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Time of India
6 days ago
- Business
- Time of India
Aequs files IPO papers via confidential filing route; seeks to raise up to $200 million
Aequs, a contract manufacturing firm for consumer durable goods and aerospace parts, has filed draft papers with the markets regulator Sebi through a confidential pre-filing route , with an aim to raise around USD 200 million. The offer will comprise both a fresh issue of equity shares and an Offer For Sale (OFS) component. In a pubic announcement on Tuesday, Aequs said it has pre-filed a Draft Red Herring Prospectus (DRHP) for an IPO on a confidential basis with the stock markets regulator Sebi and stock exchanges. Accordingly to people familiar with the development, the company is planning to launch an IPO worth USD 200 million. To manage the offering, the company has appointed Kotak Mahindra Capital, JM Financial and IIFL Capital. Live Events The board of directors of Aequs recently passed a resolution for approval to change its status from a private entity to a public company. Aequs had received significant equity infusion over the years from its promoters to scale up operations. Additionally, it has attracted global investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N R Narayana Murthy), Sparta Group and the investment office of Desh Deshpande. Aequs provides a fully vertically integrated, precision manufacturing ecosystem for the aerospace and consumer sectors. It runs manufacturing operations across three countries, India, France, and the USA, to provide supply chain efficiencies to its global customer base in multiple industry verticals. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka. Founder and CEO Aravind Melligeri has decades of experience in the aerospace segment and has been the co-founder of Quest Global Engineering. On the financial front, the company's total income was around Rs 988 crore in FY24, and the total operating income was Rs 970 crore. Aequs has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. Earlier this month, Groww filed its IPO papers through the same route. In recent months, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings. Online hotel aggregator OYO had used this route in 2023 but did not proceed with its IPO. Tata Play, formerly Tata Sky, was the first Indian company to utilise the confidential filing option in December 2022 and received Sebi's observation letter in April 2023, though it later withdrew from the public issue. Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments. Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage. PTI
Business Mayor
20-05-2025
- Automotive
- Business Mayor
Belrise Industries mobilises Rs 645 crore from anchor investors ahead of IPO
New Delhi, Automotive components maker Belrise Industries on Tuesday said it has garnered Rs 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 Rs 90 apiece, which is also the upper end of the price band, to 27 funds. The Rs 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 Rs 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 Rs 1,618 crore for the payment of debt. The company had borrowings of close to Rs 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 Rs 7,484. 24 crore for the financial Year 2024 from Rs 6,582.50 crore for the preceding financial year, and profit after tax was at Rs 310.88 crore for the financial Year 2024 from Rs 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. READ SOURCE
CTV News
19-05-2025
- Business
- CTV News
FRAPRU plans week of protests over housing crisis
A building with 'For Rent' and 'For Sale' signs in Montreal, Oct. 1, 2024. (The Canadian Press/Christinne Muschi)
