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Bharat FIH, a unit of the Hong Kong-listed FIH Mobile also known as Foxconn International Holdings, has sought clearance from market regulator SEBI to raise ₹5,000 crore via an IPO. Bharat FIH filed its draft prospectus with SEBI on Wednesday.
Bharat FIH’s IPO will consist of a fresh issue of shares of up to ₹2,502 crore and an offer for sale of shares up to ₹2,500 crore by promoter group and Foxconn unit Wonderful Stars, the prospectus said.
SEBI is supposed to make its observations on the prospectus and give its go ahead.
FIH Mobile is a manufacturer of mobile handsets. FIH Mobile is a subsidiary of Foxconn Technology that boasts of clients like HTC, Nokia, Huawei, Sony Mobile and Apple. Bharat FIH has filed for an IPO at a time when Foxconn’s plant near Chennai is shut this week due to protests sparked by a food poisoning incident, media reports said.
Bharat FIH is an electronic manufacturing services provider in India and operates in Andhra Pradesh and Tamil Nadu, each of which integrates manufacturing, warehousing, logistics and accommodation facilities.
Shares of FIH Mobile, a unit of Apple Inc supplier Foxconn, surged 6.7 per cent earlier in the day in Hong Kong after the company proposed the listing of Bharat FIH.
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