Bharat FIH IPO: According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 2,502 crore will be issued under this IPO.
Bharat FIH IPO: There is good news for the people investing in IPO. The IPO of Bharat FIH, a subsidiary of FIH Mobiles and Foxconn Technology Group’s company, has received the approval of market regulator SEBI. The company wants to raise Rs 5,000 crore through this IPO. According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 2,502 crore will be issued under this IPO. In addition, shares up to Rs 2,502 crore will be sold under Offer for Sale (OFS) by the company’s promoter group and Foxconn unit Wonderful Stars. India FIH manufactures devices for Xiaomi and Nokia.
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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. At present, Wonderful Stars holds 99.97 percent stake in the company. The company had filed papers related to the IPO with SEBI in December 2021. The company has received the observation letter on June 10. It is necessary for any company to obtain an observation letter from SEBI before bringing an IPO.
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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.