times subscription. The category for Retail Individual Investors (RIIs) got subscribed 17.63 times.

The finalization of basis of the share allotment of Harsha Engineers IPO is expected to take place this week on Wednesday, September 21, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Friday, September 23, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar's website here or on the BSE website here.

As per market observers, Harsha Engineers shares are available at a premium (GMP) of 195 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Monday, September 26, 2022.

The IPO of up to 755 crore had a fresh issue of up to 455 crore and an offer for sale of up to 300 crore. The price range for the offer was at 314-330 a share. Axis Capital, Equirus Capital and JM Financial were the managers to the initial share sale.

Proceeds from the fresh issue to the tune of up to 270 crore will be utilised for debt payment, up to 76 crore for funding working capital requirements towards purchase of machinery, up to 7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.

Harsha Engineers International Ltd is the largest manufacturer of precision bearing cages, with 50-60% market share in the organized market. It offers diversified suite of precision engineering products across geographies and end-user industries. It operates under 2 business divisions - engineering business and solar EPC business.

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