Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator Sebi's go ahead to raise Rs 5,000 crore through an Initial Public Offering (IPO).
The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 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 per cent stake in the company.
Bharat FIH, formerly Rising Stars Mobile India, is the largest Electronic Manufacturing Services (EMS) provider in India, with approximately 15 per cent market revenue share in financial year 2021.
In addition to EMS services, the company is building the capabilities to provide Original Equipment Manufacturers (OEMs) with a comprehensive, vertically integrated "one-stop solution" comprising a range of Original Design Manufacturer (ODM) services, including product design and development, component manufacturing and sourcing, logistics, and after-sales services.
The company has also been expanding its business into high-growth industries other than mobile phones, including mechanics, electric vehicles, televisions and hearables.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app