Price of Harsha Engineers IPO: Prospective investors can bid for shares of Harsha Engineers in a price range of Rs 314-330 each in multiples of 45 in the IPO .
Harsha Engineers International’s IPO to raise up to Rs 755 crore was 60% subscribed in total on Wednesday, the first day of the bidding process. The IPO of Ahmedabad-based precision bearing cage manufacturer, Harsha Engineers, is a combination of a new share issue worth up to Rs 455 and an offer to sell (SFO ) by existing shareholders. Auctions will end on Friday, September 16.
As of 11:40 a.m., Harsha Engineers’ public offering received bids for more than a crore of shares against a total of 1.7 crore of shares on offer, according to preliminary trading data.
|Qualified Institutional Buyers||None|
|Non-institutional investors (high net worth individuals)||68%|
Harsha Engineers CEO Vishal Rangwala told CNBC-TV18 the company is a indirect supplier of Tesla and Tata Motors in the electric vehicle segment. The contribution of two- and three-wheelers to the segment is in the single digits, he said.
“Through our customers, we supply the electric vehicle market… We are the supplier to our customer in the United States who, in turn, supplies to Tesla. Similarly, in India, we supply to our customer who, in turn, supplies to Tata Motors and the electric vehicle. For us, two-wheelers, three-wheelers and passenger vehicles are a very small market, even within automotive,” he said. declared.
The company sees great potential in its EPC business and expects its solar EPC business to break even this year, he added.
Harsha shares are set to debut on the BSE and NSE exchanges on September 26.
Many brokerages recommend subscribing to Harsha Engineers IPO. Motilal Oswal, for example, suggests subscribing to the show to quote earnings.
Harsha Engineers “demands an EV/sales multiple of 2.2x, which is a discount to a peer average of 5.6x… The issue is attractively priced,” according to Choice Broking.
Here’s what other brokerages think of the IPO:
|Motilal Oswal||Subscribe for signup earnings|
|Brokerage of choice||Subscribe|
|Capital of Arihant||Subscribe long term|
|BP Heritage||Subscribe for long term and for signup earnings|
(Edited by : Sandep Singh)
First post: STI