Harsha Engineers has submitted the draft red herring prospectus (DRHP) with the market regulator the Securities and Exchange Board of India on 20th August to launch its IPO.

This public offer comprises a fresh issue aggregating up to INR 370 crore & an offer for sales around 3,31,250 shares each by Harish Ranjit Rangwala, Charsheela Harish Rangwala, Rajendra Shantilal Shah and Nirmala Rajendra Shah.

The proceeds will be utilized for pre-payment of certain indebtedness, investment in subsidiaries, purchase of machinery in India, infrastructure development for current facilities in India & general corporate purposes.

Edelweiss Financial Services and Axis Capital are the main running lead managers.

About Harsha Engineers:

It’s a giant manufacturer of precision bearing cages in India and holds 50% of the market share in India in the segment for steel, brass & polyamide cages.