Neolite ZKW Lightings has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 600 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of shares aggregating up to Rs 400 crore along with an offer for sale (OFS) of shares valued Rs 200 crore by promoters and a shareholder.
The company will use proceeds from the fresh issue for setting up a new manufacturing facility at Kancheepuram, Tamil Nadu; purchasing plant and machinery, electronic expansion at existing manufacturing facilities; payment of debt and general corporate purposes. Anand Rathi Advisors and Systematix Corporate Services are the book-running lead managers to the issue. The shares of the company are proposed to be listed on BSE and NSE.
Founded in 1992, Neolite ZKW is a manufacturer and global supplier of automotive lighting products catering to OEMs across passenger vehicles, commercial vehicles, off-road vehicles, two-wheelers and three-wheelers.
