Harikanta Overseas IPO: The (IPO) of Harikanta Overseas was booked a little over 50% on the fourth day of the book-building process on Monday, 25 May. The offer opened for subscription on 20 May and will close later this week on 27 May.
Harikanta Overseas IPO worth ₹24.30 crore is entirely a fresh issue of 0.27 crore shares, priced in the range of ₹86 to ₹91 apiece. Since the SME IPO has no offer-for-sale (OFS) component, all proceeds will be received by the company.
The company plans to use the funds raised for meeting capital expenditure needs for factory premises and the purchase of machinery, along with working capital needs and general corporate purposes.
Established in 2018, Harikanta Overseas operates in the synthetic textile fabric manufacturing segment, offering a diverse portfolio that includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen and natural fibre fabrics. The company primarily caters to the women’s wear segment through products used in sarees, dress materials and kurtas, while also supplying fabrics for men’s kurtas.
Harikanta Overseas runs its manufacturing operations from Surat, Gujarat, where it has set up a production facility spread across 953.93 square metres at Sai Ram Industrial Estate-2, Bamroli.
Apart from serving domestic markets such as Delhi, Bangalore, Karnataka, Maharashtra, Uttar Pradesh, Punjab and Rajasthan, the company also exports its products to international destinations including Bahrain, Singapore and Thailand.
Harikanta Overseas IPO Subscription Status
Harikanta Overseas IPO was booked 0.56 times as of 4.30 pm on the fourth day of bidding, garnering bids for 14,94,000 shares as against 26,70,000 shares on offer.
The qualified institutional buyer (QIB) segment was booked the most at 11.18 times, with the non-institutional investor (NII) and retail quotas subscribed 0.34 times each.
Harikanta Overseas IPO GMP
The grey market activity for Harikanta Overseas remains weak. According to data from websites tracking (GMP), Harikanta Overseas IPO GMP is nil. This means that shares of Harikanta Overseas are trading at par with the offer price.
At the current GMP, Harikanta Overseas IPO listing could occur with neither gains nor losses for investors. Shares of Harikanta Overseas IPO are expected to list on the BSE SME on 2 June.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.