Harikanta Overseas IPO
Market Sentiment
IPO Details
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Market Lot Size
Financial Analysis
| Metric | 2025 | Nov 2025 |
|---|---|---|
| Revenue | 35.50 | 26.28 |
| Expense | 29.30 | 19.75 |
| Profit (PAT) | 4.47 | 5.09 |
| Total Assets | 23.12 | 32.51 |
| Company | P/E | EPS |
|---|---|---|
| Betex India Limited | 35.61 | 13.03 |
| Swasti Vinayaka Synthetics Limited | 19.44 | 0.27 |
Promoters: Hardik Gotawala, Abhishek Gotawala, and Nilesh Gotawala
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 71,95,740 | 96.87% |
| Promoter Holding Post Issue | 98,70,740 | 70.66% |
Strengths & Risks
- Strong institutional (QIB) demand — 21.3x.
- Revenue grew 56% in the latest reported year.
- Solid profit margin — 8.7%.
- Strong return on equity — 57%.
- Low leverage — debt/equity of 0.24.
No major red flags in the available data.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Incorporated in 2018, Harikanta Overseas is engaged in the manufacturing of synthetic textile fabrics. Its product portfolio comprises Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics. The company mainly supplies fabrics used in women’s wear, such as sarees, dress materials, and kurtas, and also provides fabric for men’s kurtas. The company has a mission to deliver high-quality fabric solutions for both domestic and international markets by using advanced technology and sustainable manufacturing practices. In 2024, the company expanded by adding new factory premises and starting in-house yarn processing initiatives. The company has established a manufacturing facility in Surat, Gujarat, covering 953.93 sq. meters at Sai Ram Industrial Estate-2, Bamroli. It also exports its products to Bahrain, Singapore, and Thailand, while catering to major domestic markets including Delhi, Bangalore, Karnataka, Maharashtra, Uttar Pradesh, Punjab, and Rajasthan.
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure for Factory premises | 5.40 |
| Capital Expenditure for purchase of machineries | 9.33 |
| Working Capital Requirement | 4.75 |
| General Corporate Purpose | - |
Resources & Documents
Harikanta Overseas Ltd., 28, Sairam Ind Estate, Bamroli, Surat, Gujarat, 394107
Harikanta Overseas has set a price band of Rs 91–Rs 96 per share for an issue size of Rs 26 crore. The stock listed with a 16.93% discount versus its issue price on June 02, 2026.
Incorporated in 2018, Harikanta Overseas is engaged in the manufacturing of synthetic textile fabrics. Its product portfolio comprises Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics.
The issue is promoted by Hardik Gotawala, Abhishek Gotawala, and Nilesh Gotawala with Interactive Financial Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Capital Expenditure for Factory premises (Rs 5 crore) and Capital Expenditure for purchase of machineries (Rs 9 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 1.11x, retail at 0.66x, QIB at 21.33x, NII at 0.73x.
On fundamentals, the company is posting revenue growth of 56.3%, a profit margin of 8.7%, return on equity of 56.7% in its most recent reported period. Listed peers in this segment include Betex India Limited (P/E 35.61x) and Swasti Vinayaka Synthetics Limited (P/E 19.44x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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