Foxconn's Bharat FIH gets SEBI nod to float ₹5,000 crore IPO
The Hindu
Bharat FIH makes devices for Xiaomi and Nokia
Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator SEBI's go ahead to raise ₹5,000 crore through an Initial Public Offering (IPO).
The initial share-sale of Bharat FIH comprises fresh issue of shares worth ₹2,502 crore and an offer for sale of up to ₹2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draft Red Herring Prospectus (DRHP).
Bharat FIH makes devices for Xiaomi and Nokia.
The company, which filed its preliminary IPO papers with SEBI in December 2021, obtained its observations on June 10, an update with the markets regulator showed on Monday.
In SEBI’s parlance, its observations implies its go ahead to float IPO.
Going by the draft papers, 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.
At present, Wonderful Stars holds 99.97% stake in the company.
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