10 things to know about Harsha Engineers International IPO opening this week

Sep 12, 2022

By: Bhakti Makwana

IPO dates

The IPO of Ahmedabad-based manufacturer of precision bearing cages is all set to open from September 14 to September 16. The price band of the IPO is ₹314-₹330 per share.

Credit: Harsha-Engineers-International

How much money will the company raise via IPO?

Harsha Engineers International plans to raise ₹755 crore through this IPO consisting of fresh issue of equity shares worth ₹455 crore; and an offer for sale by promoters of up to ₹300 crore.

Credit: Harsha-Engineers-International

What does the company do?

The company’s business comprises two segments – engineering business and solar EPC business.

Credit: Harsha-Engineers-International

More about the company

Its engineering business manufactures bearing cages in brass, steel and polyamide materials, among others. Its solar EPC business provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.

Credit: Harsha-Engineers-International

It’s profit grew multifold in the last three fiscal years

Credit: Flourish-chart

Where will IPO money be used?

The IPO money will be utilised for debt payment, funding capital expenditure, purchase of machinery, infrastructure repairs and renovation of the existing production facilities, and for general corporate purposes.

Credit: Investopedia

Boost in grey market demand

The grey market premium (GMP) of the company’s shares have increased to ₹210 from ₹150 per share earlier. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.

Credit: Investopedia

Allotment date

The company’s shares are scheduled to be allotted on September 21.

Credit: BCCL

Listing date

Harsha Engineers will be listed on BSE and NSE on September 26.

Credit: BCCL

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