EPACK Durable Ltd, a leading outsourced design manufacturer of room air conditioners, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.
The IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer-for-sale of 1.3 crore equity shares by promoters, promoter group members, and existing shareholders, according to the draft red herring prospectus filed on Friday.
Under the OFS, two investor shareholders -- India Advantage Fund S4 I and Dynamic India Fund S4 US1 -- will be offloading shares, apart from promoters.
Proceeds of the fresh issue will be utilized for funding capital expenditure for the setting up of manufacturing facilities, payment of loans, and general corporate purposes.
Founded in 2002, EPACK Durable manufactures room air conditioners and small household appliances.
It has integrated manufacturing facilities in Dehradun and Bhiwadi, Rajasthan where it manufactures room air conditioners, components, and small household appliances for leading Indian and multinational brands in India as an original design manufacturer.
In September 2022, EPACK Durable raised $40 million (around Rs 318 crore) in a second round of funding led by Affirma Capital. It had raised $24 million from ICICI Venture Ltd. in its first round of investment.
Axis Capital Ltd., Dam Capital Advisors Ltd., and ICICI Securities Ltd. are the book-running lead managers to the issue.
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