Press "Enter" to skip to content

Harsha Engineers International mobilises Rs 225.74 crore from anchor investors ahead of IPO – Moneycontrol

Marquee investors that participated in the anchor book included American Funds Insurance, Goldman Sachs, Pinebridge Global Funds, and Abu Dhabi Investment Authority

Sunil Shankar Matkar

September 13, 2022 / 09:54 PM IST

Harsha Engineers International on September 13 raised Rs 225.74 crore through its anchor book ahead of the public issue opening. The offer will open for subscription on September 14.

The company informed exchanges that it has finalised the allocation of 68.40 lakh equity shares at the upper end of the price band of Rs 330 per share.

Marquee investors that participated in the anchor book included American Funds Insurance, Goldman Sachs, Pinebridge Global Funds, and Abu Dhabi Investment Authority.

Among others, Whiteoak Capital, HDFC Small Cap Fund, SBI MF, Franklin MF, UTI Infrastructure Fund, SBI Life Insurance, Nippon Life India Trustee, ICICI Prudential, DSP Small Cap Fund, and L&T Mutual Fund also invested in the company via anchor book.

“Out of total allocation, of 68.4 lakh shares, 38.9 lakh shares were allocated to 9 domestic mutual funds through a total of 17 schemes,” the company said in its BSE filing.

Also read – Harsha Engineers IPO opens tomorrow: 10 things to know about the issue

Harsha Engineers is planning to raise Rs 755 crore through its public issue that comprises a fresh issue of Rs 455 crore and an offer for sale of Rs 300 crore by promoters. The issue will close on September 16.

The price band for the offer has been fixed at Rs 314 to Rs 330 per share.

The precision bearing cages manufacturer will utilise fresh issue proceeds for repaying some debts, purchase of machinery, and infrastructure repairs and renovation of existing production facilities including office premises in India, apart from general corporate purposes.

Sunil Shankar Matkar