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Harsha Engineers International IPO subscribed 2.87 times

Published on Sep 14, 2022 17:25

The initial public offer (IPO) of Harsha Engineers International received bids for 4,84,73,010 shares as against 1,68,63,795 shares on offer, according to stock exchange data 17:00 IST on Wednesday (14 September 2022). The issue was subscribed 2.87 times.

The issue opened for bidding on Wednesday (14 September 2022) and it will close on Friday (16 September 2022). The price band of the IPO is fixed at Rs 314-330 per share. An investor can bid for a minimum of 45 equity shares and in multiples thereof.

The public issue consists 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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