Harsha Engineers International Limited (HEIL), a TPM-certified Precision Engineering Company, made a stout debut on Dalal Street as the industrial products player listed at Rs 450 on Monday on the National Stock Exchange, a premium of 36% over its issue price worth Rs 330.

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The Largest Manufacturer of Precision Bearing Cages is listed at a premium of 35% worth Rs 444 in contradiction to the issue price on the Bombay Stock Exchange. The company’s shares were being replaced at a premium of Rs 160 to Rs165 over the issue price ahead of the listing. Nevertheless, Harsha Engineers misplaced its steam in the grey market as the sentiment tainted the secondary market. Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, subject to revenue, being the organised sector in India and among the prominent manufacturers of precision comportment cages worldwide.

Harsha Engineers had raised Rs 755 crore through its sale of initial stake that continued to be open for subscription between September 14 and 16, and the company had sold its shares in the range of Rs 314 to Rs 330 apiece. Thus, the issue was overall subscribed 74.7 times, with the quota of QIB investors enticing a massive 178.26 subscription. Shares for HNI, for retailers and employees, were subscribed 71.32 times, 17.63 times, and 12.07 times, respectively.

The company delivers its products to its customers in over 25 countries covering five continents: North America, Europe, Asia, South America, and Africa.