Shares of Harsha Engineers International made a strong stock market debut on Monday. The stock listed 36 per cent higher than the issue price of Rs 330 on the stock exchanges.
The company's opened for trading at Rs 444, reflecting a jump of 34.54 per cent against the issue price on the BSE. It later rallied as much as 47 per cent to hit high Rs 484.70.
On the NSE, the stock opened at Rs 450, at a premium of 36 per cent.
Harsha Engineers International shares were in very high demand during the share sale process via Initial Public Offer (IPO). The issue was subscribed 75 times earlier this month. The company raised Rs 755 crore tgrough the IPO by selling shares in price band of Rs 314-330 per share share.
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Harsha Engineers reserved 50 per cent of shares in the IPO for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors which include High Net Worth Individuals and 35 per cent for Retail Investors.
The company is a leading manufacturer of precision bearing cages. It has five manufacturing facilities, including at Changodar and Moraiya in Gujarat, at Changshu in China and at Ghimbav Brasov in Romania.
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