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Eyes On Harsha Engineers IPO Listing, Market Experts Call It A Strong Debut

Harsha Engineers is expected to raise Rs 455 crore in IPO through fresh issue and Rs 300 crore through an open offer

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As Harsha Engineers IPO's shares have been allotted, the eyes are on its listing date, which most likely is said to be on September 26. Meanwhile, despite uncertainty in the equity markets, Harsha Engineers is signalling a strong debut. As per the market experts, shares of the initial public offering were trading with an issue price of Rs 330 per share on Friday.

Prashant Tapse, Research Analyst, Sr VP Research, Mehta Equities said, "Considering the excellent response from the investor category, we assume that Harsha Engineers could list around Rs 480-500 levels, which translates to more than 45-51per cent premium over the upper end of the IPO price band."

Harsha Engineers planned to raise Rs 755 crore through the public issue. The company is expected to raise Rs 455 crore in IPO through the fresh issue and Rs 300 crore through an open offer.

In the IPO, a price band of Rs 314 to 330 was fixed per share. In this sense, 45 shares will be available in one lot. 35 per cent stake of the IPO was reserved for retail investors. A discount of Rs 31 per share is given to employees. NII's share in the issue was subscribed 71.3 times and QIB's share was subscribed 178.26 times.

Hence, the market experts advise that allotted investors should look at booking profits for such healthy listings in the current market scenario, while risk takers can hold for a long-term perspective. They say if investors wish to add Harsha Engineers on listing day, it is better to wait and watch before taking any aggressive approach.


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