The year 2021 has witnessed a record number of startups going public. Initial public offerings (IPOs) have done well this year. Food aggregator Zomato’s IPO was well-received by the market and listed at a 53 percent premium. So far $8.8 billion raised in IPOs this year. Here are the latest updates on IPO-bound Indian startups.
Ride-hailing giant Ola plans for IPO
Ride-hailing company Ola is planning to go public next year, the company’s chairman and group CEO Bhavish Aggarwal told CNBC-TV18.
He said both Ola and Ola Electric have adequate capital and strong balance sheets. The startup, however, has not set a final day for its IPO.
“But, both companies in due course will go public. Ola will obviously go public sooner, it’s a more mature business — sometime next year, but we don’t have any final, final date to share with everybody,” Aggarwal added.
This comes on the back of a $500 million investment from Plum Wood Investment and Temasek in Ola last month.
CarTrade Tech makes tepid debut; lists at 1% discount
Automative marketplace CarTrade Tech made a tepid debut on the bourses on Friday.
The CarTrade Tech IPO listed at Rs 1,600, against the issue price of Rs 1,618. It finally closed at 1,500.10, a discount of Rs 117.9 or 7.29 percent to the issue price.
The CarTrade stock moved within a Rs 134 range on its first day of trading, between Rs 1,476 and Rs 1,610 apiece on the bourse.
On NSE, CarTrade Tech shares slid to as low as Rs 1,475 apiece during the session, marking a discount of 8.84 percent compared with the issue price.
Mumbai-based CarTrade Tech’s Rs 3,000 crore initial public offer (IPO) was subscribed more than 20 times this month, receiving 26.32 crore bids against the total issue size of 1.30 crore shares.
CarTrade joins about one-fifth of India’s debutants so far in 2021 whose shares listed on bourses at a discount.
Paytm staff eye Rs 600-cr ESOP share conversion ahead of IPO
Ahead of Paytm’s IPO, several of its top employees are seeking to convert their employee stock ownership plan (ESOP) grants into the company’s shares.
These shares are estimated to be valued at Rs 600 crore, according to reports.
One97 Communications, the parent company of fintech major Paytm, is in talks with five banks to enable loans of nearly Rs 100 crore for the employees converting ESOP grants into the company’s shares. The name of the lenders and the exact credit size hasn’t been revealed yet.
The move comes after the Vijay Shekhar Sharma-led company received requests for conversion from its employees. Besides, such financing will reduce the tax burden on employees during the conversion.
Tracxn Technologies files IPO papers with Sebi
Private market intelligence platform Tracxn Technologies has filed draft papers with markets regulator Sebi to raise funds through an initial public offering (IPO).
The initial share sale will be an offer for sale (OFS) of 38,672,208 equity shares by promoter and investor selling shareholders, according to the draft red herring prospectus (DRHP).
The OFS will see the sale of up to 76.62 lakh shares each by promoters Neha Singh and Abhishek Goyal; up to 12.63 lakh shares each by Flipkart founders Binny Bansal and Sachin Bansa; up to 1.09 crore shares by Elevation Capital, up to 40.2 lakh shares by Accel India IV Mauritius, and 21.81 lakh shares by SCI Investments V among others.
The company operates on a software as a service-based (SaaS) model and is among the leading market intelligence providers for private company data. It is a comprehensive B2B data platform that identifies, tracks and analyses private market companies and startups on deal sourcing, deal diligence and has the largest global coverage in emerging technology sectors such as artificial intelligence, virtual reality, robotics, and blockchain.
The company now tracks over 1.4 million private companies and works with 855 subscription customers across 50 countries and its customers include private market investors– venture capital, private equity funds, and large corporates.
IIFL Securities is the sole book-running lead manager to the issue.
First Published: IST