Foxconn's India unit Bharat FIH files for $663 mln domestic IPO (updated)
22/12/2021 10:04
(Adds details on IPO, background)
BENGALURU, Dec 22 (Reuters) - Hong Kong-listed FIH Mobile
Ltd's 2038.HK India unit Bharat FIH Ltd filed for an initial
public offering of up to 50.04 billion rupees ($662.97 million)
on Wednesday, according to its draft prospectus.
Shares of FIH Mobile, a unit of Apple Inc AAPL.O supplier
Foxconn 2317.TW , surged 6.7% earlier in the day in Hong Kong
after the company proposed the listing of Bharat FIH.
Bharat FIH's IPO will consist of a fresh issue of shares of
up to 25.02 billion rupees and an offer for sale of shares up to
25.02 billion rupees by promoter group and Foxconn unit
Wonderful Stars, the prospectus showed https://bit.ly/33FNwbi.
Bharat FIH is an electronic manufacturing services provider
in India and had a 15% market revenue share in financial year
2021, according to the prospectus.
The company manufactures and assembles Xiaomi 1810.HK
mobile phones in India.
Bharat FIH's IPO comes at a time Foxconn's plant near
Chennai in southern India will remain shut this week following
protests sparked by a food poisoning incident, according to
government sources. urn:newsml:reuters.com:*:nL1N2T60AP
Citigroup Global Markets India, BNP Paribas, HSBC Securities
and Capital Markets (India) are among the lead book runners for
Bharat FIH's IPO.
($1 = 75.4780 Indian rupees)
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by
Shounak Dasgupta)
((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469))