Mumbai: Nuvama-backed Ozone Overseas, which makes architectural hardware fittings, plans to raise ₹1,000-1,500 crore through an initial public offering (IPO), two people familiar with the matter said.
The company has appointed Motilal Oswal Alternates Investment Advisors, Axis Capital and Nuvama Wealth Management as bankers for the process.
If it goes as planned, the company will file its draft papers for a listing by the end of this financial year, the people cited above said on the condition of anonymity.
Volatile equity markets and slowing capital flows due to the US-Iran war have forced several companies to defer or recalibrate their listing timelines this year.
The companies did not respond to Mint’s requests for comments, sent on Wednesday, till the time of publishing.
Growth market
India’s home & furnishings market, valued at $34–36 billion in 2024, is witnessing a structural shift driven by rising disposable incomes, urbanization, and growing demand for branded, design-led offerings, according to a Redseer report. The market is expected to further grow at a CAGR of 11–13%, reaching $63 billion–$71 billion by 2030.
As consumers move beyond functional needs toward aesthetics, comfort, and lifestyle expression, full-stack D2C players are well-positioned to lead this transition with end-to-end integration, multi-category expansion, and omnichannel reach becoming more prevalent, the report said.
The report further highlighted that the market is gradually formalising, bringing greater standardisation, improved access to quality products, and a more curated experience for consumers across price tiers and city segments.
In 2023, PAG-backed Nuvama bought a minority stake worth ₹250 crore in Ozone, helping the company expand its manufacturing capacity, reinforce brand presence, and explore potential synergistic acquisitions. The company was previously backed by private equity firm Everstone Capital.
Established in 1999 by Alok Agarwal, Delhi-based Ozone provides architectural hardware solutions including glass fittings, door-closing devices, door locks, electronic safes and fittings. The company procures products from China, Taiwan and the EU and operates through a pan-India dealer network.
The group has a portfolio of about 4,500 products such as floor springs, patch fittings, door closures, hinges, drawer slides, shower enclosure fittings and furniture fittings, which are used in residential spaces, hospitals, government and private institutions, malls and airports.
Its revenues have grown at a CAGR of 24% for the last three years, Crisil said in a report last year. In FY25, Ozone reported a revenue of ₹560.24 crore, up from ₹522.73 crore a year ago. Its profit narrowed to ₹16.3 crore from ₹33.34 crore, as per Crisil’s note.
The company competes with international and regional players such as Assa Abloy, Dormakaba, and Warburg Pincus-backed Ebco, according to online reports.