Bharat FIH, Foxconn's India Arm files for $663m IPO

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 $662.97 million.

As such, Bharat FIH’s IPO will consist of a fresh issue of shares of up to $332 million and an offer for sale of shares up to $332 million by promoter group and Foxconn unit Wonderful Stars, the reports said.

According to the prospectus, Bharat FIH is an electronic manufacturing services provider in India and had a 15 percent market revenue share in the 2021 fiscal year.

Bharat FIH, the manufacturing, and services of the handset and wireless communications sector, are responsible for making mobile phones for Xiaomi.

In addition, BNP Paribas, Citi, and Kotak Mahindra Bank are investment bankers working on the IPO, while S&R Associates and Shardul Amarchand Mangaldas are Bharat FIH’s legal advisors.

It is worth mentioning that 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.

Last but not least, the reports claim that shares of FIH Mobile, a unit of Apple Inc supplier Foxconn, surged 6.7 percent earlier in the day in Hong Kong after the company proposed the listing of Bharat FIH.