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SEBI clears Kissht IPO plans

EntrackrEntrackr · 25d ago
SEBI clears Kissht IPO plans
Medial

Capital markets regulator SEBI has cleared the initial public offering (IPO) plans of OnEMI Technology Solutions, the parent company of digital lending platform Kissht, according to regulatory filings. The approval comes after Kissht filed its Draft Red Herring Prospectus (DRHP) last year, joining a growing list of fintech firms lining up for the public markets amid improving sentiment. As per the draft papers, the proposed IPO will comprise a fresh issue of up to Rs 1,000 crore, along with an offer for sale (OFS) of nearly 8.8 million shares by existing shareholders. The company may also consider a pre-IPO placement, which could lead to a corresponding reduction in the fresh issue size. According to the DRHP, Ammar Sdn Bhd will offload up to 20.89 lakh shares, while Vertex Ventures plans to sell 39.4 lakh shares. Other selling shareholders include Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, who are looking for partial exits after nearly a decade of backing the company. The proceeds from the fresh issue are proposed to be used for augmenting the capital base of its NBFC arm, Si Creva Capital Services, funding business expansion, and meeting general corporate expenses. Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht provides small-ticket consumer loans and has scaled aggressively on the back of partnerships with merchants across electronics, fashion, travel and other categories. As of March 2025, the company had a registered user base of 53.2 million and claims to have served over 9 million customers, with 1.9 million active borrowers. Financially, Kissht reported operating revenue of Rs 1,337 crore in FY25 against Rs 1,674 crore in FY24. Its net profit stood at Rs 160 crore during the same fiscal. The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital and Centrum Capital, while KFin Technologies will act as registrar.

Ampere's parent Greaves Electric files DRHP for Rs 1,000 Cr IPO

EntrackrEntrackr · 1y ago
Ampere's parent Greaves Electric files DRHP for Rs 1,000 Cr IPO
Medial

Greaves Electric, the parent of EV maker Ampere, has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 18.94 crore equity shares, according to the DRHP. Greaves Cotton Limited (the prompter shareholder) will divest 8.5% of its holding in the offer for sale (OFS) while Abdul Latif Jameel Green Mobility will offload 39.54% of its share from Ampere. The price band and minimum lot size will be decided in consultation with the book-running lead managers shortly through the book-building process. Motilal Oswal, IIFL Capital, and JM Financial will be Ampere's lead book-running managers. According to the DRHP, before the offer for sale (OFS), Greaves Cotton Limited (promoter) held 62.48% of the stake while Abdul Latif Jameel Green Mobility Solutions DMCC commands 34.44% in Ampere. For the quarter ending in September 2024, Ampere reported Rs 302 crore in revenue from operations with a loss of Rs 107 crore. In the previous fiscal year (FY24), Ampere experienced a 46% decline in revenue in FY24, with scooter sales plummeting by nearly 60%. Moreover, the company's losses widened more than 10X to Rs 215 crore, driven by the significant decline in scale. In August, Ola Electric, an EV manufacturer, filed its IPO and raised Rs 6,145 crore through a fresh issue. The company offered shares in a price band of Rs 72-76, which are now trading at Rs 94 (as of 11:30 AM), giving it a market capitalization of Rs 41,488 crore ($4.93 billion). Meanwhile, another EV maker, Ather, has filed its DRHP for a fresh issue of Rs 3,100 crore and is expected to launch its IPO soon.

Infra.Market and Purple Style Labs secure SEBI nod for IPO

EntrackrEntrackr · 13d ago
Infra.Market and Purple Style Labs secure SEBI nod for IPO
Medial

Infra.Market and Purple Style Labs secure SEBI nod for IPO Building materials unicorn Infra.Market and Purple Style Labs (PSL) have received approval from the Securities and Exchange Board of India (SEBI) to launch their IPOs, as per observations issued by the market regulator. The approvals came nearly three months after Infra.Market filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO). The proposed issue is expected to include a near-equal mix of fresh equity shares and an offer for sale (OFS) by existing investors. The company last raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India, in September 2025. On the financial front, Infra.Market’s gross revenue rose 27% to Rs 18,472 crore ($2.1 billion) in FY25, while its profit fell nearly 42% to Rs 220 crore during the year. Meanwhile, in September 2025, Purple Style Labs (PSL), the parent of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), filed draft papers with SEBI to raise Rs 660 crore through an IPO. As per the DRHP, the issue will be entirely a fresh issue of equity shares. PSL plans to use the IPO proceeds to invest in its wholly owned subsidiary PSL Retail for lease obligations tied to experience centres and back-end offices, with a portion also allocated to sales and marketing and other general corporate purposes. PSL reported a modest decline in operating revenue to Rs 490 crore in FY25, from Rs 504 crore in FY24. However, its losses widened nearly 4X to Rs 188.5 crore during the same period, largely on account of ESOP expenses of Rs 122.7 crore. In the last two months, SEBI has approved IPO proposals from multiple new-age firms such as digital payments major PhonePe, digital lender Kissht, insurtech player Turtlemint, logistics solutions company LEAP India, and Molbio Diagnostics.

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