J. Sagar Associates (JSA) advised Axis Capital Limited and Edelweiss Financial Services Limited as book running lead managers in relation to the proposed initial public offering of Harsha Engineers Limited (“Harsha”). Harsha has filed a draft red herring prospectus on August 21, 2018, with the Securities and Exchange Board of India for an initial public offering comprising of a fresh issue of equity shares aggregating up to INR 3,700 million and an offer for sale of up to 1,325,000 equity shares by certain existing shareholders of Harsha.
Harsha is the largest manufacturer of precision bearing cages in organized sector in India in terms of capacity and operations and amongst the leading manufacturers of precision bearing cages in the world with a market share of approximately 5% to 6% in the organized segment of the global brass, steel and polyamide bearing cages market in terms of revenue. It holds more than 50% of the market share in the Indian bearing cages market in the organized segment for brass, steel, and polyamide cages (Source: Bearing Cages Market – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecasts, 2018- 2026). Harsha manufacture bearing cages in brass, steel and polyamide materials with sizes of upto 2,000 mm in diameter for automotive and industrial applications and also manufactures complex and specialised precision stamped components for automotive and industrial customers. Harsha has been able to manufacture more than 5,000 products in the automotive and industrial segments, allowing it to meet changing customer requirements.
The JSA Team comprised of Partners – Vikram Raghani and Arka Mookerjee; Senior Associate – Swapneil Akut; Associates – Rushab Dhandokia, Krupa Brahmbhatt and Farah Titina and Junior Associates – Kairav Parikh, Sourav Modi, and Kinjal Shah.