Lava International files draft papers for its IPO
Among the selling shareholders are its promoters, Hong Kong-based Unic Memory Technology, and Tapperware Kitchenware
Lava International Ltd, an Indian mobile manufacturer, has filed a draft paper with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering. The offer comprises a fresh issue of INR 500 crores and an offer for sale of up to 43.73 million shares by its existing shareholders and promoters.
Among the selling shareholders are its promoters, Hong Kong-based Unic Memory Technology, and Tapperware Kitchenware. According to the draft papers, the average acquisition cost for the selling shareholders stands at INR 110.67 for Unic Memory and INR 1.37 for Tupperware Kitchenware.
The company went for a share split earlier in September. Based on a shareholders' resolution dated September 10, 2021, the company sub-divided the face value of its equity shares from INR 10 each to INR 5 each. Axis Capital, BOB Capital, DAM Capital, and SBI Capital Markets are among the merchant bankers to issue.
