BAIN & COMPANY
Bain Capital-backed Emcure Pharma mobilises Rs 583 cr from anchor investors
Emcure Pharmaceuticals has allocated 57.8 lakh equity shares to 48 funds at the upper end of the IPO price band, raising Rs 582.6 crore. The public subscription for the IPO will commence on July 3rd and conclude on July 5th.
Bain Capital-backed Emcure Pharma to float IPO on July 3
Emcure Pharmaceuticals, backed by Bain Capital, is set to launch its IPO on July 3. The IPO includes fresh equity shares issuance and Offer of Sale. Proceeds will be used for debt payment and corporate purposes.
Herd on PE Street: TPG outruns everyone in race for Altimetrik
Last month, its Asia-focused fund TPG Asia VIII secured $5.3 billion in aggregate capital commitments. That made it the firm’s largest Asia fund in 30 years of investing in the region. Since inception, TPG Asia has ploughed more than $13 billion into core sectors including consumer, healthcare, financial services and TMT/new economy and the fund has realised more than $16 billion, according to its website.
Morgan Stanley buys 3.13 crore shares of L&T Finance for Rs 534 crore via block deal
Bain Capital sold 8.82 crore shares of the company through its affiliates BC Asia Investment VI and BC Asia Growth Investment. For sometime, it has been planning a complete exit from L&T Finance by selling its existing stake.
L&T Finance shares surge 5% after Bain Capital dilutes stake via block deal
L&T Finance shares surged 5% to an all-time high of Rs 179 as Bain Capital sold 8.82 crore shares in a block deal. The private equity giant, aiming for a complete exit, divested its 3.5% stake through affiliates BC Asia Investment VI and BC Asia Growth Investment.
Bain Capital and BNP Paribas to sell L&T Finance shares worth Rs 1,500 crore
The block deal is estimated at a discount of 1% to the current market price of the shares and BNP Paribas could be the broker to the deal. Two entities of Bain Capital — BC Asia Growth Investments and BC Investments VI — along with BNP Paribas Financial Markets will together sell a 3.54% stake on Thursday.
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Embassy REIT raises Rs 1200 crore debt to acquire prime commercial asset in Chennai
Embassy REIT secured a Rs 1200 crore debt from a nationalised bank to purchase a 5 mn sq ft commercial asset in Chennai, expanding into a new growth market. The acquisition was funded through debt at 8.05% and internal accruals. The property has a high occupancy rate and will enhance Embassy REIT's commercial portfolio significantly.
Airlines eye 'new frontier' of AI ahead of global summit
Airlines may not be replacing pilots with artificial intelligence anytime soon, but aviation industry experts say the new technology is already revolutionising the way they do business. AI is "undoubtedly a new frontier, in that it's an extraordinary acceleration of technology and capabilities," said Geoffrey Weston, the head consultant on the airline industry at US-based firm Bain & Company.
PWC to become OpenAI's largest enterprise customer, WSJ reports
PWC will roll out a version of Microsoft-backed OpenAI's flagship chatbot catered towards large companies- ChatGPT Enterprise, according to the report.
Private philanthropy to expand at 10–15% annually in next five years: Neera Nundy, Partner, Dasra
Private philanthropy is expected to see a significant expansion with family philanthropy seeing a shift towards building a strong ecosystem.
More PEs head to India armed with big money to bag deals
Growtheum Capital Partners, a private equity firm headquartered in Singapore, is scheduled to inaugurate its Mumbai office this July, joining the growing list of PE investors in India. At the same time, US-based private equity firm Platinum Equity is evaluating investment opportunities across various sectors such as healthcare, technology, and infrastructure as it prepares to enter the Indian market.
Technology-enabled professional services firm Sikich Secures $250 Million minority growth investment from Bain Capital
Sikich LLC received a $250 million investment from Bain Capital to accelerate growth and maintain professional services leadership under CEO Christopher Geier.
Conversational commerce powered by Gen AI to spur next wave of growth for businesses: Bain & Company - Meta Report
Sandhya Devanathan, Head and VP, Meta in India, said the company sees business messaging as a key growth driver of its business in India. “We see it in terms of consumer behavior on our platforms, in terms of people using messaging to communicate with businesses, and we see that given the size of the WhatsApp platform and what users are asking for. 60% of the users of WhatsApp in India message a business every week,” she said.
Delhivery’s chief business officer Sandeep Barasia exits after nearly a decade
New-age logistics firm Delhivery reported a net loss of Rs 68 crore for the January-March quarter, slipping back into the red after posting a profit after tax of Rs 12 crore for the December quarter. On a year-on-year basis, the net loss was down 57%.
Bain teams up with Temasek to compete with Blackstone-led consortium for controlling stake in Haldiram's
The Bain and Temasek combination submitted a non-binding offer late last week valuing India’s largest snack and convenience foods company at $8-8.5 billion (Rs 66,400-70,500 crore), after initially engaging with the founding family of the 87-yearold brand separately, said people aware of the matter.
Cipla promoters to sell up to 2.53% for Rs 2,637 crore
The move, days after the company posted its best annual results, has triggered speculation that more such transactions could be in the offing. The collapse of the $7 billion sale last year after lengthy negotiations had reportedly led to divisions within the family, according to people with knowledge of the matter.
From Bikaner to Blackstone: The success story of humble Haldiram's
Since 2016-17, several private equity firms including General Atlantic, Bain Capital, Capital International, TA Associates, Warburg Pincus, Everston have been talking with the Agarwal family for a minority stake or a controlling one. Haldiram's journey from humble beginnings with a bhujia recipe to a billions-dollar empire is the stuff of business legends.
Promoter group entities likely to sell 2.5% stake in Cipla worth Rs 2,637 crore via block deals: Report
The price range of the block is fixed at Rs 1,289-1,357, taking the total deal value to around Rs 2,637 crore.
Indian PE, VC investments decline 35 pc to USD 39 billion in 2023: Report
In 2023, Indian PE and VC investments declined by 35% to USD 39 billion. PE dropped by 18% to USD 29.6 billion, and VC saw a sharper decline. The report highlighted global investment trends and a surge in exit values.
India well-poised to get to $80-100 billion PE-VC deployment in 5 years: report
Private equity and venture capital firms remain cautious due to global macro conditions in 2024. India is expected to benefit from outsized capital allocation, reaching $80-100 billion in annual deployment over the next five years.
Macquarie drops plan to sell India clean energy company Vibrant
Vibrant, a portfolio company of Macquarie's Green Investment, is currently operating and delivering 1.9 GW of renewable energy solutions to corporate clients across India. It has an active pipeline of 3 GW. The company was in discussions with several players such as Bain Capital, Sun Energy and Vitol earlier.
Bain Capital raises $429 million with Axis Bank stake sale, source says
Bain Capital has sold its Axis Bank stake at 1,071 rupees ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter.
Global private equity firms eye $1 billion bid for Bharat Serums and vaccines
Five global private equity firms, including Warburg Pincus, Permira, EQT, Bain, and TPG, are interested in bidding for Bharat Serums and Vaccines (BSV), which is seeking over $1 billion. The firms will sign expressions of interest soon and start due diligence on the Mumbai-based biopharmaceutical company. Advent International, the current owner, acquired BSV in 2019 and now wants to sell it. Some contenders may partner with pharmaceutical companies for the bid. Advent has engaged Jefferies and JP Morgan for the sale process.
VCs looking for partial exits, investors eyeing IPO-bound firms push up secondary deals
Founders of mid-scale startups, who spoke to ET, said existing investors in their cos are demanding exits even at reduced valuations.
Scaled startups could drive venture capital investment activity in 2024: report
During 2023, growth and late-stage startups chose to defer fundraising, and investors took their foot off the gas pedal owing to rising interest rates, leading to the number of mega rounds (those over $100 million) falling to only 15, compared to 48 in 2022.
India's healthcare care innovation market to double to $60 billion by FY28, says new report
The report outlines the opportunity in healthcare innovation where companies increasingly leverage emerging technologies to add innovation vectors—including new business models, software-led solutions, and products—that extend beyond more longstanding value engineering considerations.
Private philanthropy grew 10% in FY23, CSR spending by 7%: Bain & Company and Dasra report
While there has been an increase in the number of companies complying with the CSR mandate in this period, spending by this segment grew moderately at 7%, less than half the 15% expansion seen in family philanthropy and 12% in retail giving.
Large brands continue to hold majority market share, despite emerging brands: Report
According to the report, among 253 category and market combinations, large incumbent brands lost market share in 44% of cases against emerging or insurgent brands. "There was no single category where incumbents lost share across every Asia-Pacific market, nor a single market where they lost share across all categories,” the report said. India, along with Malaysia and the Philippines are the top three most favourable markets for incumbents, the report noted. In India, for example, established incumbents won or maintained share in over 65% of the 23 categories Bain tracked.
Value of M&As in India fall 73% in 2023: Bain & Company
India witnessed a 73% fall in the value of merger and acquisition deals in 2023 compared to the previous year. The local market saw 90 M&A deals valued at $32 billion last year, a decline from 109 deals worth $100 billion in 2022. However, the 2023 deal volumes surpassed levels seen over the past 10 years.
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