Harikanta Overseas' SME IPO opens for subscription on May 20, 2026, targeting to raise ₹25.63 crore through an entirely fresh issue of 26.7 lakh shares. According to reports from The Economic Times, the issue will close on May 22, 2026, with shares tentatively scheduled to list on the BSE SME platform on May 27, 2026. The company has fixed the price band at ₹91-96 per share, with shares priced at the upper end of the band commanding a zero grey market premium in unofficial markets.
As reported by The Economic Times, investors can bid for a minimum of 1,200 shares, but retail investors must apply for at least two lots or 2,400 shares, translating into a minimum investment of ₹2.3 lakh at the upper price band. For small non-institutional investors, the minimum application size has been fixed at 3,600 shares amounting to ₹3.45 lakh. The issue is being managed by Interactive Financial Services as the book-running lead manager, with Bigshare Services acting as the registrar and Aftertrade Broking as the market maker.
According to reports from The Economic Times, Harikanta Overseas manufactures synthetic textile fabrics used primarily in ethnic and fashion wear categories, including saree fabrics, polyester garment fabrics, dhupion fabrics, poly linen, Ikat fabrics and natural fibre fabrics. The company operates a 953.93 sq. mt. facility equipped with jacquard rapier looms and advanced weaving machinery in Surat, Gujarat. Its flagship Ikat fabrics contribute over 73% of FY25 revenue, with the company exporting products to markets including Bahrain, Singapore and Thailand while serving domestic markets across states including Delhi, Karnataka, Maharashtra, Punjab, Rajasthan and Uttar Pradesh.
As reported by The Economic Times, IPO proceeds will primarily be used for working capital requirements and general corporate purposes as the company looks to expand operations. The funds will be allocated specifically for capital expenditure for factory premises (₹5.40 crore) and capital expenditure for plant and machineries (₹9.33 crore). Additionally, the company plans to pursue backward integration and capacity doubling post-IPO, positioning it to grow beyond its current ₹35.50 crore revenue base.
