IPO Alert: Viney Corporation Filed DRHP With SEBI

The automotive components manufacturer Viney Corporation Limited has filed the draft red herring prospectus (DRHP) with the capital market regulatory, the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO). Viney Corporation IPO is a combination of fresh issue and offer for sale, whereby, the company is seeking to raise ₹150 crore via fresh issue and offer for sale consisting of  2,22,13,852 shares.

Viney Corporation Limited has appointed ICICI Securities Limited and  Axis Capital Limited as the book-running lead managers while Link IntimeIndia Private Limited as the registrar to the issue.

Object of Viney Corporation IPO

Fresh Issue

The company proposes to utilise the Net Proceeds towards funding the following objects:

• Repayment and/or prepayment, in full or in part, of certain borrowings availed by the company.
• General corporate purposes.

Offer For Sale

The proceeds raised from the offer for sale will be taken over by the selling shareholders in the proportion of their holdings.

About Viney Corporation Limited

Incorporated in 1992, Viney Corporation Limited is engaged in the designing, manufacturing, supply and export of numerous automotive component products for two-wheeler vehicles, three-wheeler vehicles, passenger vehicles and commercial vehicles.

The company’s product portfolio revolves around steering wheel switches, gear shifting paddles, light control units, brake pedal switches and sensors, multimedia plugs and airbag on/off switches and wiring harnesses, fuse boxes, wire, cables, terminals, and connectors.

The company operates its business through its 4 manufacturing facilities in India (located at Kathua, Union Territory of Jammu and Kashmir (UT of J&K); Manesar, Kundli, and Pune. In addition, it has 2 manufacturing facilities in Italy (located at Milan and Turin) and 1 manufacturing facility and 1 internal production unit, both located in Romania (located at Bacău).

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.