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

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

    IPO CORNER: Here’s all the latest news from IPO-bound train of Indian startups
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    By CNBCTV18.com  IST (Published)

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    PolicyBazaar files DRHP for its mega Rs 6,017.5-crore IPO while Nykaa starts process for its Rs 525-crore IPO. CarTrade Tech fixes price band of Rs 1,585-1,618 for its nearly Rs 2,999-crore offering on August 9-11.

    PolicyBazaar files DRHP for mega Rs 6,017-cr IPO
    Online insurance platform PolicyBazaar has filed its DRHP with the Securities and Exchange Board of India (SEBI) for a mega Rs 6,017.5-crore IPO.
    In its DRHP, PolicyBazaar says it will raise Rs 3,750 crore in a fresh issue while the remaining Rs 2,267 crore will be through a secondary sale via an offer for sale (OFS). The company may consider a private placement of Rs 750 crore.
    The online insurance startup is aiming for a valuation between $5.5 billion and $6 billion. The proceeds will be utilised for expansion plans and as growth capital. PolicyBazaar has picked Kotak Mahindra Capital, Morgan Stanley, ICICI Securities and Citi as advisors for the listing.
    Meanwhile, the insurance player’s parent company PB Fintech, will see investor Softbank offload Rs 1,875 crore worth of shares in the IPO. Softbank holds close to 10 percent stake in the company.
    Founders Yashish Dahiya and Alok Bansal will also sell some of their shares, according to the filing. Dahiya will sell up to Rs 250 crore worth of shares while Bansal will sell shares worth up to Rs 95 crore.
    InfoEdge, which participated in the offer for sale of another portfolio company Zomato, will not be selling any shares in Policybazaar as part of the OFS. InfoEdge holds around 16 percent stake in the company.
    Interestingly, founder United Trust, started by MakeMyTrip's Deep Kalra, former Google India MD Rajan Anandan and 1MG founder Prashant Tandon, among others, will sell up to Rs 27.5 crore worth shares in the OFS, as per the offer document.
    Nykaa files DRHP to raise Rs 525 cr via IPO
    E-commerce beauty aggregator platform Nykaa has filed preliminary papers with SEBI for an IPO. Nykaa, is looking to raise Rs 525 crore through a fresh issue of shares and an OFS  of up to 43.1 million shares by existing shareholders and promoters.
    The company is seeking a valuation of more than $4 billion. The unicorn proposes to utilise the proceeds from the issue for brand visibility and awareness, repayment of borrowings, setting up new retail stores for Nykaa, Nykaa Fashion, and setting up new warehouses.
    Meanwhile, ahead of its IPO, Nykaa has also cautioned against the draft e-commerce rules which was released in June for industry feedback, saying it could impact Nykaa’s operations and increase costs
    In its DRHP, the beauty and fashion commerce company has said that changing regulations in India could lead to "new compliance requirements that are uncertain." The company also specifically cited the draft e-commerce rules introduces a “fallback liability” on the e-commerce entities.
    Nykaa’s public offering comes after food delivery firm Zomato’s stellar debut on the bourses last month. As of March 31, the company had cumulative downloads of 43.7 million across all its mobile applications. It also has an offline presence comprising 73 physical stores across 38 cities in India, as per the prospectus.
    CarTrade IPO to open on August 9
    Online auto classifieds platform CarTrade Tech has fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer.
    The IPO will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company said.
    The initial share sale will be entirely an offer for sale of 18,532,216 equity shares. As a part of the OFS, CMDB II will offload 22.64 lakh equity shares, Highdell Investment will sell 84.09 lakh equity shares, Macritchie Investments will offer 50.76 lakh equity shares and Springfield Venture International will divest 17.65 lakh equity shares.
    The CarTrade platform allows customers to buy and sell used cars as well as new cars. The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
    Tracxn set for an IPO as Elevation Capital seeks exit
    Startup intelligence and market research platform Tracxn is set to file for an IPO, as per sources, and has converted into a public company, as per regulatory filings. Founded in 2012 by former venture capitalists Neha Singh and Abhishek Goyal, Tracxn is the Indian version of Crunhcbase.
    Tracxn counts marquee investors on its cap table, including Elevation Capital, Accel India, Sequoia Capital, and 3One4Capital, along with names such as Ratan Tata, and angel investors who include Flipkart founders Sachin Bansal and Binny Bansal, and Freshworks founder and CEO Girish Mathrubootham among others.
    Elevation Capital owns close to 20 percent stake while the founders together control 45 percent of the company, as per sources. The regulatory filings show that largest investor Elevation Capital has put in certain conditions for making an exit from the company by April 2022, seven years since participating in the company's Series A round.
    Elevation Capital, formerly known as SAIF Partners, has put down a 'founder lock-in' till the time of a qualified IPO or till SAIF (Elevation Capital) sells shares through a strategic sale or buyback. Elevation Capital has also asked the company to make the best efforts to provide an exit to SAIF through a qualified IPO or strategic sale by the investment exit date (April 2022).
    For a qualified IPO, Elevation Capital has said the offer price will be determined at a minimum pre-money valuation of $100 million. The investor also goes on to say that if Tracxn fails to do a qualified IPO or strategic sale till the investment exit date, the company will have to list SAIF Securities on any stock exchange through a liquidity IPO.
    The startup intelligence company will follow a long list of startups that are in the pipeline to hit the public markets this financial year.
    IPO-bound ixigo purchases AbhiBus ahead of IPO
    IPO-bound travel app ixigo has purchased bus ticketing and aggregation platform AbhiBus.
    Without disclosing the sale value, ixigo said, it was a mix of cash and ixigo stock as consideration.
    With this acquisition, all intellectual property, brands, technology and operations have also been transferred to ixigo; and AbhiBus employees, including Founder Sudhakar Reddy Chirra, are now on board the ixigo team.
    This is ixigo’s second acquisition in 2021 as it had earlier bought train booking app Confirmtkt. The move comes just days after the startup converted into a public company.
    On April 5, Moneycontrol reported that ixigo was looking to raise Rs 1,500 crore to Rs 1,800 crore via the proposed IPO.
    IPO-bound Delhivery to acquire Spoton Logistics: Reports
    IPO-bound logistics-tech giant Delhivery is reportedly in talks to acquire a 100 percent stake in rival express logistics player Spoton Logistics. Delhivery is expected to complete the acquisition in the next 2-3 weeks.
    According to a Moneycontrol report, Delhivery will acquire Spoton for $200 million, which will see the exit of Samara Capital and Xponentia Fund Partners from Spoton. Acquiring Spoton Logistics will enable Delhivery to further strengthen its delivery network, the report added.
    Delhivery co-founder and chief executive Sahil Barua had told The Economic Times earlier that the firm plans to list within the next 6-8 months and raise a primary issue in the range of $400 million to $500 million.
    Delhivery raised $100 million from FedEx Express, a subsidiary of global delivery services giant FedEx Corp. The startup, backed by Softbank, Tiger Global Management, was valued at around $3 billion after its $275-million fundraise from Fidelity Management and Research Company.
    Fino Payments Bank files for Rs 1,300-cr IPO: Report
    Fino Payments Bank has filed a DRHP with SEBI to raise around Rs 1,300 crore via an initial public offer, sources told Moneycontrol.
    This makes Fino Payments Bank the first profitable fintech to file for an IPO. The IPO includes a fresh issue of Rs 300 crore as well as an OFS component, the report added.
    Investment bankers appointed to the issue are Axis Capital Ltd, CLSA India Pvt Ltd, ICICI Securities Ltd and Nomura Financial Advisory Services Pvt Ltd.
    Zomato incorporates subsidiary Zomato Payments
    After listing on bourses, food delivery platform Zomato on August 4 said it has incorporated a wholly-owned subsidiary in the name of Zomato Payments.
    The incorporation has been done to carry the business of providing payment aggregator services and payment gateway services under the RBI rules and regulations, Zomato said in a regulatory filing.
    "Zomato Payments is incorporated with an initial subscription of 10,000 equity shares of Rs 10 each aggregating to Rs one lakh only," it added.
    GLOBAL STARTUP IPOs
    Human Interest raises $200 mn, plans for IPO: Report
    Retirement platform Human Interest has raised $200 million in a round that propels it to unicorn status, TechCrunch reported.
    The company is targeting a traditional IPO sometime in 2023, with executives saying the target is to have “$200 million+ in run-rate revenue” before going public.
    The Rise Fund, TPG’s global impact investing platform, led the round and was joined by SoftBank Vision Fund 2. The financing included participation from new investor Crosslink Capital and existing backers NewView Capital, Glynn Capital, US Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital, Susa Ventures and others.
    Over the past year, the San Francisco-based company has raised $305 million. With the latest financing, it has now raised a total of $336.7 million since its 2015 inception.
    Nozomi Networks raises $100 mn in pre-IPO round
    Nozomi Networks, a startup offering cybersecurity services for industries, has raised $100 million in pre-IPO funding, according to TechCrunch.
    The Series D funding round was led by Triangle Peak Partners and also includes investment from a number of equipment, security, service provider and go-to-market companies, including Honeywell Ventures, Keysight Technologies and Porsche Digital.
    The company will use its latest investment, which comes less than two years after it secured $30 million in Series C funding, to scale product development efforts as well as its go-to-market approach globally.
    California-based Nozomi was founded in 2013 and aims to shield critical infrastructure from cyberattacks through its ICS devices, which detect threats before they hit.
    Chinese electric carmaker Li Auto to raise up to $1.93 bn from Hong Kong listing
    Chinese electric vehicle startup Li Auto plans to raise around $1.93 billion in a Hong Kong secondary listing.
    According to CNBC, the Nasdaq-listed company said it will offer 100 million class A ordinary shares to investors at a price of no more than 150 HK dollars or $19.29. The final pricing will be announced by August 6.
    At 150 HK dollars per share, Li Auto would raise 15 billion HK dollars or $1.93 billion.
    Li Auto is pushing ahead with the listing despite a recent sell-off in Chinese technology stocks that was triggered by regulatory crackdowns hitting everything from food delivery to ride hailing.
    Doing a secondary listing in Hong Kong also helps the firm to hedge against some of the geopolitical risk that has spilled over into financial market regulation.
    Li Auto said it plans to use the proceeds of its share offering for research and development into technologies and future models, as well as expanding production capacity and its retail store footprint
    Kakao Bank becomes S. Korea's biggest lender by market value in blockbuster debut
    Digital lender Kakao Bank made a stunning debut on August 6, surging 79 percent from its IPO price to become South Korea's biggest financial services firm by market value.
    According to Reuters, it is the first online-only bank in Asia to go public, particularly as Chinese listings have fallen out of favour in the wake of regulatory crackdowns.
    Kakao Bank, which counts the country's dominant chat app operator as its top shareholder, is expected to capitalise on rare growth opportunities for a financial firm afforded by an unusual South Korean regulatory framework.
    Its shares closed at 69,800 won on August 6, compared with its IPO price of 39,000 won, valuing it at roughly $29 billion.
    Bukalapak surges 25% as Indonesia's largest IPO fuels tech excitement
    Shares in Indonesia's first listed tech unicorn, PT Bukalapak soared 25 percent on their market debut on August 6 as investors scrambled to get a piece of the country's fourth-largest e-commerce company in a booming sector.
    As per Reuters, Bukalapak shares closed at 1,060 rupiah ($0.0738) after reaching the 25 percent limit minutes after opening, with tens of thousands of investors buying shares on online platforms such as Ajaib and Stockbit
    This, after the firm raised $1.5 billion in Indonesia's biggest IPO, valuing it at $6 billion.
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