Harikanta Overseas IPO: The initial public offer (IPO) for Harikanta Overseas opened for bidding on Wednesday, May 20. The offer will close for subscription later this week, on May 22.
Harikanta Overseas IPO price band has been fixed at ₹91 to ₹96 per share, with the company looking to raise ₹35.6 crore at the upper end of the offer price. The SME IPO is entirely a fresh issue of 0.27 crore shares, with no offer-for-sale (OFS) component, meaning that all proceeds will be received by the company.
Investors can apply for the offer in lots of 1200 shares.
The company plans to use the funds raised from the fresh share sale for meeting capital expenditure needs towards purchasing new machines and setting up factory premises, along with working capital needs and general corporate purposes.
Harikanta Overseas IPO allotment is expected to be finalised next week on May 25, with the listing likely on May 27 on the BSE SME platform.
The company is a manufacturer of synthetic textile fabrics with products ranging from Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fibre fabrics. The company mainly supply fabrics for women’s wear, such as sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas.
Currently, it has a manufacturing unit in Surat, Gujarat and it also exports to markets in Delhi, Bangalore, Karnataka and some international destinations like Bahrain, Singapore and Thailand.
Harikanta Overseas IPO Subscription
The offer was booked 9 times as of 4.20 pm on the first day of the bidding process, as it received bids for 2,50,800 shares, against 26,70,000 shares on offer.
The retail investor segment was booked 5%, and the non-institutional investor (NII) quota was subscribed 0.10 times.
Harikanta Overseas IPO GMP
The grey market premium (GMP) for Harikanta Overseas IPO remained nil so far. This means that shares of Harikanta Overseas IPO could list at par with the upper end of the price band of ₹96 per share.
GMP signals investor willingness to pay over and above the offer price.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.
