Harikanta Overseas IPO
smelistedAbout the company
Incorporated in 2018, Harikanta Overseas is engaged in the manufacturing of synthetic textile fabrics. The company offers different types of products including Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. The company primarily caters fabric to women’s wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas. Although their fabrics have multiple end uses, the majority of them are utilised in the manufacturing of different types of sarees. The company exports products such as Ikat fabrics and dhupion fabrics, which not only reinforced its market presence but also expanded its customer base beyond India. The company has a manufacturing unit at Surat, Gujarat and it is spread across 953.93 sq. mtrs. In early years, the company marketed its products through merchant exporters. It gradually started focusing on direct exports as well, establishing itself as a player in the textile export market with expertise and increasing international demand. It initially supplied products to Cambodia and the domestic market in Surat. Over time, its export network expanded to include Bahrain, Singapore, and Thailand, while on the domestic front, it extended presence to other key markets such as Delhi, Bangalore, Karnataka, Maharashtra, Uttar Pradesh, Punjab and Rajasthan. The domestic sale accounted for 55.39 % and International sale was 42.00% as of Nov 2025. The company’s major revenue portion comes from Gujarat which is about 55% and on international ground, Cambodia made up 34.54% as of Nov 2025. Its sales from manufacturing products were around 68% and contract manufacturing sales was ~32%. Ikat fabrics contribute ~ 76% and polyester garment fabrics contribute ~8% during April 2025 to Nov 2025. As of FY25, IKat fabrics capacity utilisation was 94.44% and polyester garment fabrics was 95.79%. In FY25, total capacity utilisation was 92.57%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 26 May | ₹0 | ₹96 | 0 |
| 25 May | ₹0 | ₹96 | 0 |
| 24 May | ₹0 | ₹96 | 0 |
| 23 May | ₹0 | ₹96 | 0 |
| 22 May | ₹0 | ₹96 | 0 |
| 21 May | ₹0 | ₹96 | 0 |
| 20 May | ₹0 | ₹96 | 0 |
| 19 May | ₹0 | ₹96 | 0 |
Strengths
- Operates in the synthetic textile fabric manufacturing segment
- Product portfolio includes saree fabrics, Ikat fabrics, polyester fabrics, poly linen, and natural fiber fabrics
- Strong improvement in revenue and profitability in FY2025
- Healthy profitability ratios with strong ROE and ROCE figures
- Low debt-to-equity ratio indicates manageable leverage
- IPO proceeds aimed at factory expansion and machinery purchase
- Benefits from growing textile and apparel demand in India
- ISO-certified manufacturing operations improve credibility and quality standards
- Entire IPO is a fresh issue, which supports business growth instead of promoter exit
Risks
- SME IPOs carry high volatility and low liquidity risk
- Textile business is highly competitive with pricing pressure
- Business performance may fluctuate due to raw material cost changes
- Heavy dependence on fashion and apparel demand cycles
- Limited operating history as a listed public company
- Large minimum investment amount increases retail risk exposure
- SME stocks may face sharp price swings after listing
- Customer concentration and regional concentration risks may exist
- Grey market premium visibility is still limited/uncertain
- Small-scale business compared to larger listed textile peers
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed20 May 2026Bidding starts for all investor categories
IPO Closes
Completed27 May 2026Last day to place your bid
Basis of Allotment
Completed29 May 2026Share allotment finalised
Refund Initiation
Completed01 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed01 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed02 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹115,200 | 1 | ₹115,200 | 1 lot only |
| HNI | 2 | 2400 | ₹230,400 | 2 | ₹230,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,390,375 | 13 | 0 | 0.00x | 100% |
| NII | 15% | 417,112 | 3.9 | 0 | 0.00x | 100% |
| Retail | 35% | 973,262 | 9.1 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
