Harsha Engineers International Ltd IPO

Harsha Engineers International Ltd IPO

Company Profile 
Ahmedabad-based Harsha Engineers is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and amongst the leading manufacturers of precision bearing cages in the world. The company has approximately 50% of the market share in terms of revenue and 5.2% of the market share in the global organised bearing cages market for brass, steel, and polyamide cages in FY 2020.

Harsha Engineers International was incorporated in 2010 and is a part of the Harsha Group. It supplies its products to customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America, and Africa. The company's manufacturing facilities are positioned strategically, allowing them to serve the international markets effectively and economically. 

Business Information
It has five manufacturing facilities with two of its principal manufacturing facilities at Changodar and one at Moraiya, in Gujarat, and one manufacturing unit each at Changshu, China, and Ghimbav Brasov in Romania, which allows access to its customers in over 25 countries.

The business comprises of two segments — engineering business and solar EPC business. As of March 31, 2022, 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, electronics, and renewables sectors.
Facts about the Company
  • The company manufactures complex and specialized precision stamped components, welded assemblies,  bronze castings, and bushings.
  • The company is a supplier to leading bearing manufacturers such as SKF, Timken, Schaeffer, and others for local as well as overseas operations.
  • Revenue from operations increased by 51.24 % to Rs 1,321.48 crore for fiscal 2022, while profit after tax doubled to Rs 91.94 crore.
  • It also provides operations and maintenance services in the solar sector with over 10 years of operating history in the solar EPC business.

Points to note before investing in Harsha Engineers IPO
  • The company has a diversified product portfolio in terms of the materials used as well as the dimensions and end-use of the finished products.
  • Strategically located domestic and international production facilities and warehouses.
  • Expertise in Tooling, design development, and automation.
  • Consistent track record of growth and financial performance.
Objective of the IPO
The company proposes to utilize the net proceeds towards the following objects:
  1. Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.
  2. Funding capital expenditure requirements towards the purchase of machinery.
  3. Infrastructure repairs and renovation of our existing production facilities including office premises in India.
  4. General corporate purposes.

Opening Date
Sep 14, 2022
Closing Date
Sep 16, 2022
Issue type
Book Built Issue IPO
Face Value
₹10 per share
Issue Price
₹314 to ₹330 per share
Lot Size
IPO Price
₹755.00 Cr
Listing At
Allotment, Listing & Refund Details
Finalization of Basis of Allotment
Sep 21, 2022
Initiation of Refunds
Sep 22, 2022
Credit of Equity Shares
Sep 23, 2022
Listing Date
Sep 26, 2022

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