Lava International files IPO papers with Sebi

Home grown mobile maker Lava International has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO comprises fresh issuance of equity shares worth Rs 500 crore and an offer for sale (OFS) component of 43,727,603 equity shares, according to the draft red herring prospectus (DRHP).

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The OFS consists of sale of 1.25 crore equity shares by Hari Om Rai, up to 31.35 lakh shares by Shailendra Nath Rai, up to 78.38 lakh shares each by Sunil Bhalla and Vishal Sehgal, up to 1.13 crore shares by

Unic Memory Technology and up to 9.75 lakh shares by Tupperware Kitchenware.

Proceeds from the issue will be used for marketing and brand building activities, funding acquisition and other strategic initiatives and investment in material subsidiaries and for funding its working capital requirements.

Lava International is a leading end-to-end focused mobile handset and mobile handset solutions company based in India, with operations in a number of countries.

The company designs, manufactures, markets, distributes and service mobile handsets, tablets and other electronics accessories under its own 'LAVA' and 'XOLO' brands, and provide value added software services.

It has presence in many emerging markets, such as Thailand, Sri Lanka, the Middle East, Bangladesh, Mexico, Indonesia and Nepal.

Axis Capital, BOB Capital, DAM Capital and SBI Capital Markets are among the merchant bankers to issue.