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Weekly wrap | IPO Corner: Paytm plans to go public by October end, Microsoft to invest in Oyo, Ola expands ESOP pool

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Here’s all the latest news from the IPO-bound train of Indian startups

Weekly wrap | IPO Corner: Paytm plans to go public by October end, Microsoft to invest in Oyo, Ola expands ESOP pool
Here’s all the latest news from the IPO-bound train of Indian startups.
Microsoft to invest in IPO-bound Oyo at a valuation of $9 bn
Tech major Microsoft is set to invest in IPO-bound hospitality chain Oyo, which will give the startup a valuation of $9 billion, two sources aware of the developments said. This is slightly lower than the $10 billion decacorn mark that the company had reached in 2019 following an investment by founder Ritesh Agarwal.
The size of Microsoft’s investment is unclear, though one source told CNBC-TV18 that the company usually invests under $100 million. Oyo is also likely to sign on to Microsoft's cloud platform Azure as part of the deal.
The investment comes as Oyo is seeing an improvement in business, especially in Europe. The company is likely to raise more funding from new investors in the next 6-7 months and is expecting a 'public market event' by the end of this year.
Nykaa to file DRHP for half a billion-dollar IPO in a few days: Sources
Beauty and fashion e-commerce company Nykaa is all set to file its DRHP for IPO, sources tell CNBC-TV18. This could be the first profit-making company from the internet space to hit the bourses.
Nykaa is eyeing a valuation of approximately $4-5 billion and its public offering could be around half a billion dollars.
The IPO issuance will largely be secondary with small portion of primary capital. Nykaa’s investors TPG, Steadview Capital, Fidelity and Sunil Kant Munjal are likely to exit in the IPO.
Founder Falguni Nayar and her family will own over 51 percent stake in Nykaa post listing.
Ahead of its IPO, online cosmetics retailer Nykaa has converted into a public entity now.
According to its regulatory filings, the holding company of Nykaa has been renamed FSN e-commerce Ventures Limited from FSN e-commerce Ventures Private Limited.
Ixigo in final stage talks to close pre-IPO: Report
Travel app ixigo is in the final stages of sealing a pre-IPO round of around $53 million through a combination of primary and secondary issue of shares, as per a Moneycontrol report.
The firm is nearing a deal with a set of investors led by GIC. On April 5, Moneycontrol reported that ixigo was planning to go public in 2021 and was looking to raise Rs 1,500 crores to Rs 1,800 crores via the proposed IPO.
Paytm eyes IPO by October end; to recruit over 20,000 sales executives
Digital payments firm Paytm expects to launch its IPO at around the end of October, pending regulatory approvals, sources told Reuters.
Paytm, which has filed for Rs 16,600 crore IPO that will likely be the largest ever in India, also expects to break even in 18 months, according to Reuters.
"Hopefully Paytm will be able to go out before Diwali," the report said.
Paytm is also looking to increase its workforce significantly by adding over 20,000 sales executives. The financial services company will increase its sales team ahead of its planned IPO to compete with other payment platforms like PhonePe and GooglePay.
Droom turns unicorn; in talks with JP Morgan, I-Sec, HSBC & JM Fin for $300 M IPO
Online automobile marketplace Droom has closed the first round of its upto $200 million pre-IPO funding round. The round has valued the company at $1.2 billion, making it the latest entrant into the unicorn club.
The round was raised from existing and new investors such as 57 Stars and Seven Train Ventures.
Droom is the 18th Indian unicorn so far this year. The company will use the funds to grow its presence in the top 100 cities of India and international markets and augment its last-mile delivery service.
The company has held active discussions with investment banks JP Morgan, ICICI Securities, HSBC and JM Financial as it looks to finalise advisors and raise around $300 million through an IPO in 2022, sources told Moneycontrol.
Sandeep Aggarwal, Founder and CEO of Droom said, “Yes, we are looking at $300 million or so in the IPO and 100 percent of this will be primary and not secondary."
Ola expands ESOP pool to Rs 3000 crore ahead of proposed IPO
Ride-hailing giant Ola has expanded its employee stock option pool to Rs 3,000 crore.
The company is also allocating an additional Rs 400 crore worth of stocks to its employees as it prepares for its IPO.
The allocation rewards Ola’s high-impact employees and will lead to long-term wealth creation for them, the company said.
Earlier this month, Ola also raised $500 million from private equity giants Warburg Pincus and Temasek.
Duolingo enters 'major leagues' with $6.5 Bn valuation in strong debut
Language learning app Duolingo notched a valuation of $6.5 billion after its shares surged nearly 40% in the company's Nasdaq debut on Wednesday, Reuters reported.
Duolingo's stock opened at $141.4 per share, blowing past the initial public offering price (IPO) of $102 per share, which crossed the top end of its target range. The stock later pared some gains to trade at $130.92 in the afternoon.
Following the IPO, the company will focus on improving its flagship app and getting more active users to switch to paying subscribers. Duolingo offers courses in 40 languages to about 40 million monthly active users.
Robinhood raises $2.1 bn in IPO
Robinhood Markets, the owner of the trading app, raised $2.1 billion in its initial public offering on Wednesday.
Robinhood's monthly active users surged from 11.7 million at the end of December to 21.3 million as of the end of June.
The IPO valued Robinhood at $31.8 billion, making it greater as a function of its revenue than many of its traditional rivals such as Charles Schwab Corp (SCHW.N), but the offering is priced at the bottom of the company's indicated range.
Didi Global denies report of going private after $4.4 Bn IPO
Ride-hailing company Didi Global has denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States.
The Wall Street Journal reported that the Chinese company has been mulling delisting plans as a crackdown in China widens and it has received support from cybersecurity regulators.
Didi, which listed in New York last month after raising $4.4 billion in an initial public offering (IPO), said in a statement that the WSJ report was not true.
"The company affirms that the above information is not true," it said, in reference to the report, adding that the company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company.