New Delhi [India], September 26 (ANI): Shares of Harsha Engineers International made their exchange debut with a sharp premium of around 36 per cent against its issue price.

The shares got listed at Rs 453 on Monday, versus their issue price of Rs 330.

Harsha Engineering International is a major manufacturer of precision bearing cages, in terms of revenue, in the organised sector in India, and is touted among the leading manufacturers of precision bearing cages globally.

"The company's good listing can be attributed to outstanding prospects and a phenomenal response from the investors. The company's strong fundaments, 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," said Santosh Meena, Head of Research, Swastika Investmart.

"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."The initial public offering of Harsha Engineers International saw large participation from investors as its issue was subscribed 74.70 times at the end of the three-day window that ended on September 16. This was one of the strongest responses to an IPO from investors so far in 2022.

Notably, the shares allotted for the public issue were oversubscribed on the very first day of its issuance on Wednesday.

The shares reserved for retail investors were subscribed 17.63 times in total, data showed.

It raised Rs 755 crore through the IPO which comprised a fresh issue of Rs 455 crore and an offer for the sale of shares worth Rs 300 crore by promoters.

Some proceeds from the IPO will be utilised for debt repayment, funding capital expenditure, infrastructure repairs and renovation and general corporate purposes. (ANI)