Sep 12, 2022By: Bhakti Makwana
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.
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.
The company’s business comprises two segments – engineering business and solar EPC business.
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.
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.
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.
The company’s shares are scheduled to be allotted on September 21.
Harsha Engineers will be listed on BSE and NSE on September 26.