Harsha Engineers International Ltd. makes a strong debut on the bourses with scrip got listed at Rs 444.00 on the Bombay Stock Exchange, a 34.54 per cent premium to its issue price of Rs 330.00. On the National Stock Exchange, the stock was listed at Rs 450.00. The company, which raised 2.37 Cr from initial public offering, was subscribed 55.38 times, receiving bids for 13,127.67 lakhs shares against the total issue size of 237.05 lakhs shares. The company, listed under B Group Securities post its IPO, opened for subscription from Sep 14 to Sep 16. Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for (a) Prepayment or scheduled repayment of a portion of the existing borrowing availed by our Company(b) Funding capital expenditure requirements towards purchase of machinery(c) Infrastructure repairs and renovation of our existing production facilities including office premises in India and(d) General corporate purposes. Axis Capital Ltd.,Equirus Capital Private Limited,JM Financial Ltd. as lead managers & Link Intime India Private Limited is the registrar, to the issue. Meanwhile, the broader benchmark BSE Sensex closed trade at 58,098.92, down 1,020.80 points, or 1.72 per cent.