IPO BOUND COMPANIES
Swiggy’s pre-IPO Esop sale; GST & ride-hailing apps
Food delivery company Swiggy will buy back Esops worth $65 million, its fifth such exercise. This and more on today’s ETtech Top 5.
IPO-bound Swiggy announces fifth Esop plan worth $65 million
Swiggy has cumulatively enabled over Rs 1,000 crore of Esops liquidity over the five events, benefiting more than 3,200 employees. Girish Menon, head of HR at Swiggy said, the latest Esop event is to acknowledge employees’ contributions and the food platform’s commitment to sharing its success and growth with them.
Risk factors that are often overlooked in IPO papers
Governance risks in red herring prospectuses include promoters in similar businesses, high related party transactions such as Cello World’s 53% FY23 revenue, regulatory investigations, and Emcure Pharma’s US antitrust cases. Allied Blenders reports statutory dues delays with interest payments, and missing corporate filings suggest documentation gaps. Investors should carefully review these aspects.
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
Ola Electric to invest $100 mn in first phase of Gigafactory, says Bhavish Aggarwal
Ola Electric, the electric vehicle manufacturer, plans to invest $100 million in the first phase of building its Gigafactory for producing lithium-ion battery cells. The investment will be used for 'phase 1A' of the Gigafactory, which will set up 1.5 GWh of cell manufacturing capacity. The aim is to expand capacity to 5 GWh in 'phase 1B'.
Sebi’s diktat on IPO-bound companies gives a jolt to PE investors
Sebi is intending to advance the timing of terminating special rights, from the date of listing of IPO shares to the date of filing of updated DRHP.
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Sebi relief for IPO-bound PE investors
It had earlier in an advisory to merchant bankers said that private equity investors would have to cancel their special rights when the investee company files its updated IPO document with Sebi. Securities lawyers had said the requirement would expose PE investors to risks if IPOs of their investee companies fail to materialise.
Peak XV, Steadview, and Think Investments line up to fund jewellery retailer Bluestone in pre-IPO round
Jewellery retailer Bluestone is in talks with Peak XV Partners, Steadview Capital, and Think Investments for a $100 million pre-IPO round. The investment is expected to value Bluestone at around $900 million pre-money.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Unpacking Go Digit’s earnings; PEs in IPO-bound firms
Go Digit General Insurance reported its second consecutive full year of profit in fiscal 2024. This and more in today’s ETtech Top 5.
PE investors in IPO-bound cos have to forgo special rights
Sebi advises private equity investors in IPO-bound companies to cancel special rights when filing updated IPO documents, exposing them to risks if IPOs fail to materialise.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Startups seek advice on IPO timing in choppy markets
Multiple new-age companies looking to go public are seeking counsel on their next moves in response to the stock market volatility following the general election results on Tuesday. These companies are looking for advice on the timing of their public listings even as they remain confident about India's macroeconomic prospects, founders, investors and investment bankers told us.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Sebi cracks the whip on finfluencers trying to manipulate IPOs
The move is meant to restrict the impact of finfluencers in the IPO market and help investors have an easier understanding of key features of an offer. All IPO-bound companies are mandated to make videos informing investors not to rely on finfluencers or financial influencers circulating misinformation on social media platforms.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Appropriate price discovery in IPO: Semi-public market could be a solution
The Semi Public market proposal aims to enhance price discovery and transparency before IPOs, offering early liquidity. Despite regulatory challenges, it could reduce volatility and improve scientific price discovery in IPO markets, serving as a potential final solution.
Tata Motors looks to spin off its NBFC arms, merge with IPO-bound Tata Capital
Group holding company Tata Sons will offer shares of Tata Capital to Tata Motors. This will give India's third-largest carmaker by volume a minority stake in Tata Capital.
IPO-bound BankBazaar.com reports 36% revenue growth in FY24, losses nearly flat
To fuel its growth requirements, the company has secured over Rs 50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. BankBazaar, which has raised around $116 million in equity so far, is also in the process of raising another round of equity in the ongoing Series D2 round.
IPO-bound Perfios appoints Adobe India BFSI head Sridhar Narayan as CBO
Perfios, led by Sridhar Narayan, prepares for a domestic IPO by 2025. The fintech startup focuses on international growth, revenue diversification, and leadership team strengthening, aiming for global expansion and operational excellence.
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.
IPO-bound Reddit discloses patent infringement complaint from Nokia
Reddit, which has been involved in patent infringement litigation in the past, is targeting a valuation of up to $6.5 billion for its IPO in one of the most-anticipated share sales in recent years.
IPO-bound Unicommerce on overseas expansion spree
IPO-bound SaaS platform Unicommerce is expanding its overseas operations by onboarding more clients, a top official said on Tuesday. Unicommerce is already serving 46 clients in Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia and is now expanding these operations by adding more clients.
IPO-bound Unicommerce on overseas expansion spree
IPO-bound Unicommerce is expanding its overseas operations by adding more clients, offering a diverse product portfolio, and being the only profitable company among top players. Acevector, SB Investment Holdings, and B2 Capital Partners will pare their holdings in the IPO.
Sebi asks companies for accurate details on end use of IPO funds
Currently, if most IPO proceeds are to be used for capital expenditure, then the lock-in for the promoters' shares is 36 months. But if the IPO-bound co states that the objective is for loan repayments, then the lock-in is only for 18 months.
IPO-bound SK Finance raises Rs 1,328 crore in fresh equity fundraise
TPG Growth-backed SK Finance, an NBFC engaged in used and new vehicle financing and secured business loans, raised Rs 1,328 crore from existing investors along with few other new investors.
IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report
Supam Maheshwari, cofounder and CEO of mother and child care e-commerce platform FirstCry has reportedly offloaded 6.2 million shares prior to filing for the company's initial public offer (IPO).
More startups India-bound, map ‘reverse flip’
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ ahead of listings.
IPO-bound FirstCry’s FY23 revenue doubles to Rs 5,632 crore; loss shoots up six times
The public markets-bound firm had made operating revenue of Rs 2,401 crore in FY22 when it incurred a total loss of Rs 78.6 crore, according to regulatory filings sourced from financial research firm Tofler.
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