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Harsha Engineers International IPO

Harsha Engineers International Limited Logo

Harsha Engineers International IPO incorporated in 2010, Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, in terms of revenue in organised sector in India. The company is a part of the Harsha Group.

The company supplies its products to customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America and Africa.

The business comprises of two segments:

1. Engineering business, under which the company manufactures bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings.

2. Solar EPC business, under which the company provide complete comprehensive turnkey solutions to all solar photovoltaic requirements and provides operations and maintenance services in the solar sector.

As of September 30, 2021, Harsha Engineers International have been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics and renewables sectors. In addition, over the past three years company’s product development and innovation centre has developed more than 1,200 products in different bearing types.

The company has five manufacturing facilities for engineering business with two manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat, India and one manufacturing unit each in Changshu, China and Ghimbav Brasov in Romania.

Harsha Engineers International Limited has three wholly owned subsidiaries, one in China –Harsha Precision Bearing Components (China) Co. Ltd, one in the United States of America –HASPL Americas Corporationand one in the Netherlands-Harsha Engineers B.V., and a stepdown subsidiary in Romania –Harsha Engineers Europe SRL.

Compititve Strengths:

  1. Comprehensive solution provider offering a diversified suite of precision engineering products across geographies and end-user industries.
  2. Long-standing relationships with leading clientele.
  3. Strategically located domestic and international production facilities and warehouses.
  4. Expertise in Tooling, design development and automation.
  5. Consistent track record of growth and financial performance.
  6. Strong, experienced and dedicated senior management team and qualified workforce.

Company Financials

Period EndedTotal AssetsTotal RevenueProfit After TaxNet Worth
Amount in ₹ Crore

Objects of the Issue

The company proposes to utilise the Net Proceeds of the Fresh Issue towards funding of the following objects:

(a) Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.

(b) Funding capital expenditure requirements towards purchase of machinery.

(c) Infrastructure repairs and renovation of our existing production facilities including office premises in India.

(d) General corporate purposes.

Harsha Engineers IPO Details

Harsha Engineers IPO DateSep 14, 2022 to Sep 16, 2022
Harsha Engineers IPO Face Value₹10 per share
Harsha Engineers IPO Price₹314 to ₹330 per share
Harsha Engineers IPO Lot Size45 Shares
Issue Size[.] shares of ₹10
(aggregating up to ₹755.00 Cr)
Fresh Issue[.] shares of ₹10
(aggregating up to ₹455.00 Cr)
Offer for Sale[.] shares of ₹10
(aggregating up to ₹300.00 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
QIB Shares OfferedNot more than 50% of the Net Offer
NII (HNI) Shares OfferedNot less than 15% of the Net Offer
Retail Shares OfferedNot less than 35% of the Net Offer
Company PromotersRajendra Shah, Harish Rangwala, Vishal Rangwala, and Pilak Shah are the company promoters.

Harsha Engineers IPO Timeline (Timetable)

Harsha Engineers IPO opens on Sep 14, 2022, and closes on Sep 16, 2022. The Harsha Engineers IPO bid date is from Sep 14, 2022 10.00 A.M. to Sep 16, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Harsha Engineers IPO Opening DateSep 14, 2022
Harsha Engineers IPO Closing DateSep 16, 2022
Basis of AllotmentSep 21, 2022
Initiation of RefundsSep 22, 2022
Credit of Shares to DematSep 23, 2022
Harsha Engineers IPO Listing DateSep 26, 2022

Harsha Engineers IPO Lot Size

The Harsha Engineers IPO lot size is 45 shares. A retail-individual investor can apply for up to 13 lots (585 shares or ₹193,050).

Retail (Min)145₹14,850
Retail (Max)13585₹193,050
S-HNI (Min)14630₹207,900
S-HNI (Max)673,015₹994,950
B-HNI (Min)683,060₹1,009,800

Harsha Engineers IPO Promoter Holding

Pre Issue Share Holding99.70%
Post Issue Share Holding

Harsha Engineers International IPO Prospectus

Company Contact Information

Harsha Engineers International Limited.
Sarkhej- Bavla Highway,
Changodar, Ahmedabad 382213
Phone: +91 2717-618200
Email: [email protected]

IPO Registrar

Link Intime India Private Ltd.

Phone: +91-22-4918 6270
Email: [email protected]

IPO Lead Manager(s)

  1. Axis Capital Limited
  2. Equirus Capital Private Limited
  3. JM Financial Consultants Private Limited