Mobile accessories company Balaji Solutions files initial papers for public listing

• The IPO consists of a fresh issue of equity shares worth up to ₹120 crore and an offer for sale of up to 75 lakh equity shares by promoters and shareholders.
• Currently it operates one manufacturing facility in West Bengal that has a total installed capacity of 216 lakh units.
• The company will use about ₹86 crore of the IPO proceeds for funding incremental working capital needs and for general corporate purposes.

Balaji Solutions, which manufactures IT hardware and mobile accessories, on Tuesday filed the draft papers for an initial public offering (IPO).

The IPO consists of a fresh issue of equity shares worth up to ₹120 crore and an offer for sale of up to 75 lakh equity shares by promoters and shareholders.

The company makes and markets mobile accessories (USB data cables, power banks, mobile chargers), hearables and audio products (earphones, true wireless stereo, headphone and neckband) etc under its flagship ‘Foxin’ brand.

Along with it, the company sells some products that are manufactured and sourced from third parties including hearables and audio products, IT hardware and peripherals (monitors, CPU cabinets, keyboards, etc.

The IPO funds worth ₹86 crore will be used for funding incremental working capital requirements and general corporate purposes, the company said in its filing.

The company was founded in 2001 by Rajendra Sakseria. Currently Balaji Solutions operates one manufacturing facility in West Bengal with a total installed capacity of 216 lakh units and a total actual production of 32.58 lakh units in FY22. West Bengal, Tamil Nadu, Maharashtra, Karnataka, and Kerala collectively accounted for over 59% of the company’s revenues in FY22.

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