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Blackbuck files DRHP; Accel to divest 24.2% of OFS

EntrackrEntrackr · 1y ago
Blackbuck files DRHP; Accel to divest 24.2% of OFS
Medial

Online trucking platform Blackbuck has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 550 crore and an offer for sale (OFS) of up to 2,16,09,022 equity shares. Accel Partners will divest 24.2% of total OFS i.e 52,32,632 equity shares. Quickroutes International will offload 3,973,898 equity shares followed by International Finance Corporation and Tiger Global at 3,973,898 and 1,711,962 shares, respectively. The fresh issue and OFS will be allotted at a face value of Re 1 while the price band and the minimum lot band will be decided by the company in consultation with the book-running lead managers shortly. According to the DRHP, Accel India controls the largest holding in the firm with a 17.07% stake followed by Quickroutes International with a 12.97% share. Tiger Global, Peak XV, and Tribe Capital hold 2.91%, 2.11%, and 2.80% respectively. Blackbuck founders Chanakya Hridaya, Rajesh Kumar, and Ramasubramanian Balasubramaniam cumulatively command 32% of the holdings. Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial are the book-running lead managers of the issue. Founded in 2015, Blackbuck provides payments, telematics, loads marketplace, and vehicle financing services that empower truck operators to operate their businesses efficiently. The company claims to have 9,63,345 annual transactions of truck operators. Blackbuck has raised over $350 million to date including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF when the Flipkart-backed firm entered into the coveted unicorn club. According to the financial statements shown in DRHP, Blackbuck’s revenue from operations grew 68.8% to Rs 297 crore in FY24. However, the losses for the Bengaluru-based firm declined 33% to Rs 194 crore in FY24 from Rs 290 crore in FY23. It appears that Blackbuck has changed its revenue recognition for the last two fiscal years. Earlier, it reported Rs 704 crore revenue in FY23 and Rs 833 crore in FY22. Blackbuck is set to become the second startup from the logistics space to get listed on the stock exchange. In May 2022, SoftBank-backed Delhivery became the first one from the sector to make the market debut. E-comm Express, which has put a hold on its IPO plan, recently raised $172 million via right issue.

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Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit

EntrackrEntrackr · 7m ago
Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit
Medial

Omnichannel jewellery retailer Bluestone has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. 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 2.398 crore equity shares, according to the DRHP. Accel Capital will divest 14.6% of its holding in the offer for sale (OFS) while Iron Pillar and Sunil Kant Munjal will offload 31.9% and 51.6%, respectively. Samma Capital, Ivycap Ventures, and Kalaari Capital will take a complete exit from the company in OFS. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Accel Capital is the largest external stakeholder with 12.25% followed by Sunil Kant Munjal (Hero Enterprise) and Kalaari Capital and MIH Investment which hold 5.65%, 5.15%, and 4.43%, respectively. Peak XV, Iron Pillar, Steadview, and Kamath Associates are some other notable investors in Bluestone. Axis Capital, IIFL Capital, Kotak, and Kfintech are the book-running lead managers of the issue. In September, Bluestone launched a pre-IPO funding round worth Rs 900 crore. According to data from TheKredible, the company’s post-money valuation reached approximately Rs 7,750 crore ($922 million) after the latest tranche from the company’s founder and CEO Gaurav Singh Kushwaha. For the quarter ending in June 2024, Bluestone reported Rs 348.2 crore in revenue from operations with a loss of Rs 59.2 crore in the same period. In the previous fiscal year (FY24), Bluestone achieved a 64% year-on-year growth in revenue, increasing to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the firm reduced its losses by 15%, bringing them down to Rs 142 crore in FY24. Bluestone provides jewellery collections for both men and women, available through its website and network of offline stores. According to the DRHP, it operates over 203 stores across 86 cities.

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

EntrackrEntrackr · 6m 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.

Wakefit files DRHP to raise Rs 468 Cr via fresh issue

EntrackrEntrackr · 20d ago
Wakefit files DRHP to raise Rs 468 Cr via fresh issue
Medial

Wakefit, a home and sleep solutions brand, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 468 crore (approximately $55 million) and an offer for sale (OFS) of 5.84 crore equity shares, according to the DRHP. Peak XV is set to offload nearly 2.5 crore shares, making up around 48.8% of the total offer for sale (OFS). Verlinvest and Investcorp Growth will divest 1 crore and 54.5 lakh shares, respectively. Other participants in the OFS include Redwood Trust, SAI Global, Paramark Fund, and others. Its co-founders, Ankit Garg and Chaitanya Ramalingegowda, will collectively sell 1.21 crore shares in the offer for sale. As per the DRHP, Peak XV is the largest external stakeholder with a 22.7% stake, followed by Verlinvest and Investcorp, which hold 9.89% and 9.39%, respectively. SAI Global Investment owns 5.35%, while Elevation Capital and Paramark Fund hold 4.73% and 1.65%. Among the promoters, Ankit Garg holds the largest share at 33.38%, followed by Chaitanya Ramalingegowda with a 10.09% stake. Wakefit plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, IIFL Capital, and Nomura, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for setting up new stores, leases and licenses, marketing, and other general corporate purposes. In the first nine months of FY25, the company reported revenue of Rs 971 crore with a net loss of Rs 8.8 crore. Wakefit generated 54.78% of its revenue through its own channels, while the remainder came from marketplaces and multi-brand outlets (MBOs). Mattresses were the top revenue contributor, followed by furniture and furnishings.

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue

EntrackrEntrackr · 28d ago
Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue
Medial

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue Loyalty management firm Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 430 crore (approximately $50 million) and an offer for sale (OFS) of 1.83 crore equity shares, according to the DRHP. Earlier this month, the Bengaluru-based firm received the board nod for its planned Rs 2,250 crore or $265 million Initial Public Offering. Capillary Technologies International Pte. Ltd will offload approximately 77.6%, or 1.43 crore shares, of the total OFS. Other participants in the OFS include Ronal Holdings, Trudy Holdings, Filter Capital, and individual shareholders such as Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy, Sudhakar Reddy, Sripathi Damodar Reddy, and Manjunath Nanjaiah. As per the DRHP, Capillary Technologies International Pte Ltd, the promoter, holds a 65.47% stake in the company. Ronal Holdings and AVP Fund (Avataar Ventures) follow with holdings of 7.53% and 5.51%. Trudy Holdings and Filter Capital India own 4.49% and 3.66%, respectively. Capillary Technologies plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by JM Financial, IIFL Capital, and Nomura Financial Advisory, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for cloud infrastructure costs, research, design, development, and other general corporate purposes. In the previous fiscal year ended March 2025, the company recorded a 14% year-on-year growth in its revenue to Rs 598 crore, up from Rs 525 crore in FY24. It also posted a net profit of Rs 14.1 crore in FY25, compared to a loss of Rs 68.3 crore in FY24.

Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares

EntrackrEntrackr · 10m ago
Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares
Medial

Electric two-wheeler firm Ather Energy has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. Ather will be the second two-wheeler EV maker to make its debut on the stock exchange. Ola Electric went public last month. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 3,100 crore (approximately $370 million) and an offer for sale (OFS) of up to 2.2 crore equity shares, according to the DRHP. GIC Ventures through its subsidiary Caladium Investment will divest 47.8% of the total offer for sale (OFS) while Tiger Global and 3 States Ventures will offload 18.1% and 2.18% of the offer for sale. Tarun Mehta and Swapnil Jain will also participate by offering 10 lakh shares each. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Hero MotoCorp is the largest external shareholder with 37.2% followed by GIC (Caladium Investment) and NIIF which hold 15.04% and 10.29% respectively. However, Hero MotoCorp won’t participate in the OFS, which is a bit surprising for the observers. Its co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain cumulatively hold 13.26% of the company. Axis Capital, HSBC Securities, Nomura Financial, and JM Financial are the book-running lead managers of the issue. The company will use the proceeds from the fresh issue of shares on capital expenditure to establish their E2W factory, repayment of borrowing, research and development, and expenditures towards marketing, the DRHP further added. Ather recently turned unicorn after $71 million in funding from existing investor National Investment and Infrastructure Fund. The Bengaluru-based firm became the second unicorn from the electric vehicle space after Softbank-backed Ola Electric. Ather has raised over $500 million out of which $125 million came in the last three months for the Mehta-led company. The company also disclosed its Q1 FY25 numbers and it recorded Rs 339 crore in revenue in the first quarter of FY25 with a net loss of Rs 183 crore in the same period. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s customer base increased by 34% to 1,14,000 in FY24. During FY23, the firm posted 270% customer growth, as per the DRHP. Notably, during the previous fiscal (FY24), Ather imported 28% of the raw materials from China where the figures stood at 10% in FY23. Ather competitor Ola Electric posted Rs 1,644 crore in revenue in Q1 FY25, marking its net loss down by 17%. Among two-wheeler EVs, Ather had 9% market share as of Q1 FY25 while Ola was at the top with 49%.

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