The initial public offer of Harsha Engineers International got subscribed 10.35 times on the second day of subscription on Thursday.
The public offer received bids for 17,45,50,545 shares against 1,68,63,795 shares on offer, according to data available with the NSE.
The category for non-institutional investors got subscribed 24.91 times, while the portion for Retail Individual Investors (RIIs) received 9.14 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.63 times.
The Initial Public Offer (IPO) of Rs 755 crore has a fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore.
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Price range for the offer has been fixed at Rs 314-330 per share.
The initial public offer of Harsha Engineers had got fully subscribed on the first day of subscription on Wednesday.
Proceeds from the fresh issue to the tune of up to Rs 270 crore will be utilised for debt payment, up to Rs 76 crore for funding working capital requirements towards purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.
The company has five manufacturing facilities, with two of its principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania, which allow access to its customers in over 25 countries.
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Axis Capital, Equirus Capital and JM Financial are the managers to the offer.
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