Ekkaa Electronics (India) files draft papers with SEBI to raise Rs 725 crore via IPO
Ekkaa Electronics (India) has filed draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 725 crore through an Initial Public Offering (IPO), as the company looks to strengthen its balance sheet and fund its working capital needs.
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 525 crore and an Offer for Sale (OFS) of shares worth up to Rs 200 crore by promoters Chandra Prakash Gupta and Madhuri Gupta. The company proposes to use the proceeds from the fresh issue to repay or prepay certain borrowings, fund its working capital requirements and meet general corporate expenses. Motilal Oswal Investment Advisors and Shannon Advisors are the book-running lead managers to the issue.
Ekkaa Electronics is an integrated Original Design Manufacturer (ODM) and Original Equipment Manufacturer (OEM) of consumer electronics and appliances in India, with a portfolio spanning LED televisions, washing machines, air coolers, multimedia speakers, induction and infrared cooktops, and smart displays.
