Fresh shares worth Rs 2,502 crore will be issued under the IPO of Bharat FIH. At the same time, shares up to 2,502 crore will be sold under OFS.
Bharat FIH IPO: Bharat FIH, a subsidiary of FIH Mobiles and a company of Foxconn Technology Group, is going to bring IPO. The company has filed a draft paper with the market regulator SEBI for this. This IPO will be of Rs 5,000 crore. India FIH manufactures devices for Xiaomi and Nokia.
According to the Red Herring Prospectus (DRHP), fresh shares worth Rs 2,502 crore will be issued under this IPO. In addition, the promoter group and Foxconn unit Wonderful Stars will sell shares up to Rs 2,502 crore under an offer for sale (OFS). At present, Wonderful Stars holds 99.97 percent stake in the company.
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Fund will be used here
Under the IPO, the funds received from the fresh issue will be used to meet the capital expenditure requirements in the company’s expansion. In addition, the fund will also be used for investment in the subsidiary RSHTPL and for working capital requirements and general corporate purposes.
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Know about the company
- India FIH, India’s largest electronic manufacturing services (EMS) provider, has a market revenue share of around 15 per cent in FY21.
- Apart from mobile phones, the company is also expanding its business into high growth industries, which include mechanics, electric vehicles, television and wearables.
- Kotak Mahindra Capital Company, BNP Paribas, Citigroup Global Markets India and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue.
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