Harsha Engineers IPO open for subscription. Check price band, market lot
Precision bearing cages manufacturer Harsha Engineers International’s initial public offering (IPO) opens for subscription on Wednesday. The public offer will be available for bids till September 16, the company announced as per the Bombay Stock Exchange website.The public issue worth ₹755 crore comprises fresh issue of equity shares worth ₹455 crore and an offer-for-sale (OFS) of up to ₹300 crore by the existing shareholders, PTI reported. In simpler terms, an offer for sale is a process which allows the promoters to reduce their holdings in a company in a transparent manner. These shares sold by the promoter are offered for sale to the public.Here are the key points you need to know about this new IPO which is now open for subscription. 1. The price band of the share has been fixed at ₹314-330 per share. 2. As per the BSE website, a lot of 45 shares are available for bidding in the IPO. 3. The proceeds from the fresh issue to the tune of ₹270 crore will be utilised for debt payment, ₹76 crore for funding working capital requirements for purchase of machinery and up to ₹7.12 crore for infrastructure repairs, PTI reported. 4. This is the company’s second bid to go public. Earlier it had filed its draft papers with the Securities and Exchange Board of India in August 2018.5. The company has five manufacturing facilities with two of its 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.Harsha Engineers’ revenue from operations increased by 51.24 per cent to ₹1,321.48 crore for fiscal 2022, from ₹873.75 crore for fiscal 2021, while profit after tax doubled to ₹91.94 crore for fiscal 2022, from ₹45.44 crore for fiscal 2021.(With PTI inputs)
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