Bhagwati Products Ltd, a leading Indian EMS player and key manufacturer of Oppo and Vivo smartphones, has appointed ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities, and Goldman Sachs as bankers for its planned ₹3,000 crore IPO. The DRHP is expected to be filed within the next 3–4 months, with the listing targeted in FY27 and an estimated valuation of around ₹20,000 crore.
The company operates as a joint venture between Micromax Informatics (51%) and China’s Huaqin Technologies (49%), and is engaged in manufacturing and assembly across smartphones, LED TVs, tablets, wearables, IT hardware, and automotive electronics.
For FY25, Bhagwati reported revenue of ₹6,200 crore and a PAT of approximately ₹42 crore, and is targeting ₹15,000 crore in revenue for FY26.
