Harsha Engineers International Limited IPO: Issue opens 14th September 2022

Incorporated in 2010, Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, in terms of revenue in organised sector in India. The company is a part of the Harsha Group.
The company supplies its products to customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America and Africa.
The business comprises of two segments:
1. Engineering business, under which the company manufactures bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings.
2. Solar EPC business, under which the company provide complete comprehensive turnkey solutions to all solar photovoltaic requirements and provides operations and maintenance services in the solar sector.
As of September 30, 2021, Harsha Engineers International have been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics and renewables sectors. In addition, over the past three years company's product development and innovation centre has developed more than 1,200 products in different bearing types.
The company has five manufacturing facilities for engineering business with two manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat, India and one manufacturing unit each in Changshu, China and Ghimbav Brasov in Romania.
Harsha Engineers International Limited has three wholly owned subsidiaries, one in China -Harsha Precision Bearing Components (China) Co. Ltd, one in the United States of America -HASPL Americas Corporationand one in the Netherlands-Harsha Engineers B.V., and a stepdown subsidiary in Romania -Harsha Engineers Europe SRL.

Objects of the Issue:

The company proposes to utilise the Net Proceeds of the Fresh Issue towards funding of the following objects:

• Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.
• Funding capital expenditure requirements towards purchase of machinery.
• Infrastructure repairs and renovation of our existing production facilities including office premises in India.
• General corporate purposes.

Compititve Strengths:

• Comprehensive solution provider offering a diversified suite of precision engineering products across geographies and end-user industries.
• Long-standing relationships with leading clientele.
• Strategically located domestic and international production facilities and warehouses.
• Expertise in Tooling, design development and automation.
• Consistent track record of growth and financial performance.
• Strong, experienced and dedicated senior management team and qualified workforce.

Company Promoters: Rajendra Shah, Harish Rangwala, Vishal Rangwala, and Pilak Shah are the company promoters

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