Eureka Forbes IPO in the works as parent eyes value unlocking
Shapoorji Pallonji Group unit Forbes & Company is looking to unlock the value of its 100 percent subsidiary Eureka Forbes. The company in a statement said this will include listing, dilution/sale or combination of the three.
The company’s board had authorised the management to evaluate a scheme of arrangement and other appropriate mechanisms to enable an eventual listing of Eureka Forbes. The company is recognised for its flagship water purifier brand ‘Aquaguard’.
The brand has been present in the Indian market for more than 37 years. Its product portfolio consists of water purifiers, vacuum cleaners, air purifiers and home security solutions that are sold in over 35 countries globally.
A company statement said Eureka Forbes is the market leader in the vacuum cleaning category, with an 89 percent market share. Eureka Forbes’ revenue from operations (on a consolidated basis) stood at Rs 2,388 crore in FY19.
A recent report said it is looking to become a billion-dollar company in the next five years.
The company’s customer base is at over 19 million and the brand has a network of over 1,800 business partners, 7,500 service engineers.
Eureka Forbes held nearly 60 percent share of the entire electric water purifier market that is pegged at around Rs 4,500 crore.
Shapoor P Mistry, Chairman, Forbes & Company said the brand’s sales service advantage, customer centricity and recent expansion into online distribution channels will propel its growth in the coming years.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.