Latest news with #AxisCapital
Entrepreneur
12-06-2025
- Business
- Entrepreneur
Pine Labs to File IPO Papers with Sebi by June-End, Eyes INR 6,000 Crore Raise
According to people familiar with the matter, the company has mandated Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as lead bankers for the issue You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Payments and lending platform Pine Labs is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) by the end of June, according to a report by The Economic Times. The Noida-based company is aiming to raise between INR 5,000 and 6,000 crore through an initial public offering (IPO) later this year, with a targeted valuation of $4–5 billion—on par with its last private funding round. According to people familiar with the matter, the company has mandated Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as lead bankers for the issue. "The plan is to file the DRHP by June-end and target the IPO towards the end of the year, depending on market conditions," one of the sources told ET. Pine Labs, which was formerly headquartered in Singapore, recently completed a structural shift back to India through a reverse flip—a move finalized on April 9 following approval from the Chandigarh bench of the National Company Law Tribunal. The relocation is seen as part of a broader effort to align with Indian regulatory frameworks ahead of the public offering. Regulatory filings for FY24 indicate the company posted an operating revenue of INR 1,743 crore, with a pre-tax loss of INR 339 crore. The company has been working toward a listing over several quarters, having initially pursued a U.S. IPO in 2022 by confidentially filing with the Securities and Exchange Commission (SEC). That plan, which aimed to raise around $500 million, was later shelved. The upcoming IPO puts Pine Labs in the company of other Indian fintechs moving toward public markets. Whether market sentiment will hold through the latter half of the year remains to be seen.
Time of India
11-06-2025
- Business
- Time of India
Pine Labs to file DRHP for Rs 5,000-6,000 crore IPO by June-end
Synopsis Pine Labs is preparing to file its DRHP with SEBI by the end of June, aiming for an IPO later this year to raise Rs 5,000-6,000 crore. The IPO could value the company at $4-5 billion. The company has appointed Axis Capital, JP Morgan, Morgan Stanley, Citi and Jefferies as bankers to the issue.
Time of India
10-06-2025
- Business
- Time of India
Wakefit converts to public company ahead of 2025 IPO
New Delhi: Bengaluru-based Wakefit has converted to a public limited company, renaming itself Wakefit Innovations Ltd, ahead of its proposed IPO in 2025. The company is targeting a valuation of Rs 1,500–2,000 crore and has appointed Axis Capital , IIFL Capital Services, and Nomura as lead bankers, according to RoC filings. Wakefit had reported revenue of over Rs 1,000 crore in FY24, marking a 24 per cent year-on-year increase. It also posted EBITDA-level profitability of Rs 65 crore and expects continued double-digit growth in FY25. Its last funding round was in January 2023, raising Rs 320 crore in a Series D round led by Investcorp, with participation from Sequoia Capital India, Verlinvest, and SIG. Wakefit operates more than 100 stores across India and is part of a broader trend of startups preparing to list on domestic exchanges, alongside firms like Zepto, Lenskart, and PhonePe.
Economic Times
23-05-2025
- Business
- Economic Times
Belrise Industries IPO subscribed 5 times on Day 3: GMP rises to Rs 23
The initial public offering (IPO) of Belrise Industries, which opened for subscription on Wednesday, was booked 4.9 times by the third and final day of bidding. ADVERTISEMENT As of 10:57 AM, the IPO had received bids for 86,68,45,028 shares. The highest interest came from non-institutional investors (NIIs), who subscribed 16.91 times their allotted quota. Retail investors subscribed 2.11 times, while qualified institutional buyers (QIBs) subscribed 0.76 times. Ahead of the issue opening, the grey market premium (GMP) for Belrise Industries rose from Rs 14–15 on Day 2 to around Rs 22–23 on Day 3, indicating a premium of about 24%. Out of the total IPO proceeds of Rs 2,150 crore, the company plans to use Rs 1,618 crore for repaying certain borrowings, aimed at reducing interest costs and improving its balance sheet. The remaining amount will be allocated for general corporate purposes.. The IPO is being managed by a consortium of leading investment banks, including Axis Capital, Jefferies India, HSBC Securities, and SBI Capital Markets. Link Intime India has been appointed as the registrar for the issue. ADVERTISEMENT Analysts said Belrise has grown healthy double digit in the past and with introduction of new products aims for similar growth trajectory going forward as well."With Rs 1,618 crore debt repayment on anvil from IPO proceeds, resulting in imminent annual interest costs savings of Rs 150 crore and consequent PAT gain of Rs 110 crore coupled with organic growth prospects, Belrise is well poised to clock Rs 500 crore of PAT in FY27E which makes it a lucrative offering at 16x P/E on FY27E vs 20x PE being commanded by domestic ancillary players. Henceforth, we assign a SUBSCRIBE rating on Belrise Industries," said ICICI Direct. ADVERTISEMENT The IPO opened for subscription on May 21 and will close on May 23. The share allotment is scheduled for May 26, while the stock's listing is expected on May 28. ADVERTISEMENT Belrise Industries is a prominent manufacturer of safety-critical automotive components. The company specialises in producing metal chassis systems, polymer parts, suspension systems, and exhaust solutions for a wide range of vehicles, including two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural customer portfolio features leading automotive brands such as Bajaj Auto, Honda, Hero MotoCorp, Royal Enfield, Jaguar Land Rover, Tata Motors, and Mahindra. As of June 2024, Belrise caters to 27 OEMs globally and operates 15 manufacturing facilities spread across nine Indian FY24, the company reported revenue of Rs 7,555 crore and a profit after tax of Rs 352.7 crore. With its strong financial performance, well-established client base, and emphasis on EV-agnostic components, analysts believe the IPO is likely to attract significant interest from a broad spectrum of investors. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Zawya
20-05-2025
- Business
- Zawya
India's Groww plans to file for up to $1bln IPO: IFR
Indian online broker Groww plans to file confidentially for an up to US$1bn IPO over the next few weeks, people with knowledge of the transaction said. Axis Capital, Citigroup, JP Morgan, Kotak and Motilal Oswal are the banks on the IPO. The company shifted its domicile from the US to India last year to enable a local listing. CEO Lalit Keshre is the co-founder of the company, whose other shareholders include Y Combinator, Peak XV Partners and Tiger Global.
