FIH to Launch its IPO After Receiving Approval from SEBI

FIH Mobiles Company has received approval from the Securities and Exchange Board of India to issue it's Initial Public Offering (IPO) worth Rs 5,000 crore. According to documents, new shares worth Rs 2,502 crore will be issued. Its promoter group and Foxconn unit Wonderful Stars will bring offers for sale up to Rs 2,502 crore. FIH manufactures equipment for Xiaomi and Nokia.

According to the information on SEBI's website, the application made by India FIH have been issued on June 10. SEBI's approval is necessary for a company to go for an IPO. FIH had submitted the documents for the IPO with SEBI in December 2021. According to the documents, the money raised from the IPO will be used to finance the capital expenditure requirements.

Wonderful Stars holds a 99.97% stake in the company. Apart from this, Rustomjee Group company Keystone Realtors' initial public offering has submitted preliminary documents with the market regulator Securities and Exchange Board to raise Rs 850 crore through an initial public offering. According to the draft documents, new shares of up to Rs 700 crore will be issued under this IPO.