Updated on 15.05.2026|2:40 PM
Harikanta Overseas Limited is scheduled to launch its Initial Public Offering (IPO). It is a Surat-based manufacturer and exporter of synthetic textile fabrics.
The public issue will open for subscription on Wednesday, May 20, 2026, and close on Friday, May 22, 2026. Track all the upcoming and live IPOs of 2026 at our latest IPO page.
Through this 100% book-built fresh issue, the company intends to raise approximately ₹25.63 Crores at the price band of ₹91 – ₹96 per share.
The proceeds are earmarked for expanding its manufacturing facility and purchasing new machinery to integrate nylon fabric production.
In this article, you will find Harikanta Overseas IPO GMP today, price band, and a detailed review with valuations and strengths and risks.
Briefs of Harikanta Overseas IPO Details:
- Price Band: ₹91 – ₹96 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: May 20, 2026 – May 22, 2026
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 26,70,000 Equity Shares / ~₹25.63 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
If you have any queries with Bigshare check our detailed guide on Bigshare IPO allotment status which covers all the necessary details helpful for investors.
IPO Reservation:
The offering comprises a total issue size of 26,70,000 shares. Excluding 1,34,400 shares reserved for the Market Maker, the net offer to the public is 25,35,600 shares, allocated as follows:
- QIB Portion: Not more than 54,000 Equity Shares (Anchor Investors may be allocated up to 60% of the QIB portion).
- NII (HNI) Portion: Not less than 12,40,800 Equity Shares.
- Retail (RII) Portion: Not less than 12,40,800 Equity Shares.
What Is The Harikanta Overseas IPO GMP Today?
Check the latest GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
What Are The Important Harikanta Overseas IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, May 20, 2026
- IPO Close Date: Friday, May 22, 2026
- Basis of Allotment Date: Monday, May 25, 2026
- Refund Initiation Date: Tuesday, May 26, 2026
- Credit of Shares: Tuesday, May 26, 2026
- Listing Date: Wednesday, May 27, 2026
What Are The Objectives of Harikanta Overseas IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure (Machinery): ₹9.32 Crores is allocated to purchase advanced machinery for in-house yarn processing and to diversify into nylon fabrics.
- Capital Expenditure (Factory Premises): ₹5.40 Crores will fund the construction of an additional 44,893 sq. ft. of space at its existing facility in Surat to accommodate the new machinery.
- Working Capital: ₹4.75 Crores will be deployed to meet the incremental working capital requirements necessary for its expanding operations.
- General Corporate Purposes: The balance (capped at 15% of gross proceeds) will be used for ongoing operational contingencies.
How is The Financial Performance of Harikanta Overseas?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 30 Nov 25 (8M)* | FY 2024-25* | FY 2023-24 | FY 2022-23 |
Total Income | 26.28 | 35.50 | 11.27 | 15.06 |
Profit After Tax (PAT) | 5.09 | 4.47 | 0.82 | 0.25 |
EBITDA | 7.35 | 6.72 | 1.24 | 0.49 |
Total Borrowing | 2.87 | 3.26 | 1.47 | 1.34 |
Assets | 32.51 | 23.12 | 6.61 | 4.99 |
Source: RHP
*Note: Figures for FY25 and the period ending Nov 2025 are Consolidated, while prior years are Standalone.
Financial Analysis & Observations:
Total Income:
The company demonstrated exceptional revenue scaling, jumping from ₹11.27 Crores in FY24 to ₹35.50 Crores in FY25.
This surge was primarily driven by strategic backward integration through its subsidiary and a robust push into export markets like Cambodia and the UAE.
Profit After Tax (PAT):
Profitability followed the massive revenue jump, with PAT expanding from ₹0.82 Crores in FY24 to ₹4.47 Crores in FY25.
The 8-month stub period of FY26 shows a PAT of ₹5.09 Crores, already surpassing the previous full year, indicating highly optimized cost structures and strong export margins.
EBITDA:
Operational efficiency is a standout, with EBITDA reaching ₹6.72 Crores in FY25.
The EBITDA margin expanded significantly to 18.92% in FY25 and nearly 28% in the recent stub period, highlighting the lucrative nature of its specialized fabric lines like Ikat and poly linen.
Total Borrowing:
Despite aggressive growth, total borrowings remained relatively low at ₹2.87 Crores by November 2025.
This reflects a very manageable debt profile, allowing the company to fund its operations largely through internal accruals.
Assets:
The asset base expanded substantially from ₹6.61 Crores in FY24 to ₹32.51 Crores by November 2025.
This growth is driven by heavy capital expenditure on manufacturing infrastructure and a buildup of working capital assets required to support surging export orders.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.69, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 14.35x at the upper end of the price band (₹96).
P/E Ratio = ₹96(Price) / ₹6.69 (Earnings Per Share)
P/E Ratio ≈ 14.35x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Lakhs) |
Harikanta Overseas | 14.35 | 33.00 | 6.69 | 3,517.30 |
Betex India Limited | 28.01 | 5.73 | 13.03 | 9,637.99 |
Swasti Vinayaka Synthetics | 12.78 | 10.54 | 0.27 | 3,838.06 |
Analysis:
Harikanta Overseas is entering the market at a P/E multiple of approximately 14.35x based on its FY25 EPS of ₹6.69.
When compared to the industry average P/E of ~27.53x and listed peers like Betex India (28.01x), the issue appears to be priced at a reasonable discount.
While its P/E is slightly higher than that of Swasti Vinayaka (12.78x), Harikanta boasts an exceptionally superior Return on Net Worth (RoNW) of 33.00%, vastly outperforming both Betex India (5.73%) and Swasti Vinayaka (10.54%).
This indicates highly efficient capital utilization and strong profitability on its equity base, making the valuation look very attractive relative to its peers.
What is The Industry Outlook of Harikanta Overseas Limited ?
Growth Potential:
The Indian synthetic textile sector is benefiting from the "China Plus One" global sourcing strategy. The demand for blended and synthetic fabrics, particularly in women's wear, is growing steadily in both domestic and international markets.
Market Trends:
There is a distinct shift towards integrated manufacturing. Harikanta's strategy to internalize yarn processing and expand into nylon fabrics aligns perfectly with the industry trend of improving margins through backward integration and product diversification.
What Are The Strengths and Risks of Harikanta Overseas IPO?
Strengths:
- High Export Penetration: Generating over 64% of revenue from international markets provides a strong hedge against domestic economic fluctuations and boosts margins.
- Capital Efficiency: An impressive RoNW of 33% highlights the management's capability to generate strong returns on shareholder equity.
- Clear Capex Strategy: The IPO funds dedicated to expanding factory space and adding nylon fabric capabilities provide clear visibility for future revenue growth.
Risks:
- Customer & Supplier Concentration: The top 10 customers contributed over 83% of revenue (as of Nov 2025), and top 10 suppliers accounted for ~59% of purchases. Loss of key relationships could severely impact operations.
- Conflict of Interest: Promoters operate proprietary concerns in the same business line, creating potential conflicts regarding customer allocation and machinery use.
- Negative Cash Flows: The company reported negative operating cash flows recently (-₹0.14 Crores in Nov '25) due to the heavy working capital required to support inventory for its scaling export business.
Key Considerations for Investors
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,200 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (2,400 Shares), amounting to ₹2,30,400. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets Small-HNI investors.
- Valuation: At 14.35x P/E, the pricing leaves significant room for upside compared to industry peers.
- Risk Profile: While highly profitable, the customer concentration and potential conflicts of interest with promoter entities are critical governance factors to weigh.
Key Takeaways
- IPO Price: ₹96 per share (Upper Band).
- Min Investment: ₹2,30,400 (2,400 Shares).
- Financials: Revenue ₹35.5 Cr (FY25);
- Allotment: May 25, 2026
- Listing: BSE SME platform on May 27, 2026.
Important LINKS
2. iPO Research and market Analytics
3. Daywise IPO subscription details.
4. IPO GMP vs Listing Accuracy Study 2026
5. IPO Valuation vs Listing Performance Study 2026
FAQs on Harikanta Overseas IPO
What is Harikanta Overseas IPO GMP today?
Check the latest gmp at our latest GMP page.
What is Harikanta Overseas IPO price band?
The price band is fixed at ₹91 to ₹96 per equity share.
What is Harikanta Overseas IPO allotment date?
The allotment status is expected to be finalized on Monday, May 25, 2026.
How to check Harikanta Overseas IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Harikanta Overseas IPO listing date?
The shares are tentatively scheduled to list on Wednesday, May 27, 2026.
Investment Perspective on Harikanta Overseas IPO
Harikanta Overseas offers a high-growth, high-margin play in the textile export sector. While the valuation is extremely attractive relative to its listed peers, the high minimum investment ticket size and operational risks regarding client concentration require careful consideration by prospective investors.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
