Harsha Engineers IPO Allotment DateThe initial public offering (IPO) of Harsha Engineers International Limited was subscribed 74.70 times on the final day. As per NSE IPO data, against 1,68,63,795 shares on offer, the bids were received for 1,25,96,90,175 shares on the last day. Harsha Engineers IPO remained open between September 14-16. The retail category was subscribed 17.6 times, NIIs quota was filled 71.3 times and QIBs portion was subscribed the most at 178.26 times on Friday.    

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One of the largest manufacturers of precision bearing cages in organised sector in India, Harsha Engineers International Limited had fixed the IPO size at Rs 755 crore, which comprised a fresh issue of Rs 455 crore and open offer for sale (OFS) of Rs 300 crore. The company had fixed a price band of Rs 314-330 for the issue, whose bid lot comprised 45 shares and in multiple thereof. The retail allocation was capped at 35% for Harsha Engineers IPO. It also has employees reservation to the tune of Rs 2.50 crore of the IPO. The employees will be given a discount of Rs 31 per share, as per LKP Securities.    

As Harsha Engineers IPO closed for subscription on Friday, below is the full timeline of the IPO, including share allotment date and listing date  

Harsha Engineers IPO Open Date: September 14, 2022 

Harsha Engineers IPO Closing Date: September 16, 2022 

Harsha Engineers IPO Allotment Date: September 21, 2022 

Harsha Engineers IPO Refund Initiation Date: September 22, 2022 

Harsha Engineers IPO Share Allotment Finalisation: September 23, 2022 

Harsha Engineers IPO Listing Date: September 26, 2022. 

Earlier, Zee Business Managing Editor Anil Singhvi had recommended to subscribe the issue.  Zee Business Managing Editor said the company boasts of combination of new and experienced promoters with clean track record, has strong financials and growth outlook. "It is also almost a debt-free company with attractive valuations. Apply for both big listing gain and long-term," he said.  

Singhvi had said exposure to Europe, China and USA is huge at 57% of its revenue, which is the only negative for this company. 

LKP Securities in its IPO note also suggested applying for Harsha Engineers IPO. At the higher price band of Rs330, HEIL is valued at 27.7x FY22 earnings of ₹11.9, which in our view is reasonable compared to its peers, it said.   

"The company with its strong market share in precision bearing cages and being one of the leading players globally in organized bearing cages, having strong clientele with long standing relationship provides healthy return ratios and visibility going ahead. We recommend investors to SUBSCRIBE to the IPO," it added.  

The company’s products find their application in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors, etc. The government’s thrust on infrastructure, agriculture reforms, the revival of private CAPEX, and rising housing & real estate demand augurs well for the aforementioned sectors and the company’s prospects.