StartupTalky

Tag: Axis Capital

  • Pine Labs Selects Five Banks As IPO Plans Get Finalised

    The fintech giant has reportedly chosen five investment banks to serve as advisors for its $1 billion (about INR 8,424.7 crore) initial public offering (IPO), months after it was revealed that Pine Labs has been considering going public. According to a media report, which cited people familiar with the situation, Pine Labs has selected Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies to manage its initial public offering (IPO) mandate, which is scheduled to launch in the first half of FY26.

    According to the report, as part of the pre-IPO investment, a secondary offer worth $100 million (about INR 842.5 crore) will be made possible, allowing share transfers between new venture capital companies and current investors. The company is expected to seek a valuation of over $6 billion for the initial public offering (IPO), according to reports that first surfaced in June about its plans to go public.

    Business Dynamics of Pine Labs

    Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers a variety of payment solutions to businesses, such as point-of-sale devices and payment systems. Additionally, it provides businesses with cashback, rewards, and pay-later options. Investors including Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, Alpha Wave Global, Chimaera Capital, and State Bank of India have contributed a total of around $1.6 billion to the fintech company’s investment to date.

    In August, Pine Labs obtained the first set of licences from the National Company Law Tribunal (NCLT) to combine its Singapore business with its Indian subsidiary, one of several steps the fintech startup took to move its headquarters to India.

    IPO Scenario in India

    Aforementioned development occurs at a time when at least ten companies are making their debut this year, and entrepreneurs from a variety of industries are eager to get on the exchanges. In the meantime, a long line of startups is expected to go public next year.

    Axis Capital, Morgan Stanley, JP Morgan, Citigroup, and Bank of America are among the five banks that have joined SoftBank-backed B2B marketplace OfBusiness for its $1 billion initial public offering (IPO), which is anticipated to take place next year. About two weeks ago, the manufacturer of smartwatches and audio goods, boAt, hired ICICI Securities, Goldman Sachs, and Nomura as bankers for its $300–500 million initial public offering (IPO) that will take place next year.

    With initial public offerings (IPOs) emerging as a crucial means of obtaining funding, the Indian startup scene is undergoing a significant transformation. For the second time in history, mainboard initial public offerings (IPOs) have raised more than INR 1 lakh crore in 2024. Over INR 1.03 lakh billion has been raised through 70 initial public offerings (IPOs) this year, the most since 2007. In contrast, 63 firms raised more than INR 1.19 lakh crore through IPOs in 2021, compared to 100 IPOs that were launched in 2007 and raised INR 34,179 crore.

    BlackBuck’s IPO Success: Stock Opens 2.9% Above Issue Price
    BlackBuck stock listed 2.9% above its IPO price, marking a strong debut and reflecting investor confidence in the company.
    StartupTalkyNitin Konde

  • Captain Fresh Selects BofA and Axis Capital to Serve as Bankers for the $400 Million Public Offering

    According to various media reports, Captain Fresh, a business-to-business seafood company, has chosen Axis Capital and BofA to serve as its bankers for its anticipated initial public offering (IPO) in 2025. The company’s initial public offering (IPO) aims to raise $350–400 million, of which about half will come from new shares and the other half from the offer for sale (OFS) component.

    Captain Fresh is considering a valuation of between $1.3 and $1.5 billion for its public market debut. In addition to helping businesses buy fresh produce, the company also helps them with processing and distribution. It also engages in the fish and seafood sector. Established in 2019 by Utham Gowda, the company has raised more than $160 million from a number of investors, including Accel, Tiger Global, Prosus, and SBI Investment.

    The Company is Yet to Decide on Additional Bankers

    The most likely bankers are Axis Capital and BofA, but Captain Fresh will include one or two more in its final IPO syndicate. The final names will be determined over the next few weeks as the corporation continues to debate whether it wants two international and one domestic banker or two international and two local ones.

    At least eight or nine lenders have contacted Captain Fresh in the last month or so, and it’s probable that the final one or two names will be one of them. The filing is anticipated in the first half of 2025, and the formal work will start soon. If all goes according to plan, the company will list on the exchanges in the second half of 2025.

    Fundraising prior to an IPO

    The business is getting ready to raise capital in a pre-IPO transaction even as it gets ready to list the following year. Accel, an existing investor, is leading the company’s efforts to raise $50–60 million in a new round. The round will likely be priced by Accel, but other current investors like Tiger, BII, and Prosus will also take part. 

    Although talks are still in progress, Captain Fresh is anticipated to be valued at over $800 million in the next round, a significant increase from the $500 million it was originally valued at due to its robust profit profile and company expansion. The company’s history of successful acquisitions supports its position as well.

    In an effort to strengthen its hold on the fish and other allied meat markets, the company has purchased at least three foreign seafood businesses. Illinois-based CenSea, Poland’s Koral, and Indonesia’s Fishlog, according to information from private markets data source Tracxn. Captain Fresh’s pre-IPO round size will be significantly larger than the $50–60 million it is raising in this round. It will be spread out over three to four rounds, with outside investors joining later.

    BlueStone Names Axis, IIFL, Kotak for Upcoming IPO
    BlueStone has names Axis, IIFL, and Kotak to assist with its planned $250M IPO by Q2 2025. The new-age jeweller aims for a $1-1.5B valuation in its first public offering.
    StartupTalkyNitin Konde