Automotive component maker Belrise Industries has filed preliminary papers with capital markets regulator Sebi to raise Rs 2,150 crore through an initial public offering (IPO).
The IPO is entirely a fresh issue of equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).
The company may consider raising up to Rs 430 crore through a pre-IPO placement. If this is carried out, the issue size will be reduced.
As per the draft papers filed on Tuesday, the company intends to utilise proceeds worth Rs 1,618 crore for payment of debt.
The company has a borrowing of Rs 2,463 crore in its books as of June 2024.
Belrise Industries is an automotive component 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.
As of June 2024, 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 (Original Equipment Manufacturers) such as Bajaj Auto, Honda Motorcycle and Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors.
It has 15 manufacturing facilities in eight states as of June 30, 2024.
