Harsha Engineers International lists at 36.4% premium on a bearish day

Harsha Engineers International Ltd had a strong listing on 26th September 2022, listing at a premium of 36.4%, and closed the day above the listing price. What was more gratifying was that it held on to a robust listing despite very tepid market conditions. While the stock did show some bouts of volatility during the day, it closed the day well above the issue price. With overall subscription of 74.7X  and QIB subscription at 178.26X, the listing was expected to be strong, although it was a pleasant surprise on such a bearish day. Here is the Harsha Engineers International Ltd listing story on 26th September 2022.

The IPO price was fixed at the upper band at Rs.330 which is not surprising considering the rather strong 74.7X overall subscription. The price band for the IPO was Rs.314 to Rs.330. While the grey market premium (GMP) was initially indicting a premium of 75-80% on listing, the GMP had fallen sharply on the day ahead of listing due macro levels concerns at a market and global level. On 26th September 2022, the stock of Harsha Engineers International Ltd listed on the NSE at a price of Rs.450, a premium of 36.4% premium to the issue price of Rs.330. However, on the BSE, the stock listed at lightly lower premium of 34.55% at Rs.444 on the day of listing.
On the NSE, Harsha Engineers International Ltd closed on 26th September 2022 at a price of Rs.472.50, which is a day-end closing premium of 43.18% over the issue price of Rs330. On the BSE, the stock closed the day at Rs.485.90, a first day hefty premium of 47.24% over and above the issue price of Rs330. On the NSE, the stock listed at a premium but closed with further gains despite the bearish sentiments in the market overall. On the BSE, the stock listed at a premium to the issue price but closed at a very sharp premium. For instance, the BSE closing price was a premium of 47.24% over the IPO price and a premium of 9.44% over the opening price of the IPO for the day.

On Day-1 of listing, Harsha Engineers International Ltd touched a high of Rs.486.30 on the NSE and a low of Rs.430. It was rather commendable it could hold on to gains in such a bearish market. On Day-1 of listing, the Harsha Engineers International Ltd stock traded a total of 361.80 lakh shares on NSE amounting to value of Rs.1,739.19 crore.  On 26th September 2022, Harsha Engineers International Ltd was ranked second on the NSE in terms of value and but only fifteenth in terms of volumes.

On the BSE, Harsha Engineers International Ltd touched a high of Rs.527.60 and a low of Rs.431. On BSE, the stock traded a total of 24.98 lakh shares amounting to value of Rs.119.35 crore. On the BSE, Harsha Engineers International ranked First in terms of value traded but did not figure in the top 20 in terms of volumes traded.
At the close of Day-1 of listing, Harsha Engineers International Ltd had a market capitalization of Rs.4,423.83 crore with free-float market cap of Rs.796.29 crore.