Incorporated in 2010, Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, in terms of revenue in organised sector in India. The company is a part of the Harsha Group.
The company supplies its products to customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America and Africa.
The business comprises of two segments:
1. Engineering business, under which the company manufactures bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings.
2. Solar EPC business, under which the company provide complete comprehensive turnkey solutions to all solar photovoltaic requirements and provides operations and maintenance services in the solar sector.
As of September 30, 2021, Harsha Engineers International have been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics and renewables sectors. In addition, over the past three years company’s product development and innovation centre has developed more than 1,200 products in different bearing types.
The company has five manufacturing facilities for engineering business with two manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat, India and one manufacturing unit each in Changshu, China and Ghimbav Brasov in Romania.
Harsha Engineers International Limited has three wholly owned subsidiaries, one in China –Harsha Precision Bearing Components (China) Co. Ltd, one in the United States of America –HASPL Americas Corporationand one in the Netherlands-Harsha Engineers B.V., and a stepdown subsidiary in Romania –Harsha Engineers Europe SRL.
Compititve Strengths:
- Comprehensive solution provider offering a 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.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth |
|---|---|---|---|---|
| 31-Mar-19 | 195 | 117.9 | -27.41 | 1.41 |
| 31-Mar-20 | 973.24 | 899.5 | 21.91 | 378.02 |
| 31-Mar-21 | 981.07 | 876.73 | 45.44 | 433.22 |
| 31-Mar-22 | 1158.25 | 1339 | 91.94 | 527.9 |
| Amount in ₹ Crore |
Objects of the Issue
The company proposes to utilise the Net Proceeds of the Fresh Issue towards funding of the following objects:
(a) Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.
(b) Funding capital expenditure requirements towards purchase of machinery.
(c) Infrastructure repairs and renovation of our existing production facilities including office premises in India.
(d) General corporate purposes.
Harsha Engineers IPO Details
| Harsha Engineers IPO Date | Sep 14, 2022 to Sep 16, 2022 |
| Harsha Engineers IPO Face Value | ₹10 per share |
| Harsha Engineers IPO Price | ₹314 to ₹330 per share |
| Harsha Engineers IPO Lot Size | 45 Shares |
| Issue Size | [.] shares of ₹10 (aggregating up to ₹755.00 Cr) |
| Fresh Issue | [.] shares of ₹10 (aggregating up to ₹455.00 Cr) |
| Offer for Sale | [.] shares of ₹10 (aggregating up to ₹300.00 Cr) |
| Employee Discount | Rs 31 per Equity Share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| Company Promoters | Rajendra Shah, Harish Rangwala, Vishal Rangwala, and Pilak Shah are the company promoters. |
Harsha Engineers IPO Timeline
Harsha Engineers IPO opens on Sep 14, 2022, and closes on Sep 16, 2022. The Harsha Engineers IPO bid date is from Sep 14, 2022 10.00 A.M. to Sep 16, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Date |
|---|---|
| Harsha Engineers IPO Opening Date | Sep 14, 2022 |
| Harsha Engineers IPO Closing Date | Sep 16, 2022 |
| Basis of Allotment | Sep 21, 2022 |
| Initiation of Refunds | Sep 22, 2022 |
| Credit of Shares to Demat | Sep 23, 2022 |
| Harsha Engineers IPO Listing Date | Sep 26, 2022 |
Harsha Engineers IPO Lot Size
The Harsha Engineers IPO lot size is 45 shares. A retail-individual investor can apply for up to 13 lots (585 shares or ₹193,050).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,850 |
| Retail (Max) | 13 | 585 | ₹193,050 |
| S-HNI (Min) | 14 | 630 | ₹207,900 |
| B-HNI (Min) | 68 | 3,060 | ₹1,009,800 |
Harsha Engineers IPO Promoter Holding
| Pre Issue Share Holding | 99.70% |
| Post Issue Share Holding | 74.6 |
Harsha Engineers IPO Review
HEIL has posted improved financial performance for the reported periods of the offer document. It enjoys good long-term relations with its cream customers. The company has a virtual monopoly in its segment with the lion’s market share. Post listing the company may generate first mover fancy. Though the issue appears fully priced, it is worth considering for the medium to long term for handsome rewards. Read detail review…
Harsha Engineers IPO Subscription Status (Bidding Detail)
The Harsha Engineers IPO is subscribed 74.70 times on Sep 16, 2022 7:00:00 PM. The public issue subscribed 17.63 times in the retail category, 178.26 times in the QIB category, and 71.32 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 178.26 |
| NII | 71.32 |
| bNII (bids above ₹10L) | 74.78 |
| sNII (bids below ₹10L) | 64.41 |
| Retail | 17.63 |
| Employee | 12.07 |
| Total | 74.70 |
Harsha Engineers IPO Prospectus
Company Contact Information
Harsha Engineers International Ltd
NH-8A,
Sarkhej- Bavla Highway,
Changodar, Ahmedabad 382213
Phone: +91 2717-618200
Email: sec@harshaengineers.com
Website: http://www.harshaengineers.com/
Harsha Engineers IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: harshaengineers.ipo@linkintime.co.in
Website: https://linkintime.co.in/