Harsha Engineers: Harsha Engineers IPO to open on September 14, price range fixed at Rs 314-330/share

Mumbai: The Rs 755 crore IPO of Ahmedabad-based Harsha Engineers International will open for subscription next Wednesday and close on Friday 16 September. The shares will be sold in a price range of Rs 314 to Rs 330 a piece, the country’s largest maker of precision bearing cages said on Friday. Investors can bid for a minimum of 45 shares and thereafter for multiples of 45 shares, it said.

The offering consists of a new issue of shares totaling Rs 455 crore and an offer to sell up to Rs 300 crore by existing shareholders.

At the IPO, 50% of the shares will be reserved for qualified institutional buyers. Non-institutional bidders and individual retail bidders will be allocated 15% and 35%, respectively.

Proceeds from the re-issuance of up to Rs 270 crore will be used to repay debt, the company said.

Harsha Engineers reported operating income of Rs.1,321.48 crore for 2021-22, up 51.24% from FY21. The company’s after-tax profit increased by 102.35% to Rs.91.94 crore for FY2022 vs. Rs 45.44 crore in previous year.

Axis Capital, Equirus Capital and

are the book-running lead manager of the issue.