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Harsha Engineers International IPO ends with robust subscription

Published on Sep 19, 2022 11:54

The initial public offer (IPO) of Harsha Engineers International received bids for 1,25,97,13,21 shares as against 1,68,63,795 shares on offer. The issue was subscribed 74.70 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 178.26 times. The Non Institutional Investors (NIIs) category was subscribed 71.32 times. The Retail Individual Investors (RIIs) category was subscribed 17.63 times.

The issue opened for bidding on Wednesday (14 September 2022) and closed on Friday (16 September 2022). The price band of the IPO was fixed at Rs 314-330 per share.

The public issue consisted of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale of up to Rs 300 crore by existing shareholders.

From the fresh issue, the company plans to utilize about Rs 270 crore for pre-payment/ repayment of a portion of the existing borrowings of the company; Rs 77.954 crore towards funding capital expenditure requirements for purchase of machinery; and Rs 7.116 crore towards infrastructure repairs and renovation of its existing production facilities including office premises in India.

Ahead of the IPO, Harsha Engineers International on Tuesday, 13 September 2022, raised Rs 225.74 crore from anchor investors. The board allotted 68.40 lakh shares at Rs 330 per share to 23 anchor investors.

Harsha Engineers International is engaged in engineering business and solar EPC business. Under its engineering business it manufactures bearing cages (in brass, steel and polyamide materials), complex and specialized precision stamped components, welded assemblies and brass castings and cages & bronze bushings. Its solar EPC business provides EPC service in the solar photovoltaic industry and also provides operations and maintenance services in the solar sector.

The company reported a net profit of Rs 91.94 crore and net sales of Rs 1,321.48 crore in the twelve months ended on 31 March 2022.

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