Automotive components manufacturer Belrise Industries Ltd. received Securities and Exchange Board of India's approval on Tuesday for its initial public offering.
The IPO comprises a fresh issue of shares aggregating up to Rs 2,150 crore, as per the draft red herring prospectus. The company intends to use net proceeds from the issue towards repayment of outstanding borrowings, and for general corporate purposes.
Notably, Belrise Industries filed the papers for its IPO with the capital markets regulator on Nov. 22, 2024. The company's promoters include Shrikant Shankar Badve, Supriya Shrikant Badve, and Sumesh Shrikant Badve.
Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., Jefferies India Pvt. Ltd., and SBI Capital Markets Ltd. are the book-running lead manager for the issue, whereas Link Intime India Pvt. is the registrar.
The company will determine the price band for the offer after consulting with the book running lead managers.
Post the IPO, the company will be listed on India's two main exchanges—the NSE and the BSE.
About Belrise Industries
Belrise Industries is an automotive component manufacturing company offering safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, commercial vehicles and more. Their product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems, among others.
The company reported revenue from operations of Rs 7,484.2 crore for fiscal 2024. Belrise's debt pile stands at Rs 2,167.2 crore as of Sept. 30, 2024.
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