Balaji Solutions files draft papers to raise funds through listing

Balaji Solutions Ltd has filed a draft papers with the Securities Exchange Board of India to raise funds through an initial public offering.

The IPO will consist of a fresh issue of Rs 120 crore and an offer-for-sale of up to 7.5 million shares by its existing shareholders and promoters. The OFS will comprise up to 1.5 million shares by Rajendra Seksaria and up to 6 million by Rajendra Seksaria HUF.

The proceeds from the fresh issue will be used for funding its working capital requirement.  As of June 2022, the outstanding amount under the fund-based working capital facilities stood at Rs 11.22 crore.

IDBI Capital Markets & Securities and Affinity Global Capital Market are the lead managers to the issue.

Balaji Solutions is an IT hardware and peripherals and mobile accessories company engaged in the business of manufacturing and branding of products under our flagship brand Foxin (Foxin Products) brand; original equipment manufacturing, ranging from sourcing of components, designing, manufacturing, quality testing as per the specifications provided by certain brand owners; and distribution of various IT hardware and accessories, consumables and surveillance products of certain brand owners.

For FY22, its revenue from operations was at Rs 482.25 crore as against Rs 483.48 crore a year ago. Net profit for the year stood at Rs 15.39 crore versus Rs 16.25 crore last year.