Harsha Engineers files IPO papers with SEBI; to raise funds via fresh issue and OFS
Harsha Engineers' initial public offering comprises a fresh issuance aggregating up to Rs 370 crore and an offer for sale by promoter group.
August 21, 2018 / 04:23 PM IST
The other IPO which also received huge responses were Happiest Minds Technologies and Chemcon Speciality Chemicals, which was subscribed 150.98 times and 149.3 times respectively. Interestingly, both these stocks have seen bumper listing gained over 100 percent. Let's see how the IPO subscription and listing happened in 2020 so far, considered only IPOs issue size over Rs 100 crore.
Harsha Engineers, the largest manufacturer of precision bearing cages in organised sector in India, has filed draft red herring prospectus with SEBI on August 20 for its IPO which comprises fresh issue as well as offer for sale.
The initial public offering comprises a fresh issuance aggregating up to Rs 370 crore and an offer for sale of up to 3,31,250 equity shares each by Rajendra Shantilal Shah, Harish Ranjit Rangwala, Nirmala Rajendra Shah and Charusheela Harish Rangwala.
The company proposes to utilise the fresh issue proceeds for pre-payment of certain indebtedness; purchase of machinery in India; investment in subsidiaries: investment in Harsha Engineers Europe SRL by ways of equity infusion; and investment in Harsha Precision Bearing Components (China) in the form of debt capital; infrastructure development for existing facilities in India; and general corporate purposes.
Harsha Engineers holds more than 50 percent of the market share in the Indian bearing cages market in the organised segment for brass, steel and polyamide cages, as per Bearing Cages Market – Global Insights report.
Axis Capital and Edelweiss Financial Services are the book running lead managers.