The company said it will utilise the net proceeds from the IPO to pay off its existing debt worth Rs 270 crore. It will also direct Rs 77.95 crore towards capital expenditure to purchase machinery and Rs 7.12 crore for infrastructure and renovation works.
Harsha Engineers International, maker of precision bearing cages, was incorporated in 2010. The company makes brass, steel and polyamide cages along with complex and specialised precision stamped components.
The company offers a wide range of bearing cages, with diameter ranging from 20 mm to 2,000 mm, to sectors such as automotive, railways, aviation and aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors, among others.
Harsha also provides turnkey solutions to solar photovoltaic requirements through its solar EPC business.