Harsha Engineers IPO opens today: Discount, issue size, bid lot and more—Key things to know

The initial public offering (IPO) of Harsha Engineers International Limited, one of the largest manufacturers of precision bearing cages in organised sector in India, will open for subscription on Wednesday, September 14, 2022. The company is also amongst the leading manufacturers of precision bearing cages in the world, as per brokerage house Swastika Investmart Ltd.  

As the issue opens on Wednesday, below are key things to know about bearing cages' manufacturer public offer.  

Harsha Engineers IPO open and close dates 

The three-day IPO will open for subscription on Wednesday (Sep 14) and close on Friday (September 16). 

Harsha Engineers IPO size 

The total IPO size is worth Rs 755 crore, which comprises fresh issue of Rs 455 crore and open offer for sale of Rs 300 crore.  

Harsha Engineers IPO price band, lot size 

As per Harsha Engineers International Limited DRHP, the company has fixed a price band of Rs 314-330 for the issue that opens tomorrow. The IPO lot comprises 45 shares and in multiple thereof.  

Harsha Engineers IPO allocation, discount  

The retail allocation has been capped at 35% for Harsha Engineers IPO, shares of which will be listed on both the exchanges—National Stock Exchange (NSE)and BSE. It also has employees reservation to the tune of Rs 2.50 crore of the IPO. The employees will be given a discount of Rs 31 per share, as per LKP Securities.  

Harsha Engineers IPO Book Running Lead Managers (BRLM) and registrar 

The Book Running Lead Managers for Harsha Engineers IPO are Axis Capital, Equirus Capital, JM Financial, while Link Intime India Pvt. Ltd. Is the designated registrar to the IPO.  

Harsha Engineers International Limited company details 

Incorporated in 2010, HEIL manufactures bearing cages, including cylindrical roller cages, spherical roller cages, deep grove cages, angular contact cages, thrust roller cages and taper roller cages), complex and specialised precision stamped components, welded assemblies and brass castings and bushings. 

Harsha Engineers International Limited global presence 

As per Swastika Investmart, the company supplies its products to customers in over 25 countries, covering five continents i.e., North America, Europe, Asia, South America and Africa. 

Harsha Engineers International Limited Clientele 

HEIL caters to customers who are leading global bearing manufacturers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors.  

"The bearing cages market globally is concentrated among a few global bearing manufacturers with Top-6 global bearing manufacturers contributing to 54% of the market share in Fiscal 2022" said LKP Securities in its IPO note