StartupTalky

Tag: ipo

  • In Order to Increase Liquidity in the ESOP Market, Hissa Develops a $35M Fund

    With a $35 million corpus, equity management platform Hissa has introduced Hissa Fund I to give the Indian employment stock option plan (ESOP) market liquidity. Established as a SEBI-registered Category II Alternative Investment Fund, the company would seek to invest in 15 to 20 companies in the development stage and collaborate closely with the founders to offer liquidity to support talent retention and business expansion plans. The fund’s target ticket size for each company is between INR 8 crore and INR 10 crore. Employee stock ownership plans, or ESOPs, provide staff members a stake in the business through share ownership. These options, however, are only exercisable upon an IPO or acquisition.

    Reason Behind the Move

    Businesses are taking longer to require public assistance as more and more capital enters the private markets, claims Satish Mugulavalli, a partner at Hissa Fund. Employees now own illiquid firm shares for extended periods of time as a result of this. This deficit will be addressed by the new fund. Hissa thought it was a little unfair that those who are assisting in the development of these businesses are unable to reap the value created due to a lack of liquidity. As a result, the business introduced a liquidity product that allows founders to supply periodic liquidity without having to wait for an exit. “Business owners are seeing some sort of liquidity happening in the middle,” Mugulavalli told a media outlet, “but the big liquidity will happen at the end (through an IPO or an acquisition).” Founders, high-net-worth individuals (HNIs), and family offices that have previously made investments in startups make up the majority of the fund’s limited partners (LPs). But according to Mugulavalli, it was too soon to reveal these LPs’ names.

    Following the FootSteps of VC Fund

    Like any other VC fund, Hissa will have stock selection criteria. It has valuation requirements that must be fulfilled and is aggressively seeking Series B companies. The startup’s offer will be based on the company’s most recent valuation, but like all financial assets, the asset may be valued at a premium or a discount, depending on the business. It can cost more if the business is doing really well. However, that is a choice that is made at that particular moment. ‘However, you’ll be anchored by the company’s most recent major funding round”, Mugulavalli stated. By the conclusion of the current fiscal year or the first quarter of FY26, the fund intends to fully distribute the entire amount.

    The fund has several choices to exit a business because ESOPs can only be activated in the event of an acquisition or if the company files to go public. Given that it does not own a sizable stake in the business, the fund may retain the shares until the firm goes public or is bought, or it may sell them whenever a major fund makes an investment in the business.

    Meta to Lay Off 3,600 Employees, Focusing on AI and Innovation
    Meta plans to lay off 3,600 underperforming employees as it shifts focus toward AI development and innovation-driven strategies.
    StartupTalkyNitin Konde

  • Six Bankers are Finalised by Zetwerk to Lead a $500 Million IPO in 2025

    According to reports, Zetwerk, a B2B marketplace backed by Peak XV, has selected six bankers to lead a possible $500 million IPO later this year. According to an international media agency, Zetwerk has nominated Kotak Mahindra Bank, Jefferies Financial Group, Axis Capital, Goldman Sachs Group, JM Financial, and JPMorgan Chase & Co. as bankers for the impending public listing. According to the article, the company is aiming for a valuation of about $5 billion and intends to raise at least $500 million during the IPO. The size and timing of the public listing, however, could yet alter as negotiations are still in their early phases. The most recent event occurred about a month after Zetwerk’s CEO and cofounder, Amrit Acharya, told an Indian news agency that the company intends to go public within the next 12 to 18 months. Additionally, this comes after assertions from November of last year that Zetwerk had begun talks with investment banker JP Morgan for a possible $1 billion initial public offering (IPO) at a valuation of “several billion dollars.”

    Zetwerk’s Funding Rounds Till Now

    Over a month after the B2B marketplace said that it had raised over $70 million in a strategic fundraising round at a $3.1 billion valuation, Zetwerk has accelerated its market launch. Prior to its most recent fundraising round in 2023, the company was valued at $2.7 billion. In 2024, the business raised a total of $90 million from investors including UK-based Baillie Giord, Indigo cofounder Rakesh Gangwal, and Khosla Ventures. Zetwerk, which was established in 2018 by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, links manufacturers with suppliers and vendors for the purchase of industrial machine parts. According to the startup, its gross merchandise value (GMV) for the fiscal year 2023–2024 (FY24) was INR 17,564 Cr, or around $2.1 billion. In total, the business has raised over $700 million to far, with backers including Lightspeed, Greenoaks Capital, and Mars Growth Capital.

    IPO Fever Raising High on India’s Startup Stecor

    Indirect rivals of Zetwerk include Moglix and OfBusiness, among others. The startup has rapidly expanded its operations and strengthened its position in industries including electronics and original design manufacture over the last 12 months. As a result, Zetwerk is now the most recent Indian startup to join the IPO trend. Thirteen cutting-edge tech firms, including Go Digit, Swiggy, and MobiKwik, listed on stock exchanges and raised over INR 29,000 Cr through initial public offerings (IPOs) last year. More than twenty firms, including Ather Energy, BlueStone, CarDekho, CaptainFresh, Ecom Express, Fractal, and Infra Market, have aspirations to list on the bourses in 2025.

    Urban Company to File INR 3,000 Cr IPO Draft by March-End
    Urban Company is set to submit draft documents for its INR 3,000 crore IPO by the end of March, marking a significant step toward its public listing.
    StartupTalkyNitin Konde

  • By the End of March, Urban Company Expected to Submit Draft Documents for an INR 3K Cr IPO

    According to reports, Urban Company, a startup providing hyperlocal services, plans to submit draft documents for its INR 3,000 Cr IPO by the end of March. According to a report that cited sources, the company will issue both new and existing shares in its first public offering (IPO). The business will primarily raise primary capital, it stated. The business has enlisted Morgan Stanley, Goldman Sachs, and Kotak Mahindra Capital to supervise the procedure. As stated in October of last year, Prosus, one of its investors, intends to increase its stake in the business in anticipation of its initial public offering. In a secondary transaction, Prosus wants to invest $30 million (about INR 252 crore) in the hyperlocal services company Urban Company, providing Bessemer Venture Partners with a partial exit.

    Raising INR 400 Cr Last Year      

    Through a secondary deal last July, Urban Company raised INR 400 Cr ($50 Mn) from Dharana Capital, a Bengaluru-based venture capital firm. Employees and other shareholders sold their shares of Urban Company as part of the deal. The fundraising event took place at the same time as Titan Capital, the venture capital (VC) firm that cofounded Snapdeal with Rohit Bansal and Kunal Bahl, completely left the startup. In October of last year, the company also established a joint venture (JV) with Saudi Manpower Solutions Company (SMASCO) to launch a new home services platform in Saudi Arabia.

    Current Financial Report of Urban Company

    In terms of finances, the business reduced its losses in the fiscal year 2023–2024 (FY24) by 70%. In the fiscal year 2023–2024 (FY24), Urban Company reported a loss before tax of INR 93 Cr, a 70% decrease from INR 312 Cr in the previous year. In FY24, the company’s operating EBITDA dropped to INR 116 Cr from INR 297 Cr in FY21. The current fiscal year (FY25) saw Urban Company generate INR 281 Cr in sales during the first quarter (Q1).

    In addition to activities in international markets like Singapore and Saudi Arabia, the brand is present in more than 30 Indian cities. According to Urban Company, 23 million services were delivered on the platform in FY24 by 57,000 partners. The company was founded in 2014 by Varun Khaitan, Abhiraj Singh Bhal, and Raghav Chandra. It is a technology-driven platform that links clients looking for home services with gig workers. Among other services, its offering includes cleaning, plumbing, appliance repair, and spa and beauty treatments. The company recently introduced a line of water purifiers as part of its diversification into branded household goods.

    SEBI Approves JSW Cement’s INR 4,000 Cr IPO Plan
    Securities and Exchange Board of India (SEBI) approves JSW Cement’s plan to raise INR 4,000 crore through an IPO, paving the way for its public offering.
    StartupTalkyNitin Konde

  • SEBI Approves JSW Cement’s Plan to Raise INR 4,000 Cr Through an IPO

    The Securities and Exchange Board of India (SEBI), which oversees capital markets, has given JSW Cement Limited, a division of the global conglomerate JSW Group, its final approval to raise INR 4000 crore through an initial public offering (IPO).

    On August 16, the business submitted its IPO documents to the market watchdog. An offer for sale (OFS) of up to INR 2000 crore by Investor Selling Shareholders and a fresh issuance of shares up to INR 2000 crore are both included in the IPO, which has a face value of INR 10 per. AP Asia Opportunistic Holdings Pte. Ltd. is offering up to 937.50 crore, Synergy Metals Investments Holding Limited is offering up to 937.50 crore, and State Bank of India is offering up to 125 crore.

    How Firm is Planning to Utilise Funds?

    As a pre-IPO placement, the company may investigate the prospect of collecting up to INR 400 crore through a preferential allotment or other means after consulting with the book-running lead managers. The size of the new issue will be changed appropriately if this placement is carried out correctly.

    INR 800 crore will be used by the company to partially finance the construction of a new integrated cement facility in Nagaur, Rajasthan; INR 720 crore will be used for the full or partial prepayment or repayment of some outstanding debts; and the remaining sum will be used for general business purposes.

    The offer’s registrar is KFin Technologies Limited, while the book running lead managers are JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited. It is suggested that the equity shares be listed on the NSE and BSE.

    About JSW Cement

    According to a CRISIL Report, JSW Cement is among the fastest-growing cement manufacturers in India in terms of installed grinding capacity and sales volume between fiscal 2014 and fiscal 2024. Among the top 10 cement makers by installed capacity, it was also one of the fastest-growing cement production companies in India in terms of sales volume from Fiscal 2023 to Fiscal 2024.

    According to the CRISIL Report, the company’s sales volume increased by 31.11% in Fiscal 2023 (not including sales from JSW Cement FZC), greatly exceeding the industry average growth of 6.35%.

    In contrast to the industry norms of 7.31% and 7.56%, respectively, JSW Cement’s installed grinding capacity and sales volume expanded at compound annual growth rates (CAGR) of 14.14% and 19.06% over this time, according to CRISIL.

    Centre Unveils the Bharat Cleantech Manufacturing Platform
    The Centre unveils the Bharat Cleantech Manufacturing Platform, aiming to promote sustainable innovation and green manufacturing in India.
    StartupTalkyNitin Konde

  • With a Valuation of $7-8 Billion, Groww is in Negotiations to Apply for an IPO

    According to a media report, stockbroking company Groww has been in talks with several investment bankers about its initial public offering (IPO), hoping to earn about $700 million at a valuation of $7-8 billion. Groww has begun the IPO process by working with investment bankers. The timing hasn’t been determined yet, though. The report went on to say that it would depend on the situation of the market.

    Less than a year has passed since the company finished relocating its holding company’s headquarters from the US to India, becoming one of the leading fintech companies to return to their home countries in the face of advantageous economic policies and a growing domestic market. The Bengaluru-based business intends to list at a time when the nation’s stock brokers are struggling with a recent decision by market regulator Sebi to restrict trading in futures and options, citing speculation by small retail traders.

    Groww Showing Strong Performance in the Market

    Groww‘s valuation is contextualised by the fact that Angel One, a Mumbai-based and publicly traded stockbroking firm, is valued at less than $3 billion. In terms of active investors, Groww, one of India’s top full-stack financial services companies, outperformed rival Zerodha last year.Groww more than doubled its user base from the previous year, adding over 50 lakh users by November 2024. Over the past year, it has increased its advantage over Angel One and Zerodha, its nearest competitors.

    Groww presently leads Zerodha by over 50 lakhs. According to data from market exchanges as of December 2024, Groww has over 1.3 crore active investors on the site, whilst Zerodha has approximately 81 lakh active investors.There are over 78 lakh active investors in Angel One.

    Shifting from Mutual Funds to Stock Trading

    Groww began as a direct mutual fund platform before concentrating on stock trading and swiftly becoming the biggest broking app in the nation. Over 12 million traders are currently using Groww’s application. The business ended the previous fiscal year with INR 3,145 crore in total revenue and INR 805 crore in net losses.

    The firm sponsored by Peak-XV Partners claimed an operating profit of INR 535 crore, but the one-time tax payment from the flip back to India was the reason for its net loss. In addition to trading stocks, Groww manages assets and extends credit through a non-banking financing company. The company provides consumer credit and check-out finance services via Groww Creditserv Technology. The lender had INR 731 crore in assets under control by March 2024.

    This year, Groww is one of several Indian businesses aiming to go public. Various media outlets reported on January 13 that Ather Energy is seeking a public offering of $2.4 billion. The fintech company MobiKwik went public in December and is now valued at over INR 4,000 crore.

    Centre Unveils the Bharat Cleantech Manufacturing Platform
    The Centre unveils the Bharat Cleantech Manufacturing Platform, aiming to promote sustainable innovation and green manufacturing in India.
    StartupTalkyNitin Konde

  • Ather Energy Wants to Value its IPO at $2.4 billion

    According to reports, Ather Energy, an electric car startup, is aiming for a $2.4 billion value for its impending initial public offering (IPO) this year. The new valuation is more than 80% higher than its previous round of fundraising, according to a media story that cited sources. The firm will submit its final clarifications to the Securities and Exchange Board of India (SEBI), the market watchdog, and submit its revised draft red herring prospectus (DRHP) by the end of January or the first few weeks of the subsequent month, according to the article.

    How Company Plans to Utilise Funds?

    Ather intended to use INR 750 Cr, or 25% of the fresh issue part of the INR 3,100 Cr IPO, for research and development (R&D) in accordance with its original DRHP, which was submitted in September. Additionally, INR 927 Cr will be set aside for the establishment of a new facility in Maharashtra. According to reports, the unicorn in e-mobility was aiming for an IPO price of about $2.5 billion. It should be noted that this development occurs weeks after SEBI approved Ather’s plans to go public. According to the SEBI website, the markets regulator sent Ather the observation letter on December 23.

    Recent Developments at Ather

    Ather Energy, which was founded in 2013 by Tarun Mehta and Swapnil Jain, produces battery packs and electric two-wheelers in addition to having its own charging station. The company recently introduced the Rizta family escooter series and ventured into the smart helmet industry after expanding its market with its 450 line of ebikes. After raising INR 600 Cr from its current investor NIIF in August 2024 at a post-money valuation of $1.3 billion, the EV powerhouse became a unicorn. However, the slowdown in the number of EVs sold in the broader market impacted Ather Energy, which experienced a 19% drop in vehicle registrations to 10,429 last month from 12,909 in November.

    Good News for Nikhil Kamath!

    Nikhil Kamath, a well-known podcaster and cofounder of Zerodha, will also benefit from one of the fastest value increases due to IPO valuation, as his 5% ownership will increase to over $100 million in around six months.

    By purchasing Flipkart cofounder Sachin Bansal’s share last year, Kamath made his debut on the Ather cap table. At a value below the unicorn round, Kamath is thought to have paid about $40 million for the Ather stake.

    With investments in a number of early-, late-, and IPO-bound firms, Kamath has become a prominent player in India’s digital economy. Among the companies in his portfolio are Bluestone and Subko Coffee.

    Hero MotoCorp, the biggest shareholder in Ather with roughly a 37% interest, will be listed as a co-promoter and will not be selling any shares during the offer-for-sale (OFS) window. Another Flipkart cofounder, Binny Bansal, is selling off a portion of his investment in the EV manufacturer as part of the IPO. Other stockholders include GIC and Tiger Global.

    Lenskart Eyes $1 Billion Investment Ahead of IPO
    Lenskart, as it gears up for its IPO, aims to attract up to $1 billion from investors, marking a significant milestone in its growth journey.
    StartupTalkyNitin Konde

  • As it Prepares for its IPO, Lenskart Hopes to Attract as Much as $1 Billion from Investors

    According to industry sources, the eyewear company Lenskart has reached out to bankers to make a pitch for its impending IPO, which aims to raise roughly $1 billion. The company intends to go public by the beginning of next year and hopes to be valued at around $7 billion.

    The pitch is scheduled for next month.  Last year, a fund run by the prominent US financial services company Fidelity raised Lenskart’s worth to $5.6 billion. Based on the company’s valuation as of September 30, this indicated a 12% increase in the firm’s fair worth in Fidelity’s books.

    Ongoing Financial Developments at Lenskart

    Lenskart‘s operating revenue increased by 43% to about INR 5,427.7 crore in FY24 from around INR 3,788 crore in FY23. The company makes money by selling goggles, lenses, and frames for eyewear as well as by providing extra services like eye checkups. According to a media report, Lenskart’s losses were reduced by 84% to around INR 10 crore in FY24 from about INR 63 crore in FY23 as a result of cost-effective management.

    Temasek, Singapore’s state-owned investment firm, and Fidelity contributed $200 million to Lenskart’s secondary investment in June of last year. Secondary sales provide a means of paying back early investors when new companies’ value increases. In this financing, the company managed by Peyush Bansal was valued at roughly $5 billion. When the company raised $100 million in June 2023, its most recent valuation was $4.5 billion. With about $1 billion in money raised over the last two years, Lenskart is among the biggest growth-stage financings in the world.

    Lenskart Continues to Expand its Footprints

    While expanding its global presence in Asia at a rapid pace, Lenskart is still expanding its market share in India. Its distinctive click-and-mortar business strategy is upending the eyewear market by providing a multichannel consumer experience through mobile apps, online platforms, and physical stores. 2,000 of the company’s more than 2,500 outlets are located in India. 

    Delhi-based Lenskart faces competition from companies like Warby Parker, Specsmakers, Vision Express, Titan Eyeplus, and the Italian eyewear giant Luxottica Group, both domestically and internationally.

    In order to expand its business and obtain access to new technology, the corporation has also been making acquisitions. These include businesses like Tango Eye, a firm focused on computer vision and artificial intelligence. In 2022, Owndays, a Japanese brand, joined the Lenskart group in an estimated $400 million purchase. According to recent reports, if negotiations for a secondary share sale of $200–300 million proceed, Lenskart’s worth might increase by 20% to $6 billion.

    Exploring Southern India for its Mega Projects

    According to a LinkedIn post made by Bansal in April 2024, the company was looking for 25 acres of property to build a “megafactory.” The planned location was within sixty kilometres of Kempegowda International Airport in Bengaluru.

     With an estimated investment of around INR 1,500 crore, Lenskart intends to establish its largest eyewear manufacturing factory in Telangana. A memorandum of understanding (MoU) has been inked by the Telangana government and the Gurugram-based eyeglasses company to develop the facility at Fab City.

    Zepto to Submit IPO Draft Documents by March or April
    Zepto is preparing for its IPO with plans to submit draft documents by March or April 2025, marking a major milestone for the quick-commerce startup.
    StartupTalkyNitin Konde

  • By March or April, Zepto will Submit its IPO Draft Documents

    According to a media outlet, Zepto, a quick commerce platform, is expected to submit its initial public offering (IPO) draft papers in March or April of this year. The delivery company has already obtained the necessary authorisations to relocate its headquarters from Singapore to India.

    The business stated that the IPO’s specifics are still being finalised and that it has scheduled a board meeting for January 19 to talk about the size of the IPO, the selection of independent directors, which bankers to hire, and other specifics.

    Notably, the National Company Law Tribunal (NCLT) is set to hear the case on January 17 even though Singaporean officials have approved the move. After food delivery services Zomato (Blinkit) and Swiggy (Instamart), parent firms of listed competitors, Zepto will become the first rapid commerce start-up to go public if all goes as planned by April.

    Zepto Marketplace Reshaping the B2B Model

    In order to shift its business-to-business (B2B) activities to a marketplace model, Zepto has created a new company called Zepto Marketplace. After the operational and regulatory details are resolved, Zepto Marketplace, which was registered in October 2024, will soon transition to the new format, according to sources. According to media reports, the change would give Zepto more control over service and quality assurance. Zepto plans to further improve operations by launching “Thor,” a SaaS inventory management platform, soon. Marketplace models are already used by Zepto’s competitors, such as Blinkit and Swiggy Instamart.

    Current Business Model of Zepto

    Geddit Convenience, Drogheria Sellers, and Commodum Groceries are the three businesses to which Zepto licenses its brand name and business operations under the current arrangement. These three businesses use the Zepto platform to sell to final customers after buying their merchandise from Kiranakart Technologies Pvt Ltd.

    Kiranakart Technologies is essentially a business-to-business (B2B) company that sources and purchases goods directly from brands and resells them to Zepto’s three licensee businesses. These businesses subsequently sell to final customers. The three businesses pay Zepto a licensing fee for each sale they make through the latter’s platform.

    According to sources, Zepto has already added additional sellers and plans to continue growing its seller and distribution base with the assistance of the new organisation. It also plans to lessen its focus on the three businesses (Geddit Convenience, Drogheria Sellers, and Commodum Groceries). Other than Geddit Convenience, Drogheria Sellers, and Commodum Groceries, more sellers are probably going to start selling on the Zepto platform in the upcoming months.

    In FY24, Zepto’s operating revenue increased by 120% to INR 4,454 crore. Additionally, the business plans to release a distinct app for Zepto Cafe, which offers speedy food delivery services for snacks and other things.

    Zepto Streamlines Structure with New Marketplace Entity Ahead of IPO
    Zepto simplifies its structure by introducing a new marketplace entity, streamlining operations ahead of its IPO. Learn about this strategic move.
    StartupTalkyNitin Konde

  • Sebi Approves IPOs for Schloss Bangalore, Ather Energy, and Four Other Companies

    Sebi has approved six companies’ plans to go public, including Oswal Pumps, EV player Ather Energy, and Schloss Bangalore. An update with the markets regulator revealed on December 30 that the six businesses submitted their draft initial public offerings (IPO) documents to Sebi between September 10 and 23 and received the regulator’s comments on December 23–27. Fabtech Technologies, Oswal Pumps, Ather Energy, Ivalue Infosolutions Ltd., and Schloss Bangalore Ltd. are the corporations in question. Getting observations is Sebi’s way of saying that it’s okay to raise public concerns.

    The proposed INR 5,000-crore IPO of Schloss Bangalore Ltd., the company that runs Leela Palaces Hotels & Resorts, consists of an offer for sale (OFS) of stocks valued at INR 2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd. and a new issue of equity shares worth INR 3,000 crore.

    Schloss Bangalore Plans to Utilise Proceeds

    Schloss Bangalore might be the biggest initial public offering (IPO) in the hotel industry in the nation. The proceeds of the new issuance, according to Schloss Bangalore, which has the support of Brookfield Asset Management, will be utilised for general corporate objectives as well as the repayment of loans taken out by the company and its subsidiaries.

    With a portfolio of 3,382 keys spread across 12 active properties, Schloss Bangalore is well-known for its opulent hotels and resorts under the “The Leela” brand. The Leela Palaces, Leela Hotels, and Leela Resorts are part of its portfolio as of May 31, 2024, and are spread across ten locations in the nation.

    Ather Energy’s IPO

    The proposed IPO by Ather Energy, maker of electric two-wheelers, consists of an Offer For Sale (OFS) of 2.2 crore equity shares by promoters and investors, as well as a new issue of equity shares valued at INR 3,100 crore. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, 3State Ventures Pte Ltd, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator are among the companies offering shares in the OFS for sale.

    The new issue’s proceeds would be utilised for marketing campaigns, loan repayment, research and development, capital expenditures to build electric two-wheeler manufacturing in Maharashtra, and other corporate needs. Following Ola Electric Mobility’s INR 6,145-crore IPO in August, this will be the second electric two-wheeler startup aiming to go public. 

    Oswal Pumps’ IPO

    An offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta and a new issue of equity shares valued at INR 1,000 crore comprise the Haryana-based Oswal Pumps IPO.

    The proceeds from the new issue will be allocated to the following purposes: the financing of specific capital expenditures, the establishment of new manufacturing facilities in Karnal, Haryana, the payment of debt, the investment in a wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, and the funding of general corporate purposes. Beginning with the production of low-speed monoblock pumps in 2003, Oswal Pumps has now grown to include the production of electric motors, grid-connected submersible pumps, and high-speed monoblock pumps.

    Fabtech Technologies’ IPO

    The proposed initial public offering (IPO) of Fabtech Technologies, a turnkey engineering solutions provider for the biotech, pharmaceutical, and healthcare industries, is a completely new issue of up to 1.20 crore equity shares.

    Eligible employees can also reserve a subscription as part of the offer. As a member of the Fabtech Group, Fabtech Technologies provides a wide range of clients with full start-to-finish solutions that include the design, engineering, procurement, installation, and testing of specific pharmaceutical equipment.

    iValue Infosolutions’ IPO

    According to the Draft Red Herring Prospectus (DRHP), the private equity company Creador-backed iValue Infosolutions’ proposed inaugural share sale is an Offer for Sale (OFS) of up to 1.87 crore equity shares by promoters and investor stockholders. Sundara (Mauritius) Ltd, a Creador affiliate, will sell 1.11 crore equity shares in accordance with the OFS. As an expert in enterprise technology solutions, iValue Infosolutions provides complete, custom-designed solutions for protecting and handling digital apps and data.

    Tata Power-DDL and Baaz Bikes to Set Up Battery Swapping Stations
    Tata Power-DDL collaborates with Baaz Bikes to install battery swapping stations, enhancing EV infrastructure and supporting sustainable transportation solutions.
    StartupTalkyNitin Konde

  • IndiQube Submits DRHP for IPO of INR 850 Cr

    IndiQube Spaces, a managed office space provider, has submitted its DRHP for an INR 850 Cr initial public offering (IPO) to the Securities and Exchange Board of India (SEBI), the market watchdog. An offer for sale (OFS) of up to INR 100 Cr and a new issue of shares up to INR 750 Cr will be part of the company’s first public offering (IPO). Meghna Agarwal and Rishi Das, the cofounders and promoters, will sell off a portion of their shares through the OFS.

    The issue’s book running lead managers are JM Financial and ICICI Securities. Both the BSE and the NSE will list the company’s shares. From the net proceeds of the new issuance, IndiQube intends to use INR 462.6 Cr to open additional centres, INR 100 Cr to pay back some loans, and the rest sum for general business needs. From INR 198.11 Cr in the previous fiscal year to INR 341.51 Cr in FY24, the company’s net loss increased by 72%. Operational revenue for the reviewed fiscal year was INR 867.66 Cr, a 44% increase over FY23’s INR 601.28 Cr. Its operating revenue for the three months ending June 30, 2024 (Q1 FY25) was INR 251.30 Cr, while its loss after tax was INR 42.04 Cr. IndiQube reported in a statement that its EBITDA was INR 153 Cr in the first quarter of FY25 and INR 263.4 Cr in FY24.

    Focusing on ‘Office in a Box’ Concept

    IndiQube is a managed office space provider that was founded in 2015 and provides clients with a “office in a box” experience that includes workspace design, interior build-out, and a wide range of technology-enabled B2B and B2C services. Nearly three months have passed since a media report revealed that the Bengaluru-based business was in advanced talks to choose merchant bankers for its initial public offering. A resolution to rename the company from “IndiQube Spaces Private Limited” to “IndiQube Spaces Limited” was passed by the board of IndiQube in November. According to the company’s claims, as of June 30, 2024, it managed a portfolio of 103 locations spread over 13 cities, totalling 7.76 million square feet of area under management (AUM) in built-up area and 1.72 lakh seats.

    Third Coworking Space Segment Firm to Opt for IPO

    The clients of IndiQube include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, and Ninjacart. WestBridge Capital, Ashish Gupta of Helion Ventures, and Aravali Investment Holdings support the brand. Interestingly, none of the current investors are selling shares through the OFS, with the exception of the cofounders.

    After Awfis went public in May of this year, IndiQube is now the third firm in the coworking space sector to file for an initial public offering (IPO). Although SEBI authorised Smartworks’ DRHP, it has not yet approved DevX’s IPO proposal. In addition, companies including Innov8, 91springboard, Spring House, Incuspaze, and COWRKS are aiming to go public shortly. These coworking space providers are growing as a result of rising office space costs and the rise in modern tech companies that require office space.

    Greaves Electric Mobility Files for INR 1,000 Cr IPO
    Greaves Electric Mobility has filed its DRHP with SEBI for a proposed IPO of INR 1,000 crore, aiming to strengthen its position in the EV market.
    StartupTalkyNitin Konde