Lava International Files For IPO, Upto 43.73 Million Shares on Offer

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Lava’s revenue for fiscal year 2021, stood at Rs 5512.87 crore against Rs 5264.33 crore a year ago. It’s net profit for the year was Rs 172.61 crore versus Rs 107.76 crore last year.

India-based mobile manufacturer Lava International has filed a draft paper with the Securities and Exchange Board of India (SEBI) to raise funds via the initial public offering (IPO) route.

The offer by Lava includes a fresh issue of Rs 500 crore. The company is offering sale of up to 43.73 million shares by its existing shareholders and promoters.

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Lava plans to use Rs 100 crore for marketing and brand building activities, Rs 150 crore for funding acquisition and other strategic initiatives and Rs 150 crore for investment in material subsidiaries for funding its working capital requirements. The company had recently signed a licence agreement with Lenovo, to distribute mobile handsets manufactured by it under the Motorola brand in India and overseas. It also has a multi-year contract with HMD for design, manufacturing, supply chain and distribution of mobile handsets under the Nokia brand in India and overseas.

Lava’s revenue for fiscal year 2021, stood at Rs 5512.87 crore against Rs 5264.33 crore a year ago. It’s net profit for the year was Rs 172.61 crore versus Rs 107.76 crore last year.

On offer are 12.54 million shares by Hari Om Rai, up to 3.14 million shares by Shailendra Nath Rai, up to 7.84 million shares each by Sunil Bhalla and Vishal Sehgal, up to 11.27 milllion shares by Unic Memory Technology and up to 0.97 million shares by Tupperware Kitchenware.

Lava is also a participant under the production-linked incentive (PLI) scheme for IT hardware of the Indian Government.

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