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IPO

Choice Equity Broking IPO report on Harsha Engineers International

Harsha Engineers International Ltd. (HEIL), a manufacturer of precision bearing cages is coming up with an IPO to raise around Rs. 760cr, which opens on 14th Sept. and closes on 16th Sept. 2022. The price band is Rs. 314 – 330 per share. The IPO is a combination of fresh issue and OFS portion. HEIL will not receive any proceeds from the OFS portion. Of the fresh issue net proceeds, Rs. 270cr will be used for the pre-pay/repayment of certain debt availed by the company; Rs. 77.9cr will be utilized for the purchase of machinery and another Rs. 7.1cr will be used for the infrastructure repair & renovation at the existing production facilities.

Valuation and Outlook

At higher price band, HEIL is demanding EV/Sales multiple of 2.2x, which is discount to peer average of 5.6x. Above peer list includes large well established bearing manufacturers, which are trading at higher valuations thereby distorting the peer average. Excluding these highly valued manufacturers, still the demanded valuation by HEIL is discount to the peer average. Thus the issue is attractively priced. Considering the future growth outlook of the bearing market; HEIL’s dominant position in the bearing cage market and the demanded attractive valuations, we assign a “SUBSCRIBE” rating for the issue.

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