This year several IPOs have debuted in the Indian bourses - Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) - from Zomato to Sansera Engineering. Joining the list, Indian multinational electronic company Lava International has filed for Initial Public Offering (IPO) papers with markets regulator SEBI (Securities and Exchange Board of India). According to the DRHP (Draft Red Herring Prospectus), the public issue comprises fresh issues of equity shares worth Rs 500 crore and an OFS (Offer for Sale) of 43,727,603 equity shares.
The OFS comprises of sale of equity shares from existing shareholders - 1.25 equity shares by Hari Om Rai, up to 78.38 lakh shares each by Vishal Sehgal and Sunil Bhalla, up to 1.13 crore shares by Unic Memory Technology, up to 9.75 lakh shares by Tupperware Kitchenware and up to 31.35 lakh shares by Shailendra Nath Rai.
According to the company, the cash generated from the IPO will be utilised for brand building and marketing activities, funding acquisition and other strategic initiatives, and also for funding its working capital requirements.
Lava International is an electronics company in India that manufactures mobile handsets, computer hardware, and consumer electronics. Founded in 2009, the mobile maker has operations in a number of countries. The firm designs, manufacture, markets and distributes mobile handsets, tablets and other electronic gadgets under its own "LAVA" and "XOLO" brands and also provides value-added software services.
It currently has a presence in many emerging markets such as Sri Lanka, Thailand, Mexico, Nepal, Indonesia, Bangladesh and the Middle East. DAM Capital, Axis Capital, SBI Capital and BOB Capital markets are merchant bankers to the issue.
Lava International reported Rs 5,264 crore revenue for the financial year ended on March 31, 2020. The Noida-headquartered company has not declared its earning for yeared ended on March 2021.