Fourfront files preliminary papers with BSE`s SME platform to mobilise funds via IPO
Fourfront has filed preliminary papers with BSE's SME platform to mobilise funds through an initial public offering (IPO). The IPO is entirely a fresh issue of up to 65 lakh fresh equity shares with a face value of Rs 10 each with no offer-for-sale component. The shares of the company will be listed on the BSE's SME platform.
Proceeds from the fresh issue will be used towards part-financing for establishing a new manufacturing facility in Pune, funding incremental working capital requirements and investment in its wholly-owned subsidiary Fourfront Green Innovations. The funds will also be used towards general corporate purposes. Beeline Capital Advisors is the sole book-running lead manager to the IPO.
Incorporated in 2007, Fourfront is a Tier 1 supplier of customised electro-mechanical and electronic solutions to leading original equipment manufacturers in the automotive industry, with a strategic focus on the electric vehicle segment. It designs and manufactures a broad range of automotive electromechanical and electronics products, including switches, USB chargers, and rear-view cameras.
