Bharat FIH GMP IPO Details

Bharat FIH is the largest Electronic Manufacturing Services (EMS) provider in India, capturing approximately 15% of the market revenue share in 2021. It holds more than twice the revenue of the second-largest EMS provider in the country.

As a subsidiary of FIH Mobile Limited, a leading manufacturing services provider for the mobile handset industry, Bharat FIH benefits from its association with the Foxconn Technology Group. The Foxconn Technology Group, a Fortune 30 company headquartered in Taiwan, is a global leader in the EMS business, holding a 22.7% share of global EMS operating revenue in 2020.

In addition to its EMS services, which focus on manufacturing services, Bharat FIH is expanding its capabilities to provide Original Equipment Manufacturers (OEMs) with a comprehensive, vertically integrated “one-stop solution.” This solution includes various Original Design Manufacturing (ODM) services such as product design and development, component manufacturing and sourcing, logistics, and after-sales services.

Bharat FIH holds the distinction of being the largest mobile phone manufacturing and assembly services provider to Xiaomi Technology India Private Limited. Xiaomi is the leader in the Indian smartphone industry, commanding a market share of 27% and 26% by volume in 2021 and the six months ended 30 September 2021, respectively. During the same period, Bharat FIH accounted for 39% and 50% of Xiaomi’s mobile phone sales by volume.

The company operates across three campuses located in the states of Andhra Pradesh and Tamil Nadu in India. These campuses integrate manufacturing, warehousing, logistics, and accommodation facilities.

Objective of the Bharat FIH IPO

The proceeds from the issue will be used for:

  1. Funding capital expenditure requirements of the company towards expansion of its existing campuses, 
  2. Investment in subsidiary, RSHTPL 
  3. To support working capital requirements
  4. General corporate purposes

Bharat FIH IPO Details

Hong Kong-based FIH Mobile Ltd’s subsidiary in India, Bharat FIH, is planning to raise Rs. 50.04 billion through its initial public offering (IPO).

The IPO consists of a fresh issue of shares worth up to Rs. 25.02 billion and an offer for sale of shares worth up to Rs. 25.02 billion by the promoter group and Foxconn unit Wonderful Stars. Currently, Wonderful Stars holds a 99.97% stake in Bharat FIH.

Leading book runners for Bharat FIH’s IPO include Citigroup Global Markets India, BNP Paribas, and HSBC Securities and Capital Markets (India).

The IPO aims to raise significant funds for Bharat FIH, enabling it to expand its operations and pursue strategic initiatives. The participation of renowned book runners signifies the interest and confidence in the company’s growth prospects.

Bharat FIH Limited Company Financial Status

Particulars (in Rs. Crores)FY21FY20FY19
Particulars (in Rs. Crores)FY21FY20FY19
Total Assets8712.18623.68899.9
Share Capital2380.92380.91665.9
Total Borrowings0.000.001066.2
Particulars (in Rs. Crores)FY21FY20FY19
Net cash generated from / (used in) operating activities-76.11101.5-532.9
Net cash from / (used in) investing activities-163.4-171.7-532.9
Net cash flow from / (used in) financing activities-45.5-408.61341.7
Net increase (decrease) in cash and cash equivalents-285.1521.21341.7

Peer Comparison

Name of the CompanyTotal Income (in Rs. crores)Basic EPSNAV Rs. per sharePERoNW%
Bharat FIH Limited15,854.860.6811.91NA5.71%
Dixon Technologies (India) Limited6,448.1727.49126.84206.6221.67%
Amber Enterprises India Limited3,030.5224.96490.71131.0221.67%

Bharat FIH IPO Registrar

Name: KFin Technologies Private Limited
Phone number: + 91 040 6716 222
Email ID: bharatfih.ipo@kfintech.com

Bharat FIH IPO Prospectus

View documents submitted by company in filing to understand more details about them.

Bharat FIH IPO Key Points


  1. Largest EMS provider in India by revenue market share, with the size, scale, and competencies to pursue substantial growth opportunities in the EMS industry.
  2. Availability of Performance Linked Incentives.
  3. Long-term, strategic relationships with industry-leading OEM customers.
  4. Large-scale, high-quality, and state-of-the-art manufacturing and assembly capabilities.
  5. In-house capabilities across the ODM value chain, enabling vertical integration.
  6. Resilient and capital-efficient business with a stable working capital cycle.


  1. Intense competition in the EMS industry, which may impact market share and profitability.
  2. Dependence on a limited number of OEM customers, which poses a risk of revenue concentration.
  3. Potential challenges in managing costs, including raw material prices, labor, and overhead expenses.
  4. Exposure to fluctuations in foreign currency exchange rates, which may impact financial performance.
  5. Regulatory and compliance risks, including changes in tax laws, import/export regulations, and environmental regulations.
  6. Technological advancements and market trends may require continuous investments in research and development to stay competitive.
  7. Economic downturns and global uncertainties may impact customer demand and business operations.


What is the price band of the Bharat FIH IPO?

The price band of the Bharat FIH IPO is yet to be announced.

When does the Bharat FIH IPO open and close?

The opening and closing dates for the Bharat FIH IPO are yet to be announced.

What is the size of the Bharat FIH IPO issue?

The fresh issue comprises of shares up to Rs. 25.02 billion, and there is an offer for sale of shares up to Rs. 25.02 billion.

What is the allotment date of Bharat FIH?

The allotment date of the Bharat FIH IPO is yet to be announced.

What is the Bharat FIH listing date?

The listing date of the Bharat FIH IPO is yet to be announced.

What is the minimum lot size and investment required for the Bharat FIH IPO?

The minimum lot size and investment required for the Bharat FIH IPO are yet to be announced.

What is the objective of the issue?

The proceeds from the IPO will be used for funding capital expenditure requirements, investment in subsidiary RSHTPL, supporting working capital requirements, and general corporate purposes.

How to apply for the Bharat FIH IPO?

To apply for the Bharat FIH IPO, follow the steps below:

1. Log in to your chosen broker or online platform for IPO applications and navigate to the current IPO section.
2. Select the Bharat FIH IPO from the available options.
3. Enter the desired number of lots and the price at which you wish to apply.
4. Provide your UPI ID and click on the submit button to place your bid with the exchange.
5. You will receive a notification to authorize the blocking of funds in your UPI app. Follow the instructions to complete the process.

Who are the promoters/key personnel of Bharat FIH?

Bharat FIH is promoted by Wonderful Stars and FIH Mobile.

Who are the book runners for the Bharat FIH IPO?

The lead managers for the Bharat FIH IPO are Citigroup Global Markets India, BNP Paribas, HSBC Securities, and Capital Markets (India).

Note: The Bharat FIH Limited IPO price band and date are not officially announced yet. The IPO Status of Bharat FIH Limited will be added to the IPO Status page as it will start.

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