Yes, Lava has filed DRHP with the Securities & Exchange Board of India (SEBI) to raise Rs. 1400-1500 crore. The IPO consists of both a fresh issue and an offer for sale (OFS). The new issue of equity shares costs around Rs. 500 crore and the OFS has 43,727,603 equity shares.
As per the DRHP filed with SEBI, the OFS consisted of the sale of 12.5 million equity shares by Hari Om Rai, 11.3 million by Unic Memory Technology, 7.89 equity shares by Sunil Bhalla and Vishal Sehgal, 3.13 million by Shailendra Nath, and 975,000 shares by Tupperware Kitchenware. The IPO date of the company is yet to be announced.
Lava Mobile is a leading end-to-end focused mobile handset company. It is an Indian multinational company headquartered in Noida. Established in 2009 by Sunil Bhalla, Shailendra Nath Rai and Vishal Sehgal, the company is involved in designing, manufacturing, marketing and serving mobile handset, latest smartphone, feature phones, tablets and other electronic accessories under its two brands Lava and Xolo. The company also offers software related services. It has 6 offices and 4 manufacturing and services facilities in the country. The company is present in more than 11 counties which includes Thailand, Indonesia, Bangladesh, Nepal, Mexico and Middle east.