Harsha Engineers International received bids for 125.97 crore shares as against 1.68 crore shares on offer. The IPO of the company bids for 1,25,97,13,21 shares as against 1,68,63,795 shares on offer. The issue was subscribed 74.70 times. Out of which the Qualified Institutional Buyers (QIBs) category was subscribed 178.26 times, the Non-Institutional Investors (NIIs) category was subscribed 71.32 times, and the Retail Individual Investors (RIIs) category was subscribed 17.63 times.

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On 14 September, the issue was opened for bidding and closed on 16 September 2022. The IPO price band was fixed at Rs 314-330 per share. The fresh issue of equity shares aggregating to Rs 455 crore and an offer for sale to existing shareholders up to Rs 300 crore. The company has plans to utilize the fund from fresh issues for pre-payment or repayment of loans of existing borrowings of the company of about Rs 270 crores. Also, the capital expenditure requirement for purchasing machinery is about Rs 77.954 crore. To repair and renovate its existing production facilities, which covered office premises in India of about Rs 7.116 crore.

On 13 September 2022, Harsha Engineers International raised Rs 225.74 crore from anchor investors. The board of directors has allotted 68.40 lakh shares at Rs 330 per share to 23 anchor investors.

On a consolidated basis, the company’s net profit was Rs 91.94 crore and net sales of Rs 1,321.48 crore at the end of the financial year as of 31 March 2022.