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Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. Within the mobile phones space it was the largest EMS provider in India with a 20% market revenue share in FY22, as per F&S. BIH is the largest mobile phone manufacturing and assembly services provider to Xiaomi in India.
BFIH is owned by FIH Mobile Limited (FIH Mobile). FIH Mobile, listed in HK, is part of the Foxconn Technology Group.
BFIH has scaled up its revenue rapidly on the back of a rise in market share of its largest client, Xiaomi. However, Xiaomi decided to diversify its production base in FY20, that along with the COVID-19 disruptions in FY21 has meant that revenue has been on a downtrend over FY19-21.
Even as BFIH has been trying to diversify its revenue base, its other target markets remain relatively small as compared to the mobile EMS space.
Bharat FIH pre-IPO
Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. Within the mobile phones space it was the largest EMS provider in India with a 20% market revenue share in FY22, as per F&S. BIH is the largest mobile phone manufacturing and assembly services provider to Xiaomi in India.
BFIH is owned by FIH Mobile Limited (FIH Mobile). FIH Mobile, listed in HK, is part of the Foxconn Technology Group.
BFIH has scaled up its revenue rapidly on the back of a rise in market share of its largest client, Xiaomi. However, Xiaomi decided to diversify its production base in FY20, that along with the COVID-19 disruptions in FY21 has meant that revenue has been on a downtrend over FY19-21.
Even as BFIH has been trying to diversify its revenue base, its other target markets remain relatively small as compared to the mobile EMS space.
Underlying
Bharat FIH
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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