Foxconn’s Bharat FIH gets SEBI’s approval to launch IPO
Bharat FIH, a Foxconn Technology Group company, has received approval from capital market regulator SEBI to launch Rs 5,000 crore initial public offering (IPO).
New Delhi Bharat FIH, a attachment of FIH Mobiles and a Foxconn Technology Group company, has entered capital requests controller Sebi’s go ahead to raise Rs crore through an original Public Offering (IPO). The original share- trade of Bharat FIH comprises fresh issue of shares worth Rs crore and an offer for trade of over to Rs crore by protagonist group and Foxconn unit awful Stars, according to the Draft Red Herring Prospectus( DRHP).
Bharat FIH makes bias for Xiaomi.
The company, which filed its primary IPO papers with Sebi in December 2021, attained its compliances on June 10, an update with the requests controller showed on Monday.
In Sebi’s parlance, its compliances implies its go ahead to float IPO.
Going by the draft papers, proceeds of fresh issue will be used for backing capital expenditure conditions of the company towards expansion of its being premises , investment in attachment, RSHTPL, to support working capital conditions and general commercial purposes.
At present, awful Stars holds99.97 per cent stake in the company.
Bharat FIH, formerly Rising Stars Mobile India, is the largest Electronic Manufacturing Services( EMS) provider in India, with roughly 15 per cent request profit share in fiscal time 2021.
In addition to EMS services, the company is erecting the capabilities to give Original Equipment Manufacturers( OEMs) with a comprehensive, vertically integrated” one- stop result” comprising a range of Original Design Manufacturer( ODM) services, including product design and development.
The company has also been expanding its business into high- growth diligence other than mobile phones, including mechanics, electric vehicles, boxes and hearables.
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