New Delhi :- Kolkata-based Balaji Solutions Limited (BSL), is one of the leading IT hardware & peripherals and mobile accessories companies engaged in the business of manufacturing, branding, and distribution of IT hardware products under its flagship brand, “Foxin” (“Foxin Products”) has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The company had filed preliminary IPO papers with Sebi on August 12, last year.

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 75,00,000 equity shares by Promoter and selling shareholders, which comprises up to 15,00,000 by Rajendra Seksaria, up to 60,00,000 by Rajendra Seksaria HUF (“Selling Shareholders”). The offer also includes a reservation for a subscription by eligible employees.

The company in consultation with merchant bankers on the issue may consider a pre-IPO placement aggregating up to Rs. 24 crores. If such placement is completed, the fresh issue size will be reduced.

The proceeds from its fresh issuance worth Rs. 86.60 crores will be utilized for funding incremental working capital requirements of the Company, and general corporate purposes.

Balaji Solutions commenced operations in 2001 under the leadership of Rajendra Sekasaria having more than 2 decades of experience in the electronics business. It started as a distribution house and today manufactures its own brand Foxin which it launched in 2006. West Bengal, Tamil Nadu, Maharashtra, Karnataka, and Kerala states collectively accounted for 59.35% of its revenues in FY22. As of June 30,2022, it caters to 5 brand owners in India for the distribution of IT hardware & peripherals, mobile accessories, consumables and surveillance product.

IDBI Capital Markets and Securities Limited, and Affinity Global Capital Market Private Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer.