Harsha Engineering will launch its IPO on 14 September

9 Sep 2022 , 09:34 AM

On Wednesday, September 14, subscriptions for Harsha Engineers International’s initial public offering (IPO) will begin.

The firm will price its shares between 314 and 330 rupees each.

Existing shareholders and promoters will sell shares worth Rs300 crore through an offer for sale(OFS), while new equity shares worth Rs455 crore will be issued as part of the IPO.

With its initial stock sale, the company would raise Rs755 crores. The deadline to subscribe to the issue is this Friday, September 16. The release of the anchor book will take place on Tuesday, September 13.

Investors may place a minimum bid of 45 equity shares and then bid in multiples. To its qualified employees, the corporation is giving a discount of Rs31 per equity share.

The net proceeds from the new issuance would be used for general corporate purposes as well as the repayment of debt totaling Rs270, the purchase of machinery worth Rs77.95 crore, infrastructure repairs costing over Rs7 crore, and the upgrading of the current facilities.

This is the company’s second effort to go public, and it is situated in Ahmedabad. In August 2018, it submitted draught papers to the regulator, but it was unable to go public. It most recently submitted a DRHP in February 2022.

Across regions and end-user industries, Harsha Engineering offers a broad range of precision engineering products, including those for automotive, aviation and aerospace, railroads, construction, mining, renewable energy, agriculture, and more. Five manufacturing plants are owned by the firm.

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