Amid rising volatility, is Harsha Engineers losing steam in the grey market?

After receiving a great response for its IPO, Harsha Engineers International has lost some ground in the grey markets amid the broader volatility, but the premium remains .

The company's shares are exchanging hands at a premium of Rs 210-215, which was Rs 240 at its peak. The company sold shares in the range of Rs 314-330 in its IPO.

Dealers tracking the grey market said such correction is normal, and one should not be worried over the listing pop as the existing levels of the issue also suggest handsome listing gains.

Abhay Doshi, co-founder, UnlistedArena, said that such fluctuations are normal and will not impact the listing performance. The grey market premium will keep on changing till the company is listed. "The company is sound fundamentally, and growth prospects remain robust," the grey market tracker added.

"The overwhelming subscription of the issue is testimony for a hefty listing gain if the market does not deteriorate immediately."

Harsha Engineers International IPO was open for subscription between September 14 to September 16 as the company wanted to raise Rs 755 crore through its initial stake sale. The issue was overall subscribed 74.70 times.

The quota for qualified institutional buyers was subscribed a whopping 178.26 times, whereas the allocation of non-institutional investors and retail bidders and employees fetched 74.78 times, 64.41 times and 17.63 times, respectively.

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