Monday, on the IPO listing day, Harsha Engineers International Ltd.'s share makes a strong debut. Its share price opened at Rs. 450 on NSE, 36% above its issue price. Its VWAP (volume-weighted average price) on NSE is at Rs. 479.80. Its share price stood at Rs. 497.50, jumped by 50.76%, till last traded today. Amid a bearish market trend and booming US dollar index, Harsha Engineers IPO made a strong position today.
Previously, Harsha Engineers International Ltd.'s IPO has been subscribed 74.70 times on the final day. The IPO had put on offer for 1,68,63,795 shares, while the bids were received for 1,25,96,90,175 shares on the last day, according to NSE data. Additionally, the retail category IPO has been subscribed 17.6 times, NIIs quota has been subscribed 71.3 times and QIBs segment has been subscribed strongly at 178.26 times on the last day.
"The company's strong fundamentals, competitive advantages like high entry barriers and switching costs, experienced management team, strategically located manufacturing facilities and robust growth outlook makes this stock a strong candidate for long-term investing. Further, the company is a proxy play on India becoming the global manufacturing hub. Those who applied for listing gains can maintain a stop loss of Rs. 400. Our recommendation for the investors is to hold the allotted shares and long-term investors can accumulate the stock on dips," commented Santosh Meena, Head of Research, Swastika Investmart Ltd. on the IPO.
Today, Nifty 50 fell to 17,116.40 points, down by 1.22%, while Sensex fell to 57,460.53 points, down by 1.10%. Amid this market trend, Harsha Engineers IPO received a strongly positive response from investors on its listing day.