EPACK Durable to raise funds through IPO, files papers with Sebi

The company filed its draft red herring prospectus (DRHP) with the Sebi on Friday.

According to the DRHP of EPACK Durable, the offer comprises fresh issuance of equity shares worth ₹400 crore and an offer-for-sale (OFS) of 1.3 crore equity shares by promoters, promoter group members, and existing shareholders.

Under the OFS, two investor shareholders — India Advantage Fund S4 I and Dynamic India Fund S4 US1  — will be offloading shares, apart from promoters.

The proceeds of the initial public offering will be used to fund capital expenditure for setting up of manufacturing facilities, payment of loans, and general corporate purposes.

EPACK Durable was founded in 2002. It manufactures room air conditioners and small household appliances.

It has integrated manufacturing facilities in Dehradun and Bhiwadi, Rajasthan where it manufactures room air conditioners, components, and small household appliances for leading Indian and MNC brands in India as an original design manufacturer (ODM).

In September 2022, the company had raised $40 million (around ₹318 crore) in a second round of funding led by Affirma Capital. It had raised $24 million from ICICI Venture in its first round of investment.

EPACK Durable has hired Axis Capital, Dam Capital Advisors, and ICICI Securities as the book-running lead managers for the issue. 

On June 25, EPACK Durable Pvt Ltd had donated 560 bicycles to the All India Institute of Medical Sciences (AIIMS) staff to make their commute easy.

This contribution was aimed at enhancing the commuting experiences of dedicated doctors, nurses, and paramedics who selflessly serve the community, the company had said.

“Recognizing the challenges faced by AIIMS staff in commuting to and from work, EPACK Durable has stepped forward to offer a practical solution,” the company had said in a statement.

Updated: 13 Aug 2023, 06:00 PM IST