The Initial Public Offer (IPO) of Harsha Engineers International has ended with successful subscription 74.70 times over, due to high demand from institutional buyers. The public issue received bids for 125.96 crore shares against the 1.68 crore shares on offer, according to data from the NSE.The quota for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times, while the portion for non-institutional investors received 71.32 times subscription. 

The share allotment for Harsha Engineers IPO is expected to take place this week on Wednesday, September 21, 2022. If allotted, the credit of shares to demat accounts of bidders will be done on Friday, September 23, 2022. The registrar for this IPO is Link Intime India Private Ltd, and allotment applications can be checked on the registrar’s website or on the BSE website. 

How to Check the Status of an Application Online

( Website of a registrar

Link Intime is the share sale’s registrar).

• 1. Access the Link Intime website.
• 2. In the investor centre section, click the drop-down menu and choose the business name Harsha Engineers.
• 3. Type in your client ID, application number, or Permanent Account Number (PAN).
• 4. Investors can examine their allotment status by clicking the submit button after completing the captcha code provided.

Website for a stock exchange

1. Check out the BSE website.

2. Select “Equity” from the BSE homepage menu. You’ll see a drop-down menu. Choose “Harsha Engineers”.

3. Type in your PAN number and application.

4. Click “Search” after entering the information.

5. After selecting the “Search” button, information about the number of subscribed shares and the number of shares awarded to you will be shown.

As per market observers, Harsha Engineers shares are available at a premium (GMP) of ₹234 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on Monday, September 26, 2022. 

The IPO of up to ₹755 crore had a fresh issue of up to ₹455 crore and an offer for sale of up to ₹300 crore. The price range for the offer was at ₹314-330 a share. Axis Capital, Equirus Capital and JM Financial were the managers to the initial share sale. 

• Harsha Engineers International to Issue Fresh Shares Harsha Engineers International Ltd, the largest manufacturer of precision bearing cages, plans to issue fresh shares worth up to ₹270 crore.
• The move is aimed at helping the company repay debt and fund working capital requirements and repairs and renovations of existing production facilities.
• The company, which has a 50-60% market share in the organized market, will utilize the proceeds from the fresh issue for debt payment, up to ₹76 crore for funding working capital requirements towards purchase of machinery,
• up to ₹7.12 crore for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes. 

FINANCIAL PERFORMANCE OF THE COMPANY

Across regions and end-user sectors, it provides a diverse range of precision engineering products. Engineering and solar EPC are the two business divisions under which it operate From 873.7 crore in FY21 and 885.8 crore in FY20, the company’s sales increased significantly in FY22, reaching 1,321.5 crore. In comparison to FY21’s PAT of 45.4 crore and FY20’s PAT of 21.9 crore, PAT increased to 91.9 crore in FY22. The business’s PAT margin was 6.9% as of March 31, 2022, and its EBITDA margin was 14.1%.

Harsha Engineers will face competition from listed companies like Timken India, SKF India, Rolex Rings, and Sundaram Fasteners on stock exchanges.