Bharat FIH: Xiaomi and Nokia phone maker Bharat FIH gets approval for Rs 5,000 crore IPO

[ad_1]

India FIH, Producer of Xiaomi And Nokia in phone Indiahas received permission from the capital markets regulator to raise ₹5,000 crore through an initial public offering (IPO) on June 10.

Separately, markets regulator SEBI has also sought clarification from Lava Mobiles for its Rs 1,500 crore IPO. The Noida-based smartphone brand and contract maker had filed the draft prospectus in September 2021 offering a fresh issue of equity shares worth Rs 500 crore and a sale component of 43,727,603 equity shares.

India FIH The IPO includes fresh issue of shares worth Rs 2,502 crore and stake sale of Rs 2,502 crore by Wonderful Stars, a subsidiary of promoter group Foxconn.

“While we have historically been able to finance our capital expenditures through equity contributions from the promoter selling shareholder, Wonderful Stars, this may not be the case once we are a publicly listed company. will have to be financed from internal sources and through external debt financing and equity fund raising,” the company said in its DRHP.

SEBI on June 10 issued its comments to India FIH which, in the language of the regulator, amounts to a green signal for listing the IPO on the stock exchanges.

Bharat FIH, which said it is India’s largest electronics manufacturing services provider with 15% revenue share, is indirectly part of Foxconn Technology Group, which is owned by its subsidiary Wonderful Stars, filed by the company in December 2021. As per DRHP.

The contract maker plans to use the net proceeds from the IPO to pay a cash dividend to its shareholders, pay for its continued operations, and fund future business growth and development.

India FIH derives most of its revenue in India from the smartphone and smart TV market leader, Xiaomi, and has operations across its premises. Andra Pradesh and Tamil Nadu where it integrates manufacturing, warehousing, logistics, and housing facilities.

The contract maker plans to expand into industries other than mobile phones, and into electric vehicles, television and hearing aids. It has also established a Taiwan-based subsidiary, India Taiwan Corporation, to explore technology transfer and collaboration with its R&D centers in India.

[ad_2]

Source link

Related posts

Leave a Comment