New Delhi: Hong Kong-listed FIH Mobile’s India subsidiary Bharat FIH on Wednesday filed a draft red herring prospectus (DRHP) for its initial public offering (IPO) of Rs 5,004 crore ($662.97 million), according to a Reuters report.
Shares of FIH Mobile, a unit of Apple Inc supplier Foxconn, rose 6.7 per cent a day before the company offered to list India FIH.
A fresh issue of equity shares worth Rs 2,500 crore in a public issue of Foxconn and an offer for sale (OFS) by the promoter group and Foxconn unit Wonderful Stars for Rs 2,500 crore by existing shareholders, according to draft papers filed with markets regulator SEBI shall include. Brochure said.
Kotak Investment Banking, Citigroup Global Markets India, BNP Paribas and HSBC Securities and Capital Markets India are the bankers to the issue.
India FIH is an electronic manufacturing services provider in India and as per the prospectus, it had a market revenue share of 15 per cent in FY2011.
The company started operations in 2015 and focused on manufacturing of mobile phones. Since March 2021, the company has expanded into other services, including mechanics, electric vehicles, TVs and hearing aids.
Bharat FIH manufactures and assembles Xiaomi mobile phones in India. In FY19, FY20 and FY21 and in the six months ended 30 September 2021, Xiaomi generated 87.81 per cent, 89.05 per cent, 94.24 per cent and 96.13 per cent revenue from operations for these periods.
India FIH’s IPO comes at a time when Foxconn’s plant near Chennai will remain closed this week as a protest against a food poisoning incident, according to sources.
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