The Initial Public Offering (IPO) of Harsha Engineers International will open for public subscription tomorrow i.e. Wednesday, 14th September, 2022 and the issue will end on 17th September and the price band has been fixed 314-330 per share for 755 crores initial share sale.
As per market observers, the Shares of Harsha Engineers has a Premium (GMP) of 212 in the gray market today. The shares of the company are expected to be listed on the major stock exchanges BSE and NSE on Monday, 26th September, 2022.
Harsha Engineers IPO Consists of a new issue of equity shares in the aggregate 455 crores, and an offer-for-sale (OFS) of up to Rs. 300 crores by existing shareholders. The proceeds from the new issue will be used for loan repayment, financing working capital requirements for purchase of machinery, repair of infrastructure and refurbishment of existing production facilities and general corporate proposals.
“At the higher price band of Rs 330, HEIL is valued at 27.7x FY22 earnings 11.9 which in our view is fair in comparison to its counterparts. The company with its strong market share in precision bearing cages and being one of the leading players globally in organized bearing cages, strong customers with long standing relationships leads to healthy return ratios and visibility. We recommend investors to SUBSCRIBE HEIL’s IPO,” said brokerage LKP Securities.
Based in Ahmedabad, Harsh Engineers Harsh Engineers International Limited is a precision engineering company that manufactures Bearing Cages and Stamped Components. It has five manufacturing facilities in Changodar, Moraiya, Changshu, China and Ghimbav Brasov in Romania.
As of March 31, 2022, it has manufactured over 7,205 bearing cages and over 295 other products. In addition, over the past three years its product development and innovation center has developed more than 1,200 different bearing types.
“The company’s manufacturing facilities are strategically located, allowing them to serve international markets effectively and economically. The company’s top and bottom line growth appears to be reasonable. Based on FY22 results at approximately 32.70 After a P/E ratio of x, the IPO seems to be reasonably priced,” said Abhay Doshi, Founder, UnlistedArena.com.
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