IPO Corner: LIC may invest in Zomato public offer, Paytm approve Rs 12,000 crore primary fundraise and OLA Electric raises $100 million

Mini

The Life Insurance Corporation of India (LIC) is planning to buy shares in Zomato’s initial public offering (IPO) this week, according to reports.

IPO Corner: LIC may invest in Zomato public offer, Paytm approve Rs 12,000 crore primary fundraise and OLA Electric raises $100 million
Here's a look at all the latest news from the IPO-bound train of Indian startups.
Paytm EGM finalises primary raise of Rs 12,000 crore
Paytm's shareholders have given crucial approval for the company's mega IPO plan, approving the proposal for Rs 12,000 crore primary raise. The company also plans a secondary raise of Rs 4,600 crore, bringing the total IPO size to Rs 16,600 crore.
The shareholders also approved the proposal to declassify founder Vijay Shekhar Sharma as the promoter of the company. Sebi approval will be needed for declassifying Sharma as the promoter. However, he will continue to be the chairman, managing director and chief executive officer of the company. Paytm is now looking to list as a Professionally Managed company, as per sources, and will need Sebi's approval. CNBC-TV18 had reported earlier that Paytm is eyeing a Diwali listing.
Paytm Money launches new feature, users can pre-book Zomato IPO
Digital brokerage platform Paytm Money will now let users apply for Initial Public Offerings (IPO) before the actual IPO Opening in the markets, the company said in a statement. Paytm Money is the first in India to offer a “Pre-Open IPO Application” and this feature is expected to significantly boost the participation of retail users in IPOs. Food delivery giant Zomato’s IPO is the first to be launched on Paytm Money with this feature and the platform has already received thousands of orders over the last 2 days, the company stated.
LIC plans to invest in Zomato's IPO: Report
The Life Insurance Corporation of India (LIC) is planning to buy shares in Zomato’s initial public offering (IPO) this week, according to reports.
If so, it will be seen as a big shift in LIC's investment pattern as the state-owned body usually puts money in the secondary markets or buys shares of ventures that are being privatised by the government. The investment committee of the LIC will soon hold a meeting to take a final call on the plan to invest in Zomato’s IPO, the reports said. The food delivery platform’s much-awaited IPO is set to open on July 14.
OLA Electric raises $100 million ahead of IPO
Ola Electric, the electric vehicles focused arm of ride-hailing giant Ola, has raised $100 million of debt from the Bank of Baroda. This 10-year debt will be used in funding and financial closure of Phase-I of the Ola Future factory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had, in December last year, said it will invest Rs 2,400 crore for setting up phase I of the factory.
Mobikwik files for Rs 1,900 crore IPO
Digital payments startup Mobikwik, backed by Sequoia Capital and Bajaj Finance has filed for an IPO of up to Rs 1900 Crore with the markets regulator Sebi on Monday. About Rs 1,500 crore will be primary share sales while up to Rs 400 crore will be secondary share sales where existing investors can sell their stake. The promoters plan to sell about Rs 190 crore of their stake, while Sequoia and Bajaj Finance will sell Rs 95 crore and Rs 69 crore respectively, filings said. Mobikwik was last valued at $700 million when it raised $20 million last month from Abu Dhabi Investment Authority.
Nykaa, Policybazaar to file draft papers for IPOs soon: Report
With Zomato advancing its public listing, other startups are now streamlining their draft share sale prospectus. Reports suggest, online cosmetics retailer Nykaa and insurance aggregator Policybazaar will file their DRHP with SEBI within this month. "Nykaa is likely to file its DRHP around July 17 and Policybazaar will file its prospectus around July 20," the report added.
The Mint reported last month that Nykaa plans to go public later this fiscal at a valuation of $4.5 billion. Policybazaar is set to list on the bourses via a Rs 4,000-crore IPO, the Mint reported in February.

Market Movers

CompanyPriceChng%Chng
Tata Motors295.55 -7.00 -2.31
Grasim1,549.50 -32.55 -2.06
Larsen1,611.75 -30.40 -1.85
Adani Ports680.05 -11.75 -1.70
Tech Mahindra1,131.00 -17.60 -1.53
CompanyPriceChng%Chng
Larsen1,612.00 -29.55 -1.80
HUL2,359.25 -19.40 -0.82
Reliance2,105.20 -15.80 -0.74
Asian Paints3,083.20 -21.25 -0.68
NTPC118.50 -0.80 -0.67
CompanyPriceChng%Chng
ICICI Bank676.65 20.70 3.16
ITC212.40 5.40 2.61
Wipro599.15 14.95 2.56
SBI Life Insura1,050.45 24.45 2.38
SBI428.90 6.85 1.62
CompanyPriceChng%Chng
ICICI Bank676.65 20.85 3.18
ITC212.35 5.30 2.56
SBI429.15 7.15 1.69
HCL Tech994.25 15.65 1.60
Axis Bank755.25 8.75 1.17

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.4000-0.0600-0.08
Euro-Rupee87.5450-0.0830-0.09
Pound-Rupee102.3880-0.0780-0.08
Rupee-100 Yen0.6730-0.0030-0.44