Indian automotive design and modification firm DC Design is considering an initial public offering this year to raise about 1 billion to 1.5 billion rupees ($16 million-$24 million) to expand its operations, its founder said in an interview on Wednesday.
The company would consider filing for an IPO among other ways to raise capital after its Avanti supercar goes on sale later this year, Dilip Chhabria told India Insight at the Delhi Auto Expo in Greater Noida.
“So far we have somehow managed, but really we want to exploit the full potential of our brand, capability and market segmentation, then obviously we have to have access to capital,” Chhabria said ahead of his two new car launches.
It is not the first time that Chhabria has talked about going public. United News of India reported in 2000 that he was planning an IPO, and the Economic Times reported in 2004 that he was planning to take the company public by 2007.
The company, which designs its own cars and also modifies vehicles, caters to a tiny segment of Indian car buyers who are not price conscious. In a 2008 interview to Knowledge@Wharton, Chhabria said that designing high-end vans cost upwards of $1 million.