Harsha Engineers Rs 755 cr IPO to open on Sep 14

Hyderabad: The Rs 755-crore initial public offering of Ahmedabad-based Harsha Engineers International will open for subscription on September 14 and close on September 16. The shares will be sold in a price band of Rs 314 to Rs 330 each, the company said. Investors can bid for a minimum of 45 shares and in multiples of 45 shares thereafter, it added.

The offer consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale of up to Rs 300 crore by existing shareholders.

Harsha Group was established in the year, 1986 by founder, promoters Harish Rangwala and Rajendra Shah, both having more than 35 years of experience in the precision engineering and bearings cages manufacturing sector that primarily operates in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewable energy, and other industrial sectors. The Company has approximately 50-60 per cent of the market share in the organised segment of the Indian bearing cages market

Harsha Engineers' revenue from operations increased by 51.24 per cent to Rs 1321.48 crore for fiscal 2022 from Rs 873.75 crore for fiscal 2021, primarily due to increase in its revenue from operations from engineering business, while profit after tax has increased by 102.35per cent to Rs 91.94 crore for fiscal 2022 from Rs 45.44 crore for fiscal 2021, primarily due to increase in the revenue from operations from the engineering business and reduction in the operating loss of solar EPC business as well as gain on account of exchange rates.