Here is a look at all the developments on companies that will list on the exchanges.
IPO-bound Delhivery appoints 3 new board members
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Logistics startup Delhivery has appointed three new independent directors to its board and elevated an existing member to the post of chairman ahead of its IPO. The three new independent directors are Kalpana Morparia (former chairperson of JPMorgan South and Southeast Asia, and the former CEO of JP Morgan India), Romesh Sobti (former managing director and CEO of Indusind) and Saugata Gupta (managing director and chief executive officer of Marico).
The company now has five independent directors, including Bain & Co partner Sri Rajan, and former PwC India head Deepak Kapoor, who has been appointed as the chairman of the board. Delhivery is also in discussions to add another woman independent director to the board, the company said in a statement.
The appointments come a week after Delhivery turned into a public company.
Zostel approaches Sebi against Oyo IPO; latter calls the move an 'overreach' of Delhi HC proceedings
Budget accommodation platform Zostel has now approached the Securities and Exchange Board of India (Sebi) with a letter claiming that Oyo's IPO is "non-maintainable". CNBC-TV18 has seen a copy of the letter which was sent to Sebi on Monday. Zostel has claimed that Oyo's DRHP is "illegal" since it is in contravention of Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018."
Accordingly, Oravel’s filing of the DRHP in the circumstances, is illegal, in view of the stipulation contained under Regulation 5(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations).” In the letter to Sebi, Zostel has said that "the IPO is non-maintainable as Oravel’s capital structure is not final", and that the "DRHP is replete with material omissions and blatant misstatements, intended to mislead the public into investing into Oravel’s shares without appreciation of the risks involved."
Meanwhile, Oyo has condemned Zostel’s move, calling it an 'overreach' of Delhi HC proceedings. Oyo said "nothing" in the arbitral award prevents Oyo from going ahead with IPO. The company added that the process with Zostel was at the stage of exploratory discussions, no definitive agreements were finalised.
Zostel had earlier taken the matter to the Delhi High Court, which has adjourned the case to October 21.
Zostel had moved the Delhi High Court late last month seeking to restrain Oyo from 'altering its shareholding pattern, including through an IPO' since it claims that an arbitral award it won in March this year grants Zostel's shareholders 7 percent shares of Oyo. Oyo on October 1 filed its DRHP with Sebi for raising Rs 8,430 crore through an IPO.
Pine Labs mulls filing papers for $1 billion Nasdaq IPO by Oct ober end: Report
Fintech unicorn Pine Labs is looking to file its paperwork with the US Securities and Exchange Commission (SEC) for its $1 billion IPO by October end, according to a Mint report. Pine Labs, which is aiming for a $6 billion Nasdaq listing has hired an investment bank, Morgan Stanley, to manage the proposed initial share sale and is looking to raise as much as $1 billion through a mix of primary and secondary stake sales, the report added.
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In September, the merchant commerce platform raised $100 million from Invesco Developing Markets Fund, valuing the payments company at around $3 billion. Pine Labs is backed by PayPal, Sequoia Capital India, Temasek and Mastercard, and offers a host of services to merchants that include payments terminals, invoicing tools and working capital.
Paytm's $2.2 billion IPO sees more global investors interest: Report
Paytm's bumper Rs 16,600 crore IPO has now caught the eyes of new investors, including US-based asset manager Alkeon Capital as well as funds managed by Morgan Stanley and Goldman Sachs, sources told the Economic Times. The new investors join a list of bidders that are in talks to invest in Paytm’s anchor investment as well as its IPO.
Besides the new investors, funds from Europe have also evinced interest in its $2.2 billion IPO, the report added. Paytm is awaiting final approval for the IPO from the Securities and Exchange Board of India (Sebi) and its ongoing conversation with investors indicate a valuation of $20-$24 billion.
SecureKloud’s arm Healthcare Triangle gets approval for Nasdaq listing
Healthcare Triangle (HCTI), a subsidiary of cloud solutions platform SecureKloud Technologies, has received approval for an overseas listing in the US. It will become the second Indian-origin company to be listed on NASDAQ after Freshworks. Through this IPO, HCTI plans to raise a total of $15 million including an over-allotment of $2 million. The IPO proceeds will be utilized for potential acquisitions, working capital, research and development, and general corporate investments, as per the company.
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"Our goal is to become among the top 10 Healthcare IT companies in North America and we believe, this will unlock significant value over the next few years," said Suresh Venkatachari, chairman and CEO, SecureKloud and HCTI.
EF Hutton, a Benchmark Investments, LLC division, acted as sole book-running manager for the offering. Healthcare Triangle operates in the healthcare cloud industry with a total addressable market of $300 billion.
(Edited by : Jomy Jos Pullokaran)