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Harsha Engineers International, which has recently been converted into a public company from a private limited company, has filed the DRHP to launch its IPO.

The Harsha Engineers IPO will consist of a Fresh Issue of Equity Shares worth Rs. 455 crores, accompanied by an Offer for Sale for up to Rs. 300 crore.

Promoters and Promoter Group will participate in the IPO and offer their shares for sale in the public offer. In this Harsha Engineers IPO Review, we will be learning about the IPO and its potential.

Face Value Rs 10
Price Band Rs.314 – Rs. 330 per share
Listing At BSE, NSE
Min. Order Quantity 45 shares
Listing Date Sep 26, 2022
Offer for Sale Rs.300 Crore
Fresh Issue Rs.455 Crore
IPO Size Rs.755 Crore
Tick Size 1


Harsha Engineers IPO Overview

Harsha Engineers Limited IPOHarsha Engineers IPO will be a combination of a Fresh Issue and an Offer for Sale. Axis Capital Limited, Equirus Capital Private Limited, and JM Financial Limited have been appointed as the book running lead managers of the issue.

Rs. 300 crores will be raised through Fresh Issue, and Rs. 455 crores will be raised by the Offer for Sale by existing shareholders of the company.

Harsha Engineers IPO Important Dates

Events Date
IPO Opening Date Sep 14, 2022
IPO Closing Date Sep 16, 2022
Basis of Allotment Finalization Sep 21, 2022
Refunds Initiation Sep 22, 2022
Credit of Shares to Demat Account Sep 23, 2022
Share Listing Date Sep 26, 2022

The company has not declared Harsha Engineers IPO Dates till now. They are waiting for the SEBI Nod to proceed with the IPO and raise the money. Harsha Engineers filed the DRHP in February 2022.

Determining IPO Dates is an essential and critical step. The right date can substructure the IPO and its response by the public.

Harsha Engineers IPO Price, Size, Share Offerings

Face Value Rs.10
Price Band Rs. 314 – Rs. 330 per share
Offer for Sale Rs.300 Crore
Fresh Issue Rs.455 Crore
IPO Size Rs.755 Crore

Harsha Engineers IPO Size will consist of shares offered through a Fresh Issue of Equity Shares aggregating up to Rs. 455 crores along with an Offer for Sale to raise to Rs. 300 crores.

In aggregate, the company is planning to raise worth Rs. 755 crores via upcoming IPO. The face value of the shares is Rs. 10 each. The Harsha Engineers IPO Price will be determined through the Book Building Process.

Harsha Engineers IPO Grey Market Premium

Date GMP (in INR) Kostak (in INR) Subject to Sauda (in INR)
26th Sept 2022 Rs. 130 Rs. 700 Rs.7000
24th Sept 2022 Rs. 170 Rs. 700 Rs.7000
23th Sept 2022 Rs. 170 Rs. 700 Rs.7000
22th Sept 2022 Rs.240 Rs. 700 Rs.7000
21th Sept 2022 Rs.240 Rs. 700 Rs.7000
20th Sept 2022 Rs.240 Rs. 700 Rs.7000
17th Sept 2022 Rs.240 Rs. 700 Rs.7000
16th Sept 2022 Rs. 235 Rs. 500 Rs. 5000
15th Sept 2022 Rs. 225 Rs. 500 Rs. 5000
14th Sept 2022 Rs. 203 Rs. 500 Rs.5000
13th Sept 2022 Rs. 210 Rs. 500 Rs. 5000

Grey Market Premium is a price at which the shares are traded in the grey market before the IPO listing process.

The GMP rates vary as per the trading of the market. A high GMP rate means that the IPO Listing price may open at a higher price.

Harsha Engineers IPO GMP will be an important aspect in evaluating the market response and predicting the listing price of the shares on the mainboard.

Harsha Engineers IPO Subscription Status

Day / Date QIB NII RII Emp Total Subscription
1st Day – 14th Sept 0.06x 5.83x 3.22x 2.33x 2.87x
2nd Day – 15th Sept 1.63x 24.91x 9.14x 6.34x 10.35x
3rd Day – 16th Sept 178.26x 71.32x 17.63x 12.07x 74.70x
Shares Offered or Net Issue 4,792,950 3,594,780 8,387,730 88,335 16,863,795

Harsha Engineers International is a manufacturer which operates in India since 2010. The company is firming up to scale its business with the upcoming IPO. Harsha Engineers IPO Subscription has not opened till now.

The company is at the preliminary stage, where it is filing the necessary documents and obtaining approval from requisite authorities.

The proposed IPO consists of Fresh Issue and Offer for Sale, where shareholders of the company will sell their shares.

Harsha Engineers IPO Allotment Status

Allotment of shares is when the company issues shares to the subscribers in exchange for cash. The company allows shares to the public and raises funds to fulfill the objectives of the public offering.

Harsha Engineers IPO Allotment dates and further details will be available in no time.

Harsha Engineers IPO Live Performance

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    Harsha Engineers – Company Review

    Harsha Engineers International Private Limited and Harsha Abakus Solar Private Limited were incorporated in 2010. After that, in December 2021, the companies were merged into Harsha Engineers International Private Limited.

    Also, the company was converted to a public limited company, and subsequently, its name was changed to “Harsha Engineers International Limited.”

    It is one of India’s largest manufacturers of precision bearing cages in the organized sector for its capacity and operations.

    Products or Services

    Harsha Engineers is engaged in manufacturing Brass Cages, Steel Cages, Polyamide Cages, and Stamped Components.

    The company is technology-driven and opts for the most up top advanced technology to manufacture its products and deliver them to the customers.

    Harsha Engineers is a leading entity in the domestic market. Also, it has imprinted a mark on the global market.

    It is a leading manufacturer of precision-bearing cages globally and shares about 5% to 6% of the market share in the organized segment of steel, polyamide-bearing cages, brass, etc.

    Promoters and Holding

    The Promoters of Harsha Engineers International Limited are:

    1. Rajendra Shah
    2. Harish Rangwala
    3. Vishal Rangwala
    4. Pilak Shah

    The management of the company consists of:

    1. Rajendra Shah, in the position of Chairman and Whole-time Director
    2. Harish Rangwala, in the position of Managing Director
    3. Vishal Rangwala, in the position of Chief Executive Officer and Whole-time Director
    4. Pilak Shah, in the position of Chief Operating Officer and Whole-time Director
    5. Hetal Ukani, in the position of Whole-time Director
    6. Ambar Patel, in the position of Independent Director
    7. Neharika Vohra, in the position of Independent Director
    8. Kunal Shah, in the position of Independent Director
    9. Bhushan Punani, in the position of Independent Director
    10. Ramakrishnan Kasinathan, in the position of Independent Director
    11. Maulik Jasani, in the position of Vice President – Finance and Group Chief Financial Officer
    12. Kiran Mohanty, in the position of Company Secretary and the Chief Compliance Officer

    Is Harsha Engineers good for Investment?

    Harsha Engineers International Limited is a certified Precision Engineering Company manufacturing Bearing Cages and Stamped Components. It is one of the largest entities in the sector and has a competitive capacity.

    The company operates and delivers its products through its five manufacturing facilities.

    Two of its principal facilities are at Changodar and one at Moraiya, near Ahmedabad, and one manufacturing unit each at Changshu in China and Ghimbav Brasov in Romania.

    With such capabilities, the company caters to customers from about 25 countries.

    Harsha Engineers Financial Statements

    Amount (in INR & Million)
    30-Sept-21 31-Mar-21 Mar-20 31-Mar-19
    Assets 10,776.6 59,810.68 9,732.39 1,950.00
    Revenue 6,376.25 8,767.34 8,995.05 1,179.05
    Expense 5,787.82 8,160.12 8,679.20 1,565.20
    Profit After Tax 437.07 454.39 219.09 (274.07)

    Harsha Engineers International Limited has shown commendable growth on the financial front.

    The total income of Harsha Engineers for the period of half-year of the financial year 2021-22 ended September 2021 was 6,376.25 million, and the profit for the same period stood at 588.43 million.

    Earlier this year, the company’s total income was 1,179.05 million in 2019, 8,995.05 million in 2020, and 8,767.34 million in 2021.

    Earnings per Equity Share (in Million)
    30-Sept-21 31-Mar-21 Mar-20 31-Mar-19
    Basic 8.74 9.09 6.26 (13.70)
    Diluted 5.66 5.88 3.52 (13.70)

    The EPS of the company has also drastically improved over the years. As of 31st March 19, it was a negative EPS of Rs. (13.70). The company has turned it positive to Rs. 8.74 as of September 2021.

    Harsha Engineers IPO Review

    Harsha Engineers IPO will have a Fresh Issue and an Offer for Sale. The company is planning to raise about Rs. 755 crore by way of the IPO.

    The participants in the offer for sale are Harish Rangwala, Charusheela Rangwala, Rajendra Shah, Nirmala Shah, and Pilak Shah.

    The selling shareholders will be entitled to the proceeds from the OFS. The company will receive the proceeds of the fresh issue, and the funds will be applied to repay the outstanding of the company.

    Further, the proceeds will be utilized for the purchase of machinery and to fund the infrastructure repairs and renovation of the existing production facilities.

    Harsha Engineers IPO Details

    Here are few more details you need to know before investing in Harsha Engineers IPO –

    Harsha Engineers IPO Issue Object

    Harsha Engineers has proposed diverse objectives for making the IPO offer and some of the objectives are:

    • Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company;
    • Funding capital expenditure requirements towards purchase of machinery;
    • Infrastructure repairs and renovation of our existing production facilities including office premises in India; and
    • General corporate purposes

    Harsha Engineers IPO – Basis of Offer Price

    The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

    Qualitative factors are:

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

    Quantitative factors are:

    Basic EPS Diluted EPS RONW (%) NAV (Rs.)
    31-Mar-21 9.09 5.88 10.49 95.77
    31-Mar-20 6.26 3.52 5.80
    Mar-19 (13.70) (13.70) (1946.52)

    Harsha Engineers IPO Lead Managers

    Here are the list of Lead managers –

    • Axis Capital Limited
    • Equirus Capital Private Limited
    • JM Financial Limited

    Harsha Engineers IPO Registrar to offer

    Check out the details of the registrar here –

    Link Intime India Private Limited
    C-101, 247 Park,
    L.B.S. Marg, Vikhroli (West),
    Mumbai 400 083, Maharashtra, India
    Telephone: +(91) 2249-186200
    E-mail: harshaengineers.ipo@linkintime.co.in
    Investor Grievance E-mail:
    Website: www.linkintime.co.in
    Contact Person: Shanti Gopalkrishnan
    SEBI Registration No.: INR000004058

    Harsha Engineers IPO – Other Details

    • Statutory Auditor – M/s. Pankaj R. Shah & Associates
    • Legal Counsel to the Company – Trilegal
    • Bankers to the Company – Citibank N.A., HDFC Bank Limited, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited, RBL Bank Limited,ICICI Bank Limited, Kotak Mahindra Bank Limited and YES Bank Limited

    Harsha Engineers IPO – Conclusion

    The objectives of Harsha Engineers IPO include repayment of debts to sustain its operations and the purchase of machinery for the growth of its operations.

    The company has made momentous improvements in its operations and has grown highly. The IPO is an important step in the journey of the company. The company will go public and have its securities listed on the stock exchange.

    Investors can consider to invest in the company through the upcoming public issue.

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      Harsha Engineers IPO Review FAQs

      Check out the FAQs on Harsha Engineers IPO –

      What is the Issue Size of Harsha Engineers IPO?

      The Company is making an initial public offer of 16,863,795 equity shares. They vividly portray the aspects of the issue in this article.

      You can check the stats on the fresh issue, Offer for sale, and net issue.

      What is the Price band of Harsha Engineers IPO?

      The price band for this particular IPO ranges between Rs.314 to Rs. 330. As far as the face value of the share is of concern, it is Rs.10 per share.

      What is the Harsha Engineers IPO Open Date?

      The opening and closing dates for this IPO have been updated. The IPO is set to open on Sep 14, 2022, while the closing date is set at Sep 16, 2022.

      What is the Harsha Engineers IPO Allotment Date?

      They also have the news regarding the respective allotment dates of this IPO.

      Basis of Allotment finalization is on Sep 21, 2022, refund initiation is on Sep 22, 2022, credit of shares is on Sep 23, 2022, and share listing date is on Sep 26, 2022.

      What is the Harsha Engineers IPO Listing Date?

      Shares of this company shall be listed in the exchanges Sep 26, 2022. The date, when the listing would be done, is stagnant on Sep 26, 2022.

      Who is the Registrar of Harsha Engineers IPO?

      One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.

      Who is the Promoter of Harsha Engineers IPO?

      Here are the promoters of this IPO – RAJENDRA SHAH, HARISH RANGWALA, VISHAL RANGWALA AND PILAK SHAH. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.

      What is the GMP of Harsha Engineers IPO?

      They have obtained the GMP of this IPO and it is Rs. 130. Further insights of Kostak rate Rs.700 and subject to sauda or SS Rs. 7000 are as well included in this report.

      Is Harsha Engineers IPO good for Investment?

      They have further provided the financial status of the company in this article, from the past few years.

      You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.

      What is the PAT of Harsha Engineers Company?

      They have the information of company financials, and according to that, they have the figures from the last few years to provide.

      PAT for the financial year 2021 in Million is 454.39, 2020 is 219.09, 2019 is (274.07). PAT from Sept 2021 is 437.07.

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