JSA advised Axis Capital Limited, Equirus Capital Private Limited and JM Financial Limited in relation to the initial public offering of equity shares of Harsha Engineers International Limited (“HEIL”) (“IPO”) comprising of a fresh issue of INR 4,550.00 million and an offer for sale of INR 3,000.00 million, at a price of Rs. 330 per equity share, aggregating to a total IPO size of INR 7,550.00 million. As per news reports, the IPO was oversubscribed by 74.70 times with the QIB portion being oversubscribed by 178.26 times.
HEIL is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and amongst the leading manufacturers of precision bearing cages in the world. (Source: CARE Advisory Report).
Deal Value: INR 7,550.00 million
JSA Transaction Team comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Senior Associate – Krupa Brahmbhatt, and Associates – Sourav Modi and Akash Joshi.
Arka Mookerjee is a Partner and Co-Head of the Equity Capital Markets practice, with over 21 years of experience advising on India’s most complex and high-value transactions. Widely recognised for pioneering mandates—including India’s first QIP and InvIT IPO—he represents issuers, underwriters and investors across capital markets and investment structures. Arka actively engages with regulators and industry bodies, playing a key role in shaping India’s evolving capital markets framework.
Siddhartha specializes in public and private Capital Market transactions. He has advised various issuers, underwriters and selling shareholders on equity offerings such as initial public offerings, rights issues, qualified institutions placements, institutional placement programmes & infrastructure investment trusts (InvITs), and debt offerings such as non-convertible debenture issuances.