Shares of Harsha Engineers International (HEIL) finished over 47 per cent higher than their issue price during their stock market debut on Monday. The stock hit a low of Rs 431 and a high of Rs 527.6 before closing at Rs 486, up Rs 156, or 47.3 per cent over its issue price of Rs 330 per share.

At the last close, the company was valued at Rs 4,424 crore.

The blockbuster listing follows strong demand for the shares of the company during its IPO. The company’s maiden offering saw 75 times more demand than shares on offer, making it the most oversubscribed maiden share sale for this year.

HEIL is a manufacturer of precision bearing cages, welded assemblies and brass castings.

The company’s IPO consisted of Rs 455 crore fresh fund raise and a secondary share sale of Rs 300 crore. HEIL now trades at 48 times its earnings per share of Rs 10.1 on a post-diluted basis.

“Considering HEIL’s dominant market share (50-60 per cent in Indian bearing market), healthy return on equity and return on capital employed of 17.6 per cent and 27 per cent, respectively, and strong clientele with long standing relationships. We recommend ‘subscribe’ rating to this IPO,” Anand Rathi had said in an IPO note earlier this month.

HEIL has a domestic market share of 50-60 per cent and 6.5 per cent global market share of the fragmented bearing cages market.