Harsha Engineers IPO: Harsh Engineering International, a company that manufactures precision bearing cages, is preparing to bring an IPO of Rs 755 crore.
Harsh Engineers IPO: The new year is also going to be better for IPO investors. Harsh Engineering International, a company that makes precision bearing cages, has submitted preliminary papers with market regulator SEBI (Securities and Exchange Board of India) to raise capital through an IPO. The company plans to raise Rs 755 crore through IPO. According to the draft red herring prospectus filed with SEBI, new shares worth Rs 455 crore will be issued under this IPO while existing shareholders of the company will sell shares worth Rs 300 crore through offer for sale (OFS). Harf Engineering has tried to bring IPO in the past as well and had filed draft papers with SEBI about four years ago in August 2018.
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Harsh Engineers IPO Details
- In the IPO of Rs 755 crore of Harsh Engineers, new shares worth Rs 455 crore will be issued.
- Under the IPO, shares worth Rs 300 crore will be sold under OFS. Through OFS, Rajendra Shah will sell shares worth Rs 66.75 crore while Harish Rangwala will sell shares worth Rs 75 crore, Peelak Shah Rs 16.50 crore and Charushila Rangwala Rs 75 crore and Nirmala Shah Rs 66.75 crore.
- Under this IPO, some part will also be reserved for the employees of the company.
- Axis Capital, Equirus Capital and JM Financial are the Book Running Lead Managers for the issue.
- The Rs 270 crore raised through issuance of new shares will be used to repay the debt. Apart from this, Rs 77.95 crore will be used to meet the working capital requirements like purchase of machines. 7.12 crores will be spent on infrastructure repairs and existing production facilities. The capital raised will also be used for general corporate purposes.
two-thirds of income from abroad
- Harsh Engineering has five manufacturing plants, of which the main facilities are two at Changodar near Ahmedabad in Gujarat and one at Moraiya. Apart from this, one is in Changshu of China and one in Ghimbav Barsov of Romania. The company has customers in more than 25 countries.
- In the financial year 2021, the company had a profit of Rs 45.44 crore and got a revenue of Rs 873.75 crore.
- In the last three years, two-thirds of the company’s income has come from abroad.
- Talking about the current financial year, in April-September 2021, the company made a profit of Rs 43.71 crore while revenue of Rs 629.46 crore was received.
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