The initial public offering (IPO) of Harsha Engineers International will open for public subscription this week on Wednesday, September 14, 2022 and the issue will end on September 17. price band has been set 314-330 per share for 755 crores initial share sale.
IPO Consists of a new issue of equity shares in the aggregate 455 crores, and an offer-for-sale (OFS) of up to Rs. 300 crores by existing shareholders. As a part of the OFS, Rajendra Shah, Harish Rangwala, Pilak Shah, Charushila Rangwala and Nirmala Shah will sell the shares.
According to market observers, Harsh Engineers The premium of shares (GMP) has increased 220 in gray market yesterday to today 200. The shares of the company are expected to be listed on the major stock exchanges BSE and NSE on Monday, 26th September, 2022.
“The company’s manufacturing facilities are strategically located, allowing them to serve international markets effectively and economically. The company’s top and bottom line growth appears to be reasonable. Based on FY22 results at approximately 32.70 After a P/E ratio of x, the IPO seems to be reasonably priced,” said Abhay Doshi, Founder, UnlistedArena.com.
The proceeds from the new issue will be used for loan repayment, financing working capital requirements for purchase of machinery, repair of infrastructure and refurbishment of existing production facilities and general corporate proposals.
Half of the issue size is reserved for qualified institutional investors, 35% for retail investors and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 45 equity shares and thereafter in multiples of 45 equity shares.
Based in Ahmedabad, Harsh Engineers Harsh Engineers International Limited is a precision engineering company that manufactures Bearing Cages and Stamped Components. It has two major manufacturing facilities in Changodar and one in Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each in Changshu, China and Ghimbav Brasov in Romania, which allows its customers access to more than 25 . Country.
As of March 31, 2022, it has manufactured over 7,205 bearing cages and over 295 other products. In addition, over the past three years its product development and innovation center has developed more than 1,200 different bearing types.
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