Viney Corporation Gears Up for IPO Launch

Viney Corporation, an auto component maker, has filed for an IPO aiming to raise Rs 150 crore through fresh equity shares and an OFS of 2.22 crore shares by promoters and investors. The funds will be used for debt payment and corporate purposes. ICICI Securities and Axis Capital will manage the issue.

Auto component maker Viney Corporation has filed draft preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The company's proposed IPO will consist of a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 2.22 crore equity shares by its promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

The OFS participants include promoters Brijesh Aggarwal, VL-Auto Ancillary, Priyanka Aggarwal, and Rakesh Kumar Aggarwal. Proceeds from the fresh issue will be used to pay off debt and for general corporate purposes. Viney Corporation designs, manufactures, supplies, and exports a variety of automotive component products for two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles.

The company's products are designed in India and Italy, manufactured in India, Italy, and Romania, and distributed across India, Europe, the USA, and Brazil. ICICI Securities and Axis Capital are the book-running lead managers for the issue.