Balaji Solutions Ltd has filed draft documents with the Securities and Exchange Board of India (Sebi) to raise funds through an IPO.

The IPO will consist of a fresh issue of Rs 120 crore and an offer to sell up to 7.5 million shares by its existing shareholders and promoters. The OFS will consist of up to 1.5 million Rajendra Seksaria shares and up to 6 million Rajendra Seksaria HUF shares.

Proceeds from the new offering will be used to meet its working capital requirements. As of June 2022, the outstanding amount under the fund-based working capital arrangement stands at Rs 11.22 crore.

IDBI Capital Markets & Securities and Affinity Global Capital Market are the lead managers for the IPO.

Balaji Solutions is an IT hardware and peripherals and mobile accessories company involved in the manufacture and branding of our flagship brand Foxin (Foxin Products); original equipment manufacturing, from components to specification sourcing, design, Manufacturing, quality inspection; distribution of various IT hardware and accessories, consumables and surveillance products for certain brand owners.

In FY22, its operating income stood at Rs 482.25 crore compared to Rs 483.48 crore a year ago. Net profit for the year was Rs 15.39 crore compared to Rs 16.25 crore last year.

As of June 2022, its products are sold in 28 states and five union territories, and Foxin Products is sold through a dealer network of 1,873 dealers in India. Total outstanding borrowings stood at Rs 49.23 crore as of June.