Electronics retailer Sathya files DRHP for Rs 600 cr IPO

Chennai: Consumer durables and electronics retail player Sathya Agencies Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) and plans to raise up to Rs 600 crore. The offer includes a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore by the promoter selling shareholders, Johnson Asaria, J John Sathya, and Charles Packiaraj. The company plans to use the net proceeds from the fresh issue for an acquisition, loan payment and general corporate purposes. It and its subsidiaries operate 392 consumer electronics retail stores and 35 mobile retail stores primarily across Tamil Nadu, Andhra Pradesh, Kerala, Karnataka, and Puducherry. Anand Rathi Advisors and Motilal Oswal Investment Advisors are the Book Running Lead Managers to the Offer.

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