Viney Corporation files for IPO to raise funds

Viney Corporation IPO | The firm’s proposed IPO incorporates a fresh issue of equity shares worth Rs 150cr and an offer to trade 2.22 crore equity shares by promoters and investor shareholders.

Auto component manufacturer Viney Corporation has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 2.22 crore equity shares by promoters and investors, according to the company’s Draft Red Herring Prospectus (DRHP) submitted on Monday.

IPO Structure and Participants

The IPO consists of two parts:

• A fresh issue aimed at raising ₹150 crore.
• An offer for sale (OFS) where existing shareholders will divest their stake.

Prominent shareholders participating in the OFS include Brijesh Aggarwal, VL-Auto Ancillary, Priyanka Aggarwal, Aren Capsules, and Rakesh Kumar Aggarwal.

Use of Proceeds

The proceeds from the fresh issue will be allocated to:

• Repayment of debt.
• General corporate purposes to fuel the company’s growth.

Viney Corporation’s Business

Viney Corporation specializes in the design, manufacture, supply, and export of a wide range of automotive components. These products cater to two-wheeler, three-wheeler, passenger, and commercial vehicles.

The company operates across global markets, with products designed in India and Italy, manufactured in India, Italy, and Romania, and distributed across India, Europe, the USA, and Brazil.

The IPO is expected to bolster the company’s financial standing and support its expansion in the global automotive components market.