Trilegal advises Harsha Engineers on INR7.5bn IPO

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Trilegal advised Harsha Engineers International on the company’s INR7.55 billion (USD92.86 million) IPO of INR4.55 billion worth of new shares and shareholders selling INR3 billion in stock.

Partners Bhakta Patnaik and Brajendu Bhaskar led the Trilegal team, with assistance from senior associates Malika Grewal, Bhargavi Mahajan and Pooja Sharma. Associates Aman Bahl, Jahanvi Jain and Arsh Sinha also assisted the team.

JSA advised investors Axis Capital, Equirus Capital and JM Financial.

The shareholders offloading their stock included promoters Harish Rangwala (INR750 million), Rajendra Shah (INR667.5 million), Pilak Shah (INR165 million), Charusheela Rangwala (INR750 million) and Nirmala Shah (INR667.5 million).

The estimated value of the IPO was INR7.55 billion. News reports said the offer was oversubscribed 74.7 times and the equity shares were listed at a premium of 36% above the offer price. The shares were listed on 26 September.

Incorporated in 2010, Harsha Engineers International is the largest manufacturer of precision bearing cages, in terms of revenue, in the organised sector in India.

The company is a part of the Harsha Group and supplies products to customers in more than 25 countries, covering the five continents of North America, Europe, Asia, South America and Africa. Its business comprises engineering and solar engineering, procurement and construction business.