Sandhar Technologies clears Rs 225 crore debt through IPO

The Tier 1 supplier had announced going public in March 2018, and within a month of successfully raising funds has managed to clear its debt of Rs 225 crore.

By Nilesh Wadhwa

05 Apr 2018

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Sandhar Technologies announced its IPO on March 12 in Mumbai.

Sandhar Technologies, the Tier 1 manufacturer and supplier of vehicle door handles and lock systems, today announced that it has part-utilised the IPO net proceeds towards repaying/prepaying in full, certain term loans amounting to Rs 225 crore.

The company which announced going public on March 12, 2018 had said the net proceeds would go towards repayment of loans and general corporate purposes, which it seems has been successful barely within a month.

Sandhar Technologies was founded in 1987 by Jayant Davar, who currently serves as the co-chairman and managing director. It started as a sheet metal supplier to Hero Motorcycles in 1985 and two years later started supplying two-wheeler lock kits to Hero Honda Motorcycles.

The company currently has 21 product categories, 31 manufacturing facilities in India, two in Spain, one in Mexico and another six are being commissioned in India.

In H1, FY2018, the company posted consolidated revenues of Rs 990 crore, EBITDA of Rs 103 crore and posted a profit of Rs 34 crore. In the last five years, the company has invested around Rs 600 crore in different ventures.

Sandhar Technologies currently has an employee strength of more than 7,700 and is a supplier to more than 79 Indian and global customers.

Also read: Interview: Jayant Davar, co-chairman and managing director, Sandhar Technologies

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