According to the draught red herring prospectus, the IPO would include a fresh issue of equity shares worth Rs 500 crore and an OFS of 4,37,27,603 equity shares.
Lava will provide the service using both in-house resources and third-party partners. Lava International, the IPO-bound domestic mobile device business, is preparing to ramp up competition in the sub-Rs 10,000 smartphone category by focusing on fresh designs and complementing them with doorstep service, according to a senior company executive.
Sunil Raina, the president and business head of Lava International, said that the company is launching the Blaze series of smartphones, which would cost Rs 10,000 each and include all repair services.
"We developed the notion of a customer relationship manager for Agni series phones — Agni Mitra — in which clients were assigned a dedicated individual to solve any issue that they may have with their cellphones." For our future Blaze series, we're planning to use the same premise. Raina stated, "We aim to start with 2,000 workers across India."
"Blaze is predicted to have a larger consumer base due to its design and low pricing." In comparison to the industry, our defect rates are quite low. As a result, we've decided to expand the service to include this series. The phone will be collected, repaired, and delivered to the client at home in the case of software and small hardware difficulties. In the case of a serious issue, the phone will be collected, repaired, and sent to the customer at home. There will be no additional charges for this service. "We want to make it clear to clients that we are fully responsible for the products we offer them," Raina said.
The service will be provided by Lava's in-house resources as well as third-party partners.
In September 2021, Lava International submitted draught papers with India's capital markets regulator, the Securities and Exchange Board of India (Sebi), to seek funds through an Initial Public Offering (IPO) (IPO).
According to the draught red herring prospectus, the IPO would include a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of 4,37,27,603 equity shares.
The proceeds from the offering will be used to support marketing and brand-building efforts, acquisitions, and other strategic initiatives, as well as investments in material subsidiaries and working capital.