Bloomberg has reported plans for a VVDN Technologies IPO that could raise up to $300 million, which would take the Gurugram-based product engineering and electronics manufacturing company public through an India listing. The report described the offering as under consideration. VVDN Technologies has not confirmed the plan, and the $300 million figure comes from the Bloomberg report alone. An India listing would put the company's shares in front of domestic public investors.
VVDN Technologies was founded in 2007, making it a nearly two-decade-old company. Its India headquarters is in Gurugram, and its North America headquarters is in Fremont, California. The company employs about 6,973 people, with offices in the US, Canada, Europe, Vietnam, South Korea and Japan. Its manufacturing plants are in India, while its offices stretch across North America, Europe and Asia. Nineteen years after its founding, the company operates across product engineering, manufacturing and multiple overseas markets.
The company designs and builds 5G base stations, Wi-Fi routers, industrial IoT products, automotive electronics, EV chargers, AI servers and consumer electronics. Its 5G base stations and Wi-Fi routers serve the telecom segment, while its AI servers address data centre demand. Industrial IoT products and automotive electronics serve factory and vehicle makers, while EV chargers address the electric mobility segment. Those two segments are the company's primary revenue drivers and form the core of the business behind the reported VVDN Technologies IPO.
What the VVDN Technologies IPO would raise
The reported VVDN Technologies IPO would take the company public for the first time. Beyond the $300 million figure, public details of the offering are limited to what Bloomberg reported. At $300 million, the offering would be about 4.6 times the $65 million the company has raised across its three private funding rounds.
Applied Ventures, the venture capital arm of Applied Materials, is an investor in the company. The $65 million total came across three funding rounds. The rounds closed before any public listing was reported, and they represent the company's private funding history to date.
Inside VVDN's manufacturing scale ahead of the VVDN Technologies IPO
The manufacturing network supporting the reported VVDN Technologies IPO spans 11 advanced research and development centres and eight manufacturing facilities, 19 sites in total. The facilities are located at Manesar and Gurgaon in Haryana and Pollachi in Tamil Nadu. They include in-house SMT lines, mold and tooling, injection molding, die casting and product assembly. Research and manufacturing together give VVDN control from design through assembly.
VVDN is an approved participant in the Telecom PLI, Hardware PLI and White Goods PLI schemes, incentives that cover the manufacturing base behind the reported VVDN Technologies IPO. The three approvals place the company across three of the government's production-linked incentive schemes for electronics manufacturing.
The company is establishing manufacturing bases in the UAE and the US, extending a footprint that currently centres on India. Those would be its first manufacturing sites outside the country. It is also setting up a 1,000-acre plant in Tamil Nadu for AI servers and a facility in Madhya Pradesh for industrial automation products. US exports contribute $150 million to annual revenue. The Tamil Nadu plant ties the expansion to AI servers, one of the product lines in the company's data centre business.
VVDN Technologies IPO timing and the road to $1 billion
The timing of the VVDN Technologies IPO appears linked to a revenue target Bansal set in October 2025. The cofounder and president said VVDN aims to go public after reaching annualized revenue of $1 billion. Revenue stood at Rs 2,145 crore in FY23, with FY25 projected at Rs 3,500 to 3,800 crore, about 63 to 77 percent higher than the FY23 base. The FY23 figure and the FY25 projection show the revenue base Bansal wants to scale before a listing. Reaching the $1 billion mark would require growth beyond the FY25 projection.
VVDN is led by chief executive officer Puneet Agarwal, with Bansal as president. The company has collaborated with Mobileye to localize next-generation ADAS technology for India and other markets. ADAS stands for advanced driver assistance systems. The partnership adds an automotive technology program to the company's portfolio.