Foxconn’s Indian unit Bharat FIH Ltd filed a draft for a proposed public listing in India with the purpose to raise around ₹5000 crores. The capital raised will be used to upgrade and expand facilities, investing it in other financial capital expenditures and to fund working capital requirements, according to the draft prospectus filed with the Securities and Exchange Board of India (SEBI).
This year has been a good year for Indian companies going public. India in 2021 has seen a record year for initial public offerings. The strong debuts of large-sized IPOs like Nykaa and Zomato gave hope for other companies to raise funds.
The proposed initial share aimed to raise around ₹2,500 crores of fresh capital. Along with that, Foxconn which will hold the shares of its subsidiary will divest a portion of its stake to raise an amount, which will be nearly the same.