As investors gear up major initial public offers (IPOs) that will hit primary markets from next week, here is a look at all the developments on companies that will list on the exchanges.
PolicyBazaar files DRHP for mega Rs 6,017 crore IPO
Online insurance platform PolicyBazaar has filed its DRHP with SEBI for a mega Rs 6,017.5-crore IPO. In its DRHP, PolicyBazaar says it’ll raise Rs 3,750 crore in a fresh issue with the remaining Rs 2,267 crore will be through a secondary sale via an Offer For Sale. The company may consider a private placement of Rs 750 crore. The online insurance startup is aiming for a valuation between $5.5 billion to $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 a 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 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 a 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, to sell up to Rs 27.5 crore worth shares in the OFS, as per the offer document.
CarTrade Tech IPO to open on August 9, issue to close on August 11: Reports
Online auto classifieds platform, CarTrade Tech’s initial public offering (IPO) will open on August 9 and close on August 11. The public issue of up to 1,85,32,216 equity shares is a complete offer for sale by existing selling shareholders, reportedly.
The offer for sale consists of selling of 22,64,334 equity shares by CMDB II, 84,09,364 equity shares by Highdell Investment, 50,76,761 equity shares by MacRitchie Investments Pte Ltd, 17,65,309 equity shares by Springfield Venture International, 1,83,333 equity shares by Bina Vinod Sanghi (jointly held with Vinay Vinod Sanghi), 70,000 equity shares by Daniel Edward Neary, 2,62,519 equity shares by Shree Krishna Trust, 50,546 equity shares by Victor Anthony Perry III, 4,50,050 equity shares by Vinay Vinod Sanghi (jointly held with Seena Vinay Sanghi).
The offer would constitute 40.43 percent of the company's post-offer paid-up equity share capital. As per reports, the company will not receive money from IPO and the funds will go to selling shareholders. CarTrade is backed by American private equity giant Warburg Pincus, Temasek, JPMorgan and March Capital Partners.
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 to 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 post its $275 million fundraise from Fidelity Management and Research Company.
Fino Payments Bank files for Rs 1,300 crore IPO: Report
Fino Payments Bank has filed a DRHP with the Securities and Exchange Board of India 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 offer for sale (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.
First Published: IST