Harsha Engineers International Limited has come up with an initial public offer (IPO). It will open on September 14-16, 2022 at Rs. 314-330 a share. The IPO issue size is around Rs.755.00 crore. The minimum bid will be for 45 shares and in its multiples thereafter.
Overview
Harsha Engineers Ltd is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India. It is amongst the leading manufacturers of precision bearing cages in the world. The company offers diversified suite of precision engineering products across geographies and end-user industries. Its business comprises: (i) engineering business, under which we manufacture bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings; and (ii) solar EPC business, under which we provide complete comprehensive turnkey solutions to all solar photovoltaic requirements.
Harsha Engineers have approximately 50-60% of the market share in the organised segment of the Indian bearing cages market and 6.5% of the market share in the global organised bearing cages market for brass, steel and polyamide cages. It offers a wide range of bearing cages & these bearing cages find its application in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors etc.
Website – http://www.harshaengineers.com/
Promoters
| Rajendra Shah | Harish Rangwala |
| Vishal Rangwala | Pilak Shah |
Promoter Holding
| Pre-Issue Shareholding – 99.70% | Post-Issue Shareholding – |
Strength & Weakness
| Strengths | Weaknesses |
| Offers diversified engineering products | Depend on a limited number of customers |
| Domestic and international production facilities | Dependent upon our network of agents |
| Expertise in Tooling, design development and automation | Foreign currency exchange rate fluctuations |
| Consistent track record of growth and financial performance | Depend on 3rd parties for the supply of raw material |
| Strong, experienced and dedicated senior management team | Outstanding litigations involving our Company and our Directors |
| Market leadership in bearing cage | Strict quality requirements, customer inspections and audits |
| Qualified workforce | Subject to costs, risks and uncertainties |
Company Financials
| Year | Revenue (in Crore) | Profit (in Crore) |
| 31-Mar-2019 | 117.91 | -27.41 |
| 31-Mar-2020 | 899.51 | 21.91 |
| 31-Mar-2021 | 876.73 | 45.44 |
| 31-Mar-2022 | 1339.00 | 91.94 |
Object of Issue
1) Offer for Sale by the Selling Shareholders
2) Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company
3) Funding capital expenditure requirements towards purchase of machinery
4) Infrastructure repairs and renovation of our existing production facilities including office premises in India
5) General corporate purposes.
Harsha Engineers IPO Lot Size
| Application | Lot | Shares | Amount |
| Minimum | 1 | 45 | Rs,14,850 |
| Maximum | 13 | 585 | Rs.1,93,050 |
Harsha Engineers IPO details
| IPO Opening Date | September 14, 2022 |
| IPO Closing Date | September 16, 2022 |
| Face Value | Rs.10 per Equity Share |
| IPO Price | Rs. 314-330 per share |
| Market Lot | 45 shares |
| Minimum Order Quantity | 45 shares |
| Listing At | NSE, BSE |
| No. of shares offered (OFS) | shares |
| Issue Size | Up to Rs.700 Crore |
| QIB Shares Offered | 50% of the offer |
| Retail Shares Offered | 35% of the offer |
| NII/HNI Shares Offered | 15% of the offer |
Harsha Engineers IPO Timetable
| IPO Date | September 14-15, 2022 |
| Allotment Date | September 21, 2022 |
| Initiation of Refunds | September 22, 2022 |
| Credit of share to Demat a/c | September 23, 2022 |
| IPO Listing Date | September 26, 2022 |
Allotment Status
Link Intime – https://linkintime.co.in/mipo/ipoallotment.html
Book Lead Managers
 |  |  |
Registrar
