Harsha Engineers International IPO opens today; all you need to know

The public issue of Harsha Engineers International Limited opens for subscription today, 14 September. The initial public offering of the company aims to raise Rs 755 crore. The shares of Harsha Engineers are valued at Rs 314.00-330.00 per equity. The face value of the stock is Rs 10. As per the red herring prospectus of the company, the Harsha Engineers IPO will remain open till 16 September. The Ahmedabad-based company’s public issue consists of an offer for sale of up to Rs 300 crore by promoters and shareholders as well as a fresh issue of Rs 455 crore. According to the RHP, shareholder Harish Rangwala will sell shares worth up to Rs 75 crore. Furthermore, shareholders Rajendre Shah is looking to offload shares worth Rs 66.75 crore and Pilak Shah shares up to Rs 16.50 crore. Nirmala Shah will offload shares up to Rs 66.75 crore and Charusheela Rangwala will sell stock of up to Rs 75 crore.

The proceeds from the fresh issue will be utilised by Harsha Engineers for a number of purposes, with Rs 270 crore earmarked for debt payment, Rs 7.12 crore for infrastructure repairs and Rs 79 crore for working capital requirements.

Offer details:

Investors can bid for a minimum of 45 shares in the Harsha Engineers IPO. Retail investors will have to shell out a maximum of Rs 14,850, if they want to buy one lot of the Harsha Engineers IPO shares. They can buy a maximum of 13 lots.

Of the total shares on offer, 35 percent has been set aside for retail investors. Of the remaining issue, 15 percent has been reserved for non-institutional investors (NIIs) and 50 percent for Qualified Institutional Buyers (QIBs). Employees will get a discount of Rs 31 per share.

The registrar of the Harsha Engineers public issue is Link Intime India Private Limited. Axis Capital Limited, JM Financial Limited and Equirus Capital Private Limited are the book running lead managers.

Harsha Engineers shares had a grey market premium of Rs 212 before the issue opened. The stock is expected to be listed on 26 September. The company manufactures precision bearing cages. In fiscal 2022, the Harsha Engineers’ revenue increased to Rs 1,321.48 crore from Rs 873.75 crore the previous fiscal.

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