Harsha Engineers International IPO
Harsha Engineers International Limited (HARSHA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 26 September 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +66.1% (likely range +32% to +131%), day's high +80.0%, chance of a gain 97%. Actual: +36.4% at the open, +59.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 47,92,950 | 85,43,74,410 | 178x | |
| NII (HNI) total | 35,94,780 | 25,63,87,230 | 71.3x | |
| Big NII (above ₹10 lakh) | 23,96,520 | 17,92,04,265 | 74.8x | |
| Small NII (₹2-10 lakh) | 11,98,260 | 7,71,82,965 | 64.4x | |
| Retail | 83,87,730 | 14,78,85,660 | 17.6x | |
| Employees | 88,335 | 10,65,915 | 12.1x | |
| Total | 1,68,63,795 | 1,25,97,13,215 | 74.7x |
Bids on NSE and BSE together, as published by NSE, as of 16 Sep 2022, 07:00 PM. Shares offered exclude the anchor portion. 10% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Harsha Engineers International's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| FSN Ecommerce VenturesNov 2021 | 91.2x | 112x | 12.2x | 81.8x | — | +79.4% | +99.8% |
| Dodla DairyJun 2021 | 84.9x | 73.3x | 11.3x | 45.6x | ₹520 Cr | +28.5% | +52.3% |
| Ami OrganicsSep 2021 | 86.6x | 155x | 13.4x | 64.5x | ₹569 Cr | +49.2% | +58.5% |
| RailTel Corporation of IndiaFeb 2021 | 65.1x | 73.3x | 16.8x | 42.4x | ₹820 Cr | +16.0% | +36.0% |
| Laxmi Organic IndustriesMar 2021 | 175x | 218x | 20.1x | 107x | ₹605 Cr | +19.6% | +34.3% |
| Prataap SnacksSep 2017 | 76.9x | 101x | 8.48x | 47.4x | ₹485 Cr | +35.4% | +40.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| Equirus Capital | 34 | +21.3% | 74% |
| JM Financial | 109 | +22.8% | 75% |
Offer documents (NSE)
Frequently asked
What is the Harsha Engineers International IPO price band and lot size? ₹314–330 per share, with a lot of 45 shares, so the smallest retail bid is ₹14,850.
How many times has it been subscribed? 74.7x overall: QIB 178x, NII 71.3x, retail 17.6x, employees 12.1x.
How did it list? It opened at ₹450, +36.4% against the issue price of ₹330, and closed its first day +47.4%.
