Belrise Industries mobilises ₹645 crore from anchor investors ahead of IPO
Automotive components
maker
Belrise Industries
on Tuesday said it has garnered ₹645 crore from
anchor investors
a day ahead of its initial share-sale opening for
public subscription
. BlackRock, Capital Group, ICICI Prudential Mutual Fund (MF), HDFC MF, Nippon India MF, M&G (Prudential), Pinebridge, ValueQuest, and Bajaj Allianz Life are among the investors who participated in the anchor round, according to a circular uploaded on BSE website.
As per the circular, the company allocated 7.16 crore equity shares at ₹90 apiece, which is also the upper end of the price band, to 27 funds.
The ₹2,150 crore IPO is entirely a fresh issue of equity shares with no Offer For Sale (OFS) component, according to the Red Herring Prospectus (DRHP).
The issue, with a price band of ₹85-90 per share, will open for public subscription on May 21 and conclude on May 23.
Going by the prospectus, the company intends to utilise proceeds worth ₹1,618 crore for the payment of debt. The company had borrowings of close to ₹2,600 crore in its books as of December 2024.
Belrise Industries is an automotive components manufacturing company based in India, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles.
It marketed its products both domestically and internationally, with operations extending to several markets including Austria, Slovakia, the UK, Japan and Thailand.
The company has a long-standing relationship with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors.
It has 17 manufacturing facilities across 10 states as of December 2024.
On the financial front, the company's revenue from operations rose 13.7 per cent to ₹7,484. 24 crore for the financial Year 2024 from ₹6,582.50 crore for the preceding financial year, and profit after tax was at ₹310.88 crore for the financial Year 2024 from ₹313.66 crore in the previous fiscal.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Investors can bid for a minimum of 166 shares and in multiples of 166 shares thereafter.
Axis Capital, HSBC Securities and Capital Markets (India) Private Ltd, Jefferies India and SBI Capital Markets are the book-running lead managers to the issue.
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