Viney Corporation Files DRHP for IPO

2 Oct 2024 , 09:16 PM

Viney Corporation, a prominent player in the automotive component manufacturing industry, has submitted its draft red herring prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO). The proposed IPO will comprise a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 2.22 crore equity shares by its promoters and investor shareholders, according to the company’s filing on Monday.

The promoters participating in the OFS include Brijesh Aggarwal, VL-Auto Ancillary, and other key shareholders such as Priyanka Aggarwal, Aren Capsules, and Rakesh Kumar Aggarwal.

Proceeds from the fresh issuance of shares will be directed towards the payment of debt and for general corporate purposes, aiming to strengthen the company’s financial structure.

Viney Corporation specializes in designing, manufacturing, and exporting a comprehensive range of automotive components for two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles. The company’s products are designed in India and Italy, with manufacturing facilities located in India, Italy, and Romania. Viney Corporation serves customers in India, Europe, the USA, and Brazil, positioning itself as a global supplier in the auto components sector.

The IPO will be managed by ICICI Securities and Axis Capital.