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All that you should know about the Company before applying for the IPO.

September 13, 2022     

The public issue of equity shares of HARSHA ENGINEERS INTERNATIONAL LIMITED will open for subscription on September 14, 2022 and closes on September 16, 2022. It is expected to list on the stock exchanges on September 26, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Established in 2010, it is the largest manufacturer of precision bearing cages, in terms of revenue, in the organized sector in India, is among the leading manufacturers of precision bearing cages in the world. The company manufactures a wide range of bearing cages starting from 20 mm to 2,000 mm in diameter, and their bearing cages find its application in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors, etc.

Harsha engineers have four strategically located manufacturing facilities for their engineering business, with one of their principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania. The company supplies products to customers in over 25 countries covering five continents.

The company has approximately 50-60% of the market share in the organized segment of the Indian bearing cages market and 6.5% of the market share in the globally organized bearing cages market for brass, steel, and polyamide cages in CY 2021.

The company business comprises:

  • Engineering Business Under this they manufacture bearing cages (in brass, steel, and polyamide materials), complex and specialized precision stamped components, welded assemblies, brass castings & cages, and bronze bushings.
  • Solar EPC Business Under this the company provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.

Who are the Promoters of the Company?

Rajendra Shah, Harish Rangwala, Vishal Rangwala and Pilak Shah

Positives about the Company

  • Comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries
  • Long standing relationships with leading clientele
  • Strategically located domestic and international production facilities and warehouses
  • Expertise in Tooling, design development and automation
  • Consistent track record of growth and financial performance
  • Strong, experienced and dedicated senior management team and qualified workforce

Who are its key competitors?

  • Timken India Limited
  • SKF India Limited
  • Rolex Rings Limited
  • Sundaram Fasteners Limited

Why is the Company going public?

Given below are the objectives of the Company –

The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • Pre-payment or scheduled repayment of a portion of the existing borrowing availed by the Company
  • Funding capital expenditure requirements towards purchase of machinery
  • Infrastructure repairs and renovation of existing production facilities including office premises in India
  • General corporate purposes

IPO Details

IPO Size ₹ 755 Crore
Offer Mix Fresh Issue ₹ 455 Crore + Offer For Sale ₹ 300 Crore
Price Band ₹ 314 - ₹ 330
Lot Size 45 Shares (& in multiples thereof)
Face Value ₹ 10
Application Amount Min. ₹ 14,850 (1 lot) | Max. ₹ 1,93,050 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar Link Intime India Private Limited
Discount ₹ 31 per equity share for Eligible Employees Category only
Cut-off time for UPI Mandate Confirmation 26-September-2022 (up to 05:00 PM)

Category Wise Availability

QIB ₹ 376.25 Crore
(50% of Net Issue Size)
NIB ₹ 112.88 Crore
(15% of Net Issue Size)
Retail ₹ 263.37 Crore
(35% of Net Issue Size)
Employee Reservation Portion ₹ 2.5 Crore

Indicative Issue Timeline

Activity Date
IPO Opens September 14, 2022
IPO Closes September 16, 2022
Finalization of the basis of allotment September 21, 2022
Unblocking of funds / Initiation of refunds September 22, 2022
Credit of equity shares to Demat accounts September 23, 2022
Listing of equity shares September 26, 2022
Source: Company RHP  Alternate Text


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