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SUMMARY ON LAVA IPO
Lava International, is gearing up for an IPO. The company has sent a
letter to its shareholders regarding the matter, seeking their approval
for the primary float. The issue will consist of fresh issue and
offer-for-sale by existing eligible shareholders.
Issue Size :
Lava has plans to raise Rs 1,400-1,500 crore via the primary
offering, the sources said. The company’s plans signal the comeback of
Indian phone manufacturing years after domestic producers had been edged
out of India’s large market by Chinese rivals.
Financials :
Lava reported Rs 5,264 crore revenue for the year ended on March 31,
2020, compared with Rs 5,108 crore reported for the year ago. Net profit
stood at Rs 107 crore, compared with Rs 73 crore in the previous year.
The company is likely to post robust numbers for FY2020-21 as well.
PLI Scheme
Phonemakers are expected to benefit from the PLI scheme, which
offers 4-6% incentive for mobile manufacturers. Lava is one of five
domestic manufacturers that have got approvals under the scheme. The
Noida-headquartered Lava International is eyeing expansion with exports
in focus. It has submitted proposals to make low-cost phones for top
telecom players in the US too. The company has overseas operations in 11
countries, including Thailand, Nepal, Bangladesh, Sri Lanka, Indonesia,
Mexico and some West Asian countries.
Current Price Range :
Lava shares have been trading in the Rs 375-400 price range in the
unofficial market for unlisted shares. In the previous month, the
company allotted shares at Rs 533 apiece via a rights issue, valuing
itself at Rs 6,650 crore, just 1.27 times its annual revenue in FY
2019-20.
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