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MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut

EntrackrEntrackr · 1y ago
MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut
Medial

Gurugram-based fintech firm MobiKwik has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 572 crore through a fresh issue of equity shares. This is the third instance where the company has downsized its IPO offering. The company intends to utilize the IPO proceeds for several strategic purposes. While Rs 150 crore will fund the growth of its financial services business, Rs 135 crore million is allocated for its payments biz. The firm will invest Rs 107 crore towards research and development in data science, AI-ML, and product technology, said its IPO papers. Mobikwik IPO will open for subscription on December 11 and conclude on December 13, with a price band of Rs 265-Rs 279. SBI Capital Markets and DAM Capital Advisors leading the issue as book-running managers. According to the Red Herring Prospectus, investors can bid for a minimum of one lot size, which includes 53 shares valued at Rs 14,787. The firm has structured the allocation of its IPO as follows: 75% of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail investors. Based on the IPO price band, the company is currently valued at $197 million (Rs 1,660 crore). Post-IPO, with an infusion of Rs 572 crore from the fresh proceeds, its valuation will rise to $264 million. However, this reflects a 71.6% drop from its peak valuation of $924 million in 2021. As per the RHP, Peak XV is the largest external shareholder with 16.7%, followed by Bajaj Finance which holds 13.41%. Its co-founders Bipin Preet Singh and Upasna Taku command 19.21% and 13.06%, respectively. During the first quarter of the current fiscal year (Q1 FY25), MobiKwik reported revenue of Rs 342.2 crore, with a marginal loss of Rs 6.6 crore for the period. In FY24, the company achieved an impressive 62% year-on-year revenue growth, increasing from Rs 539 crore in FY23 to Rs 875 crore. It also closed FY24 on a positive note, recording a profit of Rs 14 crore.

Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation

EntrackrEntrackr · 3d ago
Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation
Medial

Fractal sets Rs 857–900 IPO price band, targets $1.6 Bn valuation AI solutions provider Fractal Analytics has set a price band of Rs 857–900 per equity share for its upcoming initial public offering (IPO), a day after filing its red herring prospectus (RHP) with the capital markets regulator. According to the RHP, the public issue will open for subscription on February 9 and close on February 11, while the anchor book is scheduled to open on February 6. At the upper end of the price band, Fractal’s valuation is expected to be around $1.6 billion. As reported earlier by Entrackr, Fractal trimmed its IPO size by 42% compared to what it had proposed in its draft red herring prospectus (DRHP). The IPO now comprises a mix of a fresh issue and an offer for sale (OFS) by existing shareholders. According to the RHP, the proceeds from the fresh issue are to be used for debt repayment, investments in technology and strategic initiatives, and general corporate purposes. Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports global enterprises across consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI. It counts Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla as clients. As per the RHP, TPG Fett is the largest external shareholder with a 25.49% stake, followed by Quinag Bidco, owned by Apax Partners, which holds 18.64% of the company. GLM Family Trust owns 15.59% of Fractal. Axis Capital, Citigroup, Morgan Stanley, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. Fractal’s shares are proposed to be listed on both the BSE and NSE. On the financial side, Fractal reported consolidated revenue of Rs 2,765 crore in FY25 from Rs 2,196 crore in FY24. Its net profit stood at Rs 220.6 crore in FY25, compared to a loss of Rs 54.7 crore in FY24. For the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.

Amagi files RHP, sets Rs 343–361 price band for Rs 1,789 Cr IPO

EntrackrEntrackr · 1m ago
Amagi files RHP, sets Rs 343–361 price band for Rs 1,789 Cr IPO
Medial

Amagi files RHP, sets Rs 343–361 price band for Rs 1,789 Cr IPO Bengaluru-based SaaS firm Amagi Media Labs Ltd has filed its red herring prospectus (RHP) and announced a price band of Rs 343–Rs 361 per share for its upcoming initial public offering (IPO). The Rs 1,788.62 crore public issue will open for subscription on January 13 and close on January 16, while the anchor book will open on January 12. The company has fixed the lot size at 41 shares, translating to a minimum retail investment of around Rs 14,800 at the upper end of the price band. The IPO is a combination of a fresh issue and an offer for sale (OFS). While the company will raise about Rs 816 crore through fresh issuance, existing shareholders will offload shares worth nearly Rs 972.62 crore via the OFS route. According to the Red Herring Prospectus, the proceeds from the fresh issue will be used to strengthen technology and cloud infrastructure, pursue inorganic growth opportunities, and meet general corporate expenses. In November last year, the company received SEBI approval for its initial public offering. Several early and growth-stage investors are participating in the OFS, including Accel India VI (Mauritius), Norwest Venture Partners X – Mauritius, PI Opportunities Fund I & II, Trudy Holdings, along with individual shareholders such as Rajat Garg, Rahul Garg, Prem Gupta, Kollengode Ramanathan Lakshminarayana, and Rajesh Ramaiah. Founded in 2008, Amagi operates a cloud-native SaaS platform that enables media companies to launch, distribute, and monetize advertising across connected TV (CTV), OTT platforms, and linear television. The company counts several global broadcasters, streaming platforms, and content owners among its customers, with a large portion of its revenue coming from international markets, particularly the US. On the financial front, Amagi has continued to scale rapidly. For the fiscal year ended March 2025 (FY25), the company reported revenue of around Rs 1,162 crore, while significantly narrowing its losses during the year. At the upper end of the price band, Amagi is expected to command a post-issue valuation of over Rs 7,800 crore.

Aye Finance to open IPO on Feb 9; sets price band at Rs 122-129

EntrackrEntrackr · 2d ago
Aye Finance to open IPO on Feb 9; sets price band at Rs 122-129
Medial

Aye Finance to open IPO on Feb 9; sets price band at Rs 122-129 Microlending platform Aye Finance has set a price band of Rs 122–129 per equity share for its upcoming initial public offering (IPO), after filing its red herring prospectus (RHP) with the capital markets regulator. According to the RHP, the public issue will open for subscription on February 9 and close on February 11, while the anchor book is scheduled to open on February 6. At the upper end of the price band, the company’s valuation is expected to be around $352 million. According to the company’s filing, Aye Finance will raise Rs 710 crore through a fresh issue and up to Rs 300 crore through offer-for-sale (OFS), aggregating to a total of Rs 1,010 crore IPO. The company’s co-founder Vikram Jetley and promoters such as Alpha Wave India I LP, MAJ Invest Financial Inclusion Fund II, CapitalG LP, LGT Capital Invest Mauritius PCC with Cell E/VP will offload shares via the OFS. Aye Finance had received SEBI’s approval in April, last year. Axis Capital, IIFL Capital, Nuvama and JM Financial are the book-running lead managers for the issue. As per the RHP, Elevation Capital is the largest external shareholder with a 16.03% stake, followed by LGT Capital, which holds 13.99% of the company. Meanwhile, Alpha Wave owns 11.10% of Aye Finance. On the financial side, Aye Finance's revenue from operations increased 21.5% to Rs 407 crore in Q1 FY26, compared to Rs 335 crore in Q1 FY25. However, the company's profit decreased 50% to Rs 30.5 crore in Q1 FY26 with a positive EBITDA of Rs 172 crore in the same period.

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