Harsha Engineers Limited IPO to raise 300 crores

Harsha Engineers International Limited IPO got completely subscribed on the first day of the bidding, on September 14. On day two of the auction, the bidding for the IPO of Harsha Engineers International was 6.94 times.

Harsha Engineers International Limited’s (HEIL) initial public offering (IPO) began on September 14, Wednesday morning. The last date for bidding for the IPO will be after three days on Friday, September 16. The new offering of equity shares totaling Rs 455 crore is part of the Rs 755 crore IPO of Harsha Engineers. It has a price range of up to Rs 300 crore. On September 26, it’s anticipated that the equities will be listed on the Bombay Stock Exchange and the National Stock Exchange.

Retail investors can bid for a minimum of one lot of 45 shares and a maximum of 13 lots of Harsha Engineers shares at the lower end of the price range. At the higher end of the price range, one lot of Harsha Engineers shares would cost Rs 14,850. The total volume of shares released is 17212410. As shares worth Rs 2.5 crore out of the overall issue amount of Rs 755 crore are reserved for the workers, they would get shares at a discount of Rs 31 per unit from the final price.

Harsha Engineers International Limited (Amalgamated) was established in 1986. Harsha Engineers International Limited is a manufacturing company that operates as a manufacturer of precision components and bearings. The company offers brass, steel, and polyamide cages in addition to stamping components. The automotive, electrical, and special application sectors are served globally by Harsha Engineers. The firm recorded gross sales of Rs. 5073.16 crores and a total income of Rs. 5504.88 crores for the most recent quarter.

By March 31, 2022, it will have produced more than 295 additional goods in addition to the 7,205 bearing cages. Additionally, its product development and innovation departments have created more than 1,200 items of various kinds during the last three years.

Here is how you can apply for an IPO through Zerodha:

1.       Go to the Zerodha Website and Login.
2.       Click on Apply for the IPO you want to apply for.
3.       Select investor type: individual investor or employee.
4.       Enter the UPI ID.
5.       Enter the quantity and price.
6.       (The quantity should be a multiple of the size allotted. And enter the price within the issue range.)
7.       Click on the undertaking checkbox and then click on Submit.
8.       Accept the mandate on the UPI app.

How to check the status of your IPO:

1.   First go to the official allotment website of BSE.
2.   Select the Equity option.
3.   Select the name of the IPO you bid for.
4.   Enter the Application Number sent to you while making a bid.
5.   Then enter your PAN number.
6.   Click on the search button.
7.   You can see the share IPO allotment status.

Harsha Engineers International Limited (HEIL) has five production sites, including two main ones in Changodar; one in Moraiya, near Ahmedabad in Gujarat, India, one in Changshu, China; and one in Ghimbav, Romania. The firm has been serving clients in over 25 different countries.

HEIL plans to raise up to Rs 300 crore through an offer for sale and Rs 455 crore through a new share offering. The IPO has already received 1.92 times subscriptions on Day 1. The IPO share allotment will be finalised by September 21. While the shares of HEIL will go listed on BSE and NSE markets on September 26. It had previously submitted its draft papers to the regulator in August 2018 for listing but was rejected.

Meanwhile, you can also watch out for two upcoming IPOs: Varanium Cloud Limited (Cloud) and Kandarp Digi Smart Bpo Limited (KDSBL). The bid for both Cloud and KDSBL starts on September 16 (tomorrow) and ends on September 20, Tuesday. The share lot size for Cloud is 1000, with a price of Rs 122 per share. The lot size for the KDSBL IPO is 4000, with a price of Rs 30 per share.