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Hong Kong-listed FIH Mobile Ltd’s India unit Bharat FIH Ltd filed for an initial public offering of up to 50.04 billion rupees ($662.97 million) on Wednesday, according to its draft prospectus.

Shares of FIH Mobile, a unit of Apple Inc supplier Foxconn, surged 6.7% earlier in the day in Hong Kong after the company proposed the listing of Bharat FIH.

Bharat FIH’s IPO will consist of a fresh issue of shares of up to 25.02 billion rupees and an offer for sale of shares up to 25.02 billion rupees by promoter group and Foxconn unit Wonderful Stars, the prospectus showed.

Bharat FIH is an electronic manufacturing services provider in India and had a 15% market revenue share in financial year 2021, according to the prospectus.

The company manufactures and assembles Xiaomi mobile phones in India.

Bharat FIH’s IPO comes at a time Foxconn’s plant near Chennai in southern India will remain shut this week following protests sparked by a food poisoning incident, according to government sources.

Citigroup Global Markets India, BNP Paribas, HSBC Securities and Capital Markets (India) are among the lead book runners for Bharat FIH’s IPO.

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India today

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