Versuni, the owner of Philips and Preity Brands, wants to list his India unit in the stock market. The company has chosen the advisors for the IPO. One of the many industry sources who know the case told Moneycontrol that Kotak Mahindra Capital and City have been appointed as advisors at present. If needed, further investment banks can be added.
Versuni’s old name was Philips Domestic Appliances. It also has money for private equity firm Hillhouse Investment. Philips Domestic Appliances was first part of the Netherlands -based famous company Royal Philips. In 2021, Philips Domestic Appliances were bought by Hillhouse Capital for $ 4.4 billion. In February 2023, Philips Domestic Appliances changed their name to Varsuni.
2 manufacturing plants in India
The company sells its products under Philips and Preity Brands. Its products include kitchen appliances, air purifiers, CCTV cameras, ironing products and vacuum cleaners. Versuni India has two manufacturing plants in Chennai and Ahmedabad. It also has a research and development center in Chennai.
IPO size and structure is not yet final
Another source says that no final decision has been taken on how big the IPO of Versuni’s India unit will be, how it will be. However, the company’s plan is to raise up to $ 30-35 million. This amount sits up to Rs 2581-3011 crore in Indian currency.
