Harsha Engineers International, a manufacturer of precision loading cages, said on Friday that it has set a price range of Rs 314-330 per share for its initial public offering (IPO) of Rs 755 crore.
The company announced that the initial sale of shares will open for public subscription on September 14, and end on September 16.
The public issue of Rs 755 crore consists of a new equity issue of up to Rs 455 crore and an offer for sale (OFS) of up to Rs 300 crore by existing shareholders.
As part of OFS, Rajendra Shah, Harish Rangwala, Pilak Shah, Charusheela Rangwala and Nirmala Shah will offload the shares.
The offer also includes booking a subscription by eligible employees.
Proceeds from the new issue will be used up to Rs 270 crore to pay off debts, up to Rs 76 crore to finance working capital requirements for purchasing machinery, up to Rs 7.12 crore for infrastructure repair and refurbishment of existing production. Facilities and proposals of public companies.
Half of the issuance volume is reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Investors can bid for a minimum of 45 shares of stock and multiples of 45 shares after that.
This is the second attempt of the Ahmedabad-based company to go public. Earlier, she had submitted the drafts of her papers to the regulator in August 2018.
The company has five manufacturing facilities with two of its main manufacturing facilities in Changodar and one in Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each in Changshu, China and Ghimbav Brasov in Romania, allowing access to its customers in more than 25 countries.
Harsha Engineers revenue from operations increased by 51.24% to Rs.1,321.48 crore for FY 2022, from Rs.873.75 crore for FY 2021, while profit after tax doubled to Rs.91.94 crore for FY 2022, from Rs.45.44 crore for FY 2021.
Axis Capital, Equirus Capital and JM Financial are the main book managers responsible for this problem.