Bharat FIH, formerly Rising Stars Mobile India, a subsidiary of FIH Mobiles, a Foxconn Technology Group Company, has filed for an initial public offering of up to INR 50.04 billion ($662.97 million).
Bharat FIH, the manufacturing, and services of the handset and wireless communications sector is responsible for making mobile phones for Xiaomi.
Bharat FIH’s IPO will consist of a fresh issue of shares of up to INR 25.02 billion and an offer for sale of shares up to INR 25.02 billion by promoter group and Foxconn unit Wonderful Stars, said local media.
BNP Paribas, Citi, and Kotak Mahindra Bank are the investment banker working on the IPO while S&R Associates along with Shardul Amarchand Mangaldas are Bharat FIH’s legal advisors.
According to media reports, Bharat FIH has been one of the key beneficiaries of the central government’s production-linked incentive (PLI) scheme, which was launched to boost the local manufacturing of various products.
Reuters reported that shares of FIH Mobile, a unit of Apple Inc supplier Foxconn, surged 6.7% earlier in the day in Hong Kong after the company proposed the listing of Bharat FIH.
Bharat FIH is an electronic manufacturing services provider in India and had a 15% market revenue share in the financial year 2021, according to the prospectus.