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    IPO CORNER: boAt mulls Rs 3,500-cr IPO with $1.5-bn valuation; OYO increases authorised share capital

    IPO CORNER: boAt mulls Rs 3,500-cr IPO with $1.5-bn valuation; OYO increases authorised share capital

    IPO CORNER: boAt mulls Rs 3,500-cr IPO with $1.5-bn valuation; OYO increases authorised share capital
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    By  IST (Updated)


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

    boAt mulls Rs 3,500-cr IPO, eyes $1.5-bn valuation
    Homegrown consumer electronics brand boAt Lifestyle is mulling a public listing to raise around Rs 3,000-3,500 crore ($400-500 million) through a proposed IPO.
    The management is in talks with investment bankers to help it go public. The plans are expected to be finalised in a couple of weeks, according to a report by The Economic Times.
    boAt is seeking a valuation of around Rs 11,000 crore ($1.5 billion). However, the details of the proportion of primary and secondary stake sale are not yet known.
    boAt is expected to file a draft red herring prospectus (DRHP) in a couple of months and the IPO may hit the street by early 2022, another source told the publication.
    Paytm elevates founder's brother Ajay Shekhar Sharma to CBO ahead of IPO: Report
    Fintech giant Paytm has promoted Ajay Shekhar Shama, brother of Paytm's founder and CEO Vijay Shekhar Sharma as the chief business officer ahead of the $2.2 billion IPO, Moneycontrol reported.
    While the company did not comment on this escalation, as per Sharma's LinkedIn page he is the chief business officer of Paytm since August.
    He will be functioning as the CBO of cloud business of One97 Communications, which provides cloud services to telecom companies and enterprises. Earlier he was senior vice president of the online payments company.
    Paytm is targeting an initial public offering of Rs 16,600 crore by October end.
    Paytm Money launches wealth, investment advisory marketplace on its platform
    Digital payments and financial firm Paytm on September 9 announced that its wholly-owned subsidiary, Paytm Money, is launching a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.
    Paytm Money has partnered with start-up WealthDesk to offer investment portfolios called ‘WealthBaskets’ as the first step to build up the advisory ecosystem.
    A WealthBasket is a custom portfolio of stocks and exchange traded fund created by Securities and Exchange Board of India (SEBI)-registered investment professionals and users will be able to invest in multiple WealthBaskets via the free starter pack or by subscribing to premium monthly packs available, the company said.
    Byju’s to accelerate IPO plans as India tech booms: Report
    Edtech decacorn Byju’s is currently in talks to raise between $400-$600 million ahead of its IPO in 2022, Bloomberg News reported.
    The startup is aiming to file its initial IPO documents by the second quarter of 2022. It could also close its pre-IPO fundraising in the coming weeks at a valuation of $21 billion.
    Meanwhile, the company’s bankers including Morgan Stanley, Citigroup Inc and JPMorgan Chase, who are also involved in the current fundraising, are discussing a valuation of $40-50 billion. The decision will be taken based on the final results and investor demands, the report added.
    The bankers have also suggested other fundraising alternatives, including an IPO in the US or a merger with a Special Purpose Acquisition Company (SPAC), although the options are less likely than the IPO in India.
    Ola GMVs grow 3x pre-pandemic levels: CEO Bhavish Aggarwal
    Ola Co-Founder and Chief Executive Bhavish Aggarwal has said Ola cabs gross merchandise value (GMV) crossed pre-COVID-19 levels last week, and the recovery from the second wave is three times faster.
    “Clearly India is up and about!” the founder of the IPO-bound taxi startup tweeted.
    According to Aggarwal, 10 million people used Ola for the first time in the fiscal ended March 31. “As people move, they want to feel safe so they’re switching to personal or shared mobility instead of public transport,” he said.
    The CEO also said Ola's auto business has risen almost 150 percent of pre-COVID-19 levels, thanks to its 'safety first' approach. Aggarwal also said over three lakh Ola drivers have been vaccinated and soon, over 100 per cent of people will be vaccinated.
    The ride hailing aggregator has plans to go public sometime next year.
    OYO increases authorised share capital ahead of IPO
    Oravel Stays, that operates hospitality firm OYO, has approved an increase in the authorised share capital of the company from  Rs 1.17 crore to Rs 901 crore, according to a regulatory filing by the hospitality firm.
    The development comes ahead of proposed initial public offering (IPO) by OYO, for which a draft red herring prospectus (DRHP) is likely to be filed in the next few months
    An extraordinary general meeting of Oravel Stays on September 1, approved the resolution to increase its authorised share capital, as per a Registrar of Companies (RoC) filing by the company.
    The increase in the authorised share capital of the company is from the existing Rs 1,17,80,010 to  Rs 9,01,13, 59,300, the company said in a regulatory filing.
    In a precursor to the IPO, OYO in August raised fresh capital from Microsoft at a post-money valuation of $9.6 billion. Microsoft has invested nearly $5 million in OYO.
    OYO has initiated discussion with investment banks like JP Morgan, Citi and Kotak Mahindra Capital to manage its $1.5-billion public issue slated to raise between $1.2-1.5 billion at a valuation range of $14-16 billion.
    Oyo joins hands with Microsoft to launch smart rooms for travellers: Report
    IPO-bound hospitality firm Oyo and Microsoft have entered into a multi-year strategic alliance to develop travel and hospitality products such as smart rooms, as per a Moneycontrol report.
    As part of this alliance, Oyo will develop smart room experiences for travellers, such as customised in-room experiences. Using Microsoft’s Azure IoT, the experience will include self-check-in supported by a digital register of arrivals and departures and self-Know Your Customer (KYC) along with IoT-managed smart locks and virtual assistance.
    The hospitality firm will also adopt Microsoft cloud solution Azure. The development happens following a $5-million strategic investment by Microsoft in the company.
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