The company is in the business of manufacturing, branding, and distributing products under its brand ‘Foxin’. The public issue consists of a fresh issue of equity shares worth up to Rs 120 crore and an offer-for-sale (OFS) of up to 7.5 million equity shares by the promoter and selling shareholders.
The company may also consider a pre-IPO placement aggregating up to Rs 24 crores. If such placement is completed, the fresh issue size will be reduced.
Selling shareholders for the OFS include Rajendra Seksaria (up to 15,00,000 shares) and Rajendra Seksaria HUF (up to 60,00,000 shares). The offer also includes a reservation for a subscription by eligible employees.
The proceeds from its fresh issuance worth Rs 86.60 crores is proposed to be utilised for funding incremental working capital requirements and general corporate purposes.
West Bengal, Tamil Nadu, Maharashtra, Karnataka, and Kerala states collectively accounted for 59.35 per cent of the company’s revenues in FY22.
The company’s manufacturing facility in Howrah has four production lines, aggregating to a total installed capacity of 216 lakh units in FY22. As of June 30, 2022, it sold its products in 28 states and five union territories through a network of 3,726 dealers.
Balaji Solutions’ revenue from operations fell 0.6 per cent to Rs 482.25 crore for FY22 from Rs 483.48 crore in FY21, primarily due to normalisation post easing of Covid 19 lockdown restrictions, while profit for FY22 stood at Rs 15.39 crore.
