Harsha Engineers International has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 755 crore through an initial public offering (IPO).
Proceeds from the fresh issue will be utilized to the tune of up to Rs 270 crore for debt payment, up to Rs 77.95 crore for funding working capital requirements towards the purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of the existing production facilities and general corporate proposes. Axis Capital, Equirus Capital and JM Financial are the book running lead managers to the issue.
Harsha Engineers International is the largest manufacturer of precision bearing cages in organized sector in India in terms of capacity and operations and amongst the leading manufacturers of precision bearing cages in the world with a market share of approximately 5% to 6% in the organized segment of the global brass, steel, polyamide bearing cages in terms of revenue.
| Company Name | CMP |
|---|---|
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| Skipper | 466.10 |
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