Balaji Solutions Files Draft Papers With SEBI To Raise Funds Via IPO


Balaji Solutions has filed draft papers with the Securities and Exchange Board of India to raise funds via an initial public offering.

The IPO will see the IT hardware firm issue fresh stock worth up to Rs 120 crore, and include an offer for sale of 75 lakh equity shares by promoters, according to the draft red herring prospectus. The offer also includes a reservation for subscriptions by eligible employees.

The company may consider a pre-IPO placement of up to Rs 24 crore. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue totalling Rs 86.60 crore will be utilised for funding incremental working capital requirements and general corporate purposes.

Balaji Solutions makes IT hardware and peripherals, as well as mobile accessories, under its flagship brand Foxin. Its revenue fell to Rs 482.25 crore in FY22 from Rs 483.48 crore in FY21. Profit after tax fell to Rs 15.39 crore in FY22 from Rs 16.25 crore in FY21.

IDBI Capital Markets & Securities and Affinity Global Capital Markets are the book-running lead managers. The equity shares are proposed to be listed on the BSE and the National Stock Exchange.


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