IT hardware co Balaji Solutions files draft papers for IPO

Balaji Solutions, an IT hardware & peripherals company, has filed draft papers for IPO with the market regulator Sebi. The company manufactures, brands, and distributes products under its brand 'Foxin'. The public issue consists of a fresh issue of equity shares worth INR 120 crore and an offer-for-sale (OFS) of up to 7.5 million equity shares by the promoter and other shareholders. The company may also consider a pre-IPO placement of up to INR 24 crore. Of the proceeds, INR 86.60 crore would be used for funding incremental working capital requirements and general corporate purposes.