Harsha Engineers International Ltd raises Rs 225.7 crore from anchor investors
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Mumbai: Harsha Engineers International, is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and amongst the leading manufacturers of precision bearing cages in the world, has garnered Rs 225.7 crore from anchor investors ahead of its initial share sale that opens for public subscription on Wednesday, September 14, 2022. The company informed the bourses that it allocated 68,40,855 shares at Rs. 330 per share on Tuesday, September 13, 2022, to anchor investors.
American Funds Insurance Series Global Small Capitalization Fund, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, PineBridge Global Funds - PineBridge India Equity Fund, Abu Dhabi Investment Authority-Monsoon are among the investors that participated in the anchor book.
In addition, shares have been allocated to domestic funds Whiteoak Capital, HDFC Mutual Fund, SBI Mutual Fund, Franklin Templeton™ India MF, UTI MF, SBI Life, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, DSP Mutual Fund, Icici Prudential Life Insurance & L&T Investment Management are among the investors that participated in the anchor book
Out of the total allocation of 68,40,855 equity shares to the anchor investors, 38,90,610 equityshares were allocated to 9 mutual funds through 17 schemes amounting to Rs 128.4crore i.e.56.9% of the Total Anchor Book Size.
Harsha Group was established in the year, 1986 by founder, promoters Harish Rangwala and Rajendra Shah, both having more than 35 years of experience in the precision engineering and bearings cages manufacturing sector that primarily operates in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewable energy, and other industrial sectors.
The Company offers a wide range of bearing cages starting from 20 mm to 2,000 mm in diameter. It has approximately 50-60% of the market share in the organised segment of the Indian bearing cages market and 6.5% of the market share in the global organised bearing cages market for brass, steel, and polyamide cages in CY 2020. It also manufactures complex and specialised precision stamped components, welded assemblies, brass castings, cages & bronze castings and bushings.
The Ahmedabad-based company offersa diversified suite of precision engineering products across geographies and end-user industries, which comprises of engineering business, under which it manufactures bearing cages (in brass, steel, and polyamide materials), complex and specialised precision stamped components, welded assemblies, and brass castings and cages & bronze bushings; and solar EPC business, under which it provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.
As of March 31, 2022, has manufactured more than 7,205 bearing cages and more than 295 other products. In addition, over the past three years,its product development and innovation center has developed more than 1,200 products in different bearing types.
The company has five strategically located manufacturing facilities with two of its principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each at Changshu, China, and Ghimbav Brasov in Romania, which helps it to penetrate global markets more efficiently and in a cost-effective manner and allow access to its customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America, and Africa.
Harsha Engineers’ revenue from operations increased by 51.24% to Rs 1321.48 crore for fiscal 2022 from Rs 873.75 crore for fiscal2021, primarily due to increase in its revenue from operations from the engineering business, while profitafter tax has increased by 102.35% to Rs 91.94 crore for fiscal 2022 from Rs 45.44 crore for fiscal 2021,primarily due to increase in the revenue from operations from the engineering business and reduction in the operating loss ofsolar EPC business as well as gain on account of exchange rates.
Axis Capital Limited, Equirus Capital Private Limited, and JM Financial Limited are the book-running lead managers to the issue, and Link Intime India Private Limited is the registrar of the offer.The equity shares are proposed to be listed on BSE and NSE
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