Latest News | Foxconn's Bharat FIH Files Rs 5,000-cr IPO Papers with Sebi
Get latest articles and stories on Latest News at LatestLY. Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has filed preliminary documents with markets regulator Sebi to raise over Rs 5,000 crore through an initial public offering (IPO).
New Delhi, Dec 22 (PTI) Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has filed preliminary documents with markets regulator Sebi to raise over Rs 5,000 crore through an initial public offering (IPO).
The public issue comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of shares worth up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the draft red herring prospectus (DRHP).
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At present, Wonderful Stars holds 99.97 per cent stake in the company.
Bharat FIH makes devices for Xiaomi and Nokia.
Proceeds of fresh issue will be used for funding capital expenditure requirements of the company towards expansion of its existing campuses, investment in subsidiary, RSHTPL, to support working capital requirements and general corporate purposes.
Bharat FIH, formerly Rising Stars Mobile India, is the largest electronic manufacturing services (EMS) provider in India, with approximately 15 per cent market revenue share in financial year 2021.
In addition to EMS services, the company is building the capabilities to provide original equipment manufacturers (OEMs) with a comprehensive, vertically integrated "one-stop solution" comprising a range of original design manufacturer (ODM) services including product design and development, component manufacturing and sourcing, logistics, and after-sales services.
The company has also been expanding its business into high-growth industries other than mobile phones, including mechanics, electric vehicles, televisions and hearables.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)