Harsha Engineers International IPO
Harsha Engineers International IPO — date, price band, lot size & details 2022
Harsha Engineers International listed on 26 Sep 2022 at ₹450, 36.4% above the ₹330 issue price.
Harsha Engineers International is the largest maker of precision bearing cages in India's organised sector by revenue, and also runs a solar EPC business. Its total income was Rs 1,339.00 crore in FY2022.
Stock price
Harsha Engineers International is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 14 Sep 2022
- Close 16 Sep 2022
- Allotment 21 Sep 2022
- Refund/credit 22 Sep 2022
- Listing 26 Sep 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 14 to 16 Sep, 2022 |
|---|---|
| Price Band | ₹314 – ₹330 |
| Face Value | ₹10 |
| Lot Size | 45 Shares |
| Issue Size | ₹755 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 31.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,850 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 45 shares at the ₹330 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 45 | ₹14,850 |
| Retail (max) | 13 | 585 | ₹1,93,050 |
| S-HNI (min) | 14 | 630 | ₹2,07,900 |
| S-HNI (max) | 67 | 3,015 | ₹9,94,950 |
| B-HNI (min) | 68 | 3,060 | ₹10,09,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 876.73 crore in FY2021 to Rs 1,339.00 crore in FY2022.
- 02Profit after tax rose from Rs 21.91 crore in FY2020 to Rs 91.94 crore in FY2022.
- 03Rs 270.00 crore of the fresh issue was planned for repaying debt.
- 04The pre-issue P/E was 27.73 at the upper band of Rs 330, based on EPS of Rs 11.90.
- 05It exports to over 25 countries across five continents.
Risks · 5
- 01Demand follows the global bearing and auto cycles, and exports add currency risk. The source puts the PAT margin at 6.87%.
- 02The source puts debt to equity at 0.74 before the issue.
- 03Rs 299.90 crore of the Rs 755 crore issue was offer for sale by the promoter group.
- 04The solar EPC business is project based, so income from it can be uneven from year to year. Net worth was Rs 527.90 crore on 31 March 2022.
- 05Promoters and the promoter group held 99.7% before the issue and about 74.61% after it, after their sale in the offer.
Three years of numbers
All figures in ₹ crore, as reported in the Harsha Engineers International offer document.
| Metric | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,158.25 | 981.07 | 973.24 | 195.00 |
| Total Income | 1,339.00 | 876.73 | 899.51 | 117.91 |
| Profit After Tax | 91.94 | 45.44 | 21.91 | -27.41 |
| NET Worth | 527.90 | 433.22 | 378.02 | 1.41 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Harsha Engineers International RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Harsha Engineers International IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹11.90 | ₹10.10 |
| P/E Ratio (x) | 27.73 | 32.67 |
| Market Cap at Offer Price (₹ Cr) | ₹2,549.60 | ₹3,003.98 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹330 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹429.40 Cr of the issue is earmarked to named objects.
About the company
Its engineering business makes bearing cages in brass, steel and polyamide, complex precision stamped components, welded assemblies, brass castings, cages and bronze bushings. Its solar EPC business offers turnkey solar photovoltaic projects and operations and maintenance.
It supplies customers in over 25 countries across North America, Europe, Asia, South America and Africa.
The IPO was Rs 755 crore, with Rs 455.10 crore of fresh issue and Rs 299.90 crore of offer for sale by promoters and the promoter group. Rs 270.00 crore of the fresh issue was planned for repaying borrowings and Rs 77.95 crore for machinery.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Harsha Engineers International IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Equirus Capital Pvt.Ltd.
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Harsha Engineers International?
The current Grey Market Premium is ₹160, or 48% over the issue price.
What is the Harsha Engineers International IPO price band?
₹314 to ₹330, on a face value of ₹10.
When is the allotment?
The basis of allotment is 21 September 2022, with listing on 26 September 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
