arm and Vivo, Oppo smartphone maker Bhagwati Products kicks off IPO; targets over $2bn valuation

Leading Indian electronics manufacturing services (EMS) player Bhagwati Products Limited, a joint venture between Micromax Informatics and top Chinese original design manufacturer (ODM) Huaqin Technologies, has recently picked advisors and kicked off the process for a domestic initial public offer, multiple industry sources in the know told Moneycontrol.

The New Delhi based maker and assembler of Vivo and Oppo smartphones is also present in segments like LED TVs, tablets, smart wearables, IT hardware and automotive electronics. It is majority owned by the promoters of Micromax Informatics with the Chinese partner making an entry in 2024.

"The IPO process was kicked off last week by Bhagwati Products. These are early days and the plan as of now is to raise in excess of Rs 3,000 crore ($321 mn) at a targeted valuation of more than Rs 20,000 crore ($2.14 bn)," said one of the persons above adding that the figures may vary later, closer to the launch, depending on market conditions.

Two other persons confirmed the above.

"This issue should open in FY 27 and investment banks ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities and Goldman Sachs have been engaged by the firm," a fourth person elaborated.

According to a fifth person, "Its a scaled-up business. Bhagwati Products has been growing at a fast pace and the draft papers may be filed with the market regulator within 3-4 months."

All the five persons above spoke to Moneycontrol on the condition of anonymity.

Email queries sent to Bhagwati Products, co-founder Rahul Sharma and Huaqin Technologies remained unanswered at the time of publishing this article. Moneycontrol could not elicit an immediate comment from the investment banks. Reminders have been sent and this article will be updated as soon as we hear from the firms.

In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.

Interestingly, Shanghai-listed Huaqin Technologies launched a $580 mn share sale in Hong Kong this week.

Founded in 2010, over and above Greater Noida (the largest facility spanning 1.5 mn square feet), Bhagwati Products also has manufacturing facilities in Hyderabad, Bhiwadi, and Rudrapur according to its website.

The likes of Amber Enterprises and Dixon Technologies, beneficiaries of India's production linked incentive ( PLI) scheme, can be counted as some of Bhagwati's listed peers. The share prices of both firms have perked up by 14.70 per cent and 7.93 per cent respectively in the last month.

Earlier this year, the Union Cabinet approved changes to Press Note 3, the rule governing investments from countries sharing a land border with India, signalling a possible thaw in economic engagement between New Delhi and Beijing.

The Bhagwati Strategy

In August 2025, in an interview to Moneycontrol, Sharma, the co-founder of Bhagwati Products said the firm is in "major expansion mode" with new facilities in Greater Noida aimed at not only assembling smartphones, tablets, servers and IoT devices but also manufacturing of key electronics components such as displays and mechanics, signalling a deeper shift into component-level value addition.

Sharma told Moneycontrol that Bhagwati is on track to achieve Rs 15,000 crore in revenue in FY26, more than doubling from Rs 6,200 crore in the last fiscal, led by strong scale-up in smartphones, tablets, TWS devices, and storage solutions.

“Bhagwati wants to cater to the premium segment of the market through manufacturing and has already started initial steps towards R&D and design via the ODM business," he added.