Harshdeep Hortico IPO: Issue Booked 131.69 Times, QIB Portion Subscribed 213.53 Times

Harshdeep Hortico, the manufacturer of planters, opened its initial public offering (IPO) for subscription on January 29, 2024. The issue is scheduled to close on January 31, 2024. The price band for the upcoming IPO has been set at Rs 42 to Rs 45 per share.

Qualified Institutional Buyers (QIB) have a reservation of around 50 percent of the net offer, while not less than 35 percent is reserved for retail investors. High Net Worth Individual (HNI) investors, also known as NII, have a reservation of not less than 15 percent of the offer.

About the company:

Harshdeep Hortico Limited designs, manufactures, and supplies pots and planters for indoor and outdoor use. The company’s product portfolio encompasses a variety of items, including indoor plastic planters, outdoor planters, illuminated planters, decorative planters, roto-moulded planters, fiber-reinforced plastic (FRP) planters, eco-series planters, and more. Additionally, the company offers related accessories such as garden hose pipes and water canisters.

At 5:57 PM, the IPO witnessed a staggering oversubscription of 131.69 times. Specifically, the retail category was subscribed 98.25 times. The QIB category was booked 213.53 times, and the NII category 181.95 times on the final day of the bidding, according to data from chittorgarh.com.

Also read: delaPlex IPO Updates: Issue Booked 171 Times, Retail Portion Subscribed 150 Times

Price Band

The price band for the upcoming IPO has been set at Rs 42 to Rs 45 per share.

Issue Size

The issue comprises an entirely fresh offering of 42.42 lakh shares, and investors have the opportunity to bid for a minimum lot size of 3000 shares.

IPO Reserve Portion

• Qualified Institutional Buyers (QIB): Not less than 50% of the net offer
• Retail investors: Not less than 35%
• Non-institutional investors: Not less than 15%

Objectives of the Issue

The company intends to utilise the proceeds of the issue for repayment and/or pre-payment, in full or part, of certain borrowings availed by the company, to meet working capital requirements and for general corporate purposes.

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