Vidya Wires has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 320 crore by the company, and an offer for sale (OFS) of up to 1 crore equity shares by promoters.
The company proposes to utilise the net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and general corporate purposes. Pantomath Capital Advisors and IDBI Capital Markets & Securities are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.
Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications.
