India's Harsha Engineers International surges 47% in market debut (updated)

Harsha Engineers International

26/09/2022 07:39

(Adds details, updates shares)
       BENGALURU, Sept 26 (Reuters) - Shares of India's Harsha
Engineers International  HRSH.NS  defied a weak broader market
to jump as much as 47.4% in their debut on Monday, following
strong investor interest for the precision products maker's $93
million IPO.
    The company, which makes and sells bearing cages used in
cars, railways and planes, saw its shares rise to as much as
486.3 rupees, compared with the issue price of 330 rupees,
giving it a valuation of about $543 million.
    Earlier this month, the Gujarat state-based company's issue
saw bids almost 75 times the number of shares on offer,
according to exchange data.
    The IPO consisted a fresh issue of shares worth 4.55 billion
rupees and a sale of shares by existing shareholders worth 3
billion rupees.
    The company is well-placed to capture a growth recovery in
the auto and auto ancillary sector, Anand Rathi Research
analysts said in a pre-IPO note. 
    The debut comes in the midst of a global lull in listings,
as market and financial conditions tightened in the face of
soaring inflation and growth worries. 
    The Nifty 50 index  .NSEI  was, meanwhile, down as much as
2% on Monday at a two-month low as investors dumped risky assets
on renewed worries over global economic growth.  .BO 
 (Reporting by Yagnoseni Das and Chris Thomas in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;Mobile: +91 6001289066;))