EPACK Durable files DRHP with SEBI to raise funds via IPO

14 Aug 2023 , 03:41 PM

EPACK Durable Ltd, a prominent outsourced design manufacturer of room air conditioners, has submitted a draft red herring prospectus to the Securities and Exchange Board of India (SEBI) in order to raise capital through an initial public offering (IPO).

The IPO encompasses a fresh issue of Rs 400 crore along with an offer for sale of up to 13.07 million shares from existing shareholders and promoters. The offer for sale includes shares from various entities: up to 1.17 million shares by Bajrang Bothra, up to 6.67 lakh shares by Laxmi Bothra, up to 7.49 lakh shares each by Sanjay Singhania and Ajay Singhania, up to 2.87 lakh shares each by Pinky Nikhil Bothra and Preity Singhania, up to 4.42 lakh shares each by Nikhil Bothra and Nitin Bothra, up to 3.8 lakh shares by Rajjat Kumar Bothra, 7.26 million shares by Advantage Fund S41, and up to 6.31 lakh shares by Dynamic India Funds S4.

The capital raised through the IPO will be allocated for purposes such as capital expenditure to establish new manufacturing facilities, repayment of loans, and general corporate needs.

EPACK Durable operates integrated manufacturing facilities in Dehradun and Bhiwadi, Rajasthan, where it produces room air conditioners, components, and small household appliances for prominent Indian and multinational brands in India as an original design manufacturer (ODM).

In September 2022, the company secured $40 million (approximately ₹318 crore) in a second round of funding led by Affirma Capital. Previously, it had raised $24 million from ICICI Venture in its first investment round.

The IPO is being managed by Axis Capital, Dam Capital Advisors, and ICICI Securities as the book-running lead managers for the issue.