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Exclusive: IPO-Bound Aequs Nets INR 128 Cr Via Rights Issue

Inc42 · 1d ago

Exclusive: IPO-Bound Aequs Nets INR 128 Cr Via Rights Issue

Aequs, a diversified contract manufacturer, raised INR 128 Cr through a rights issue in anticipation of its IPO. Led by its holding company, Aequs Manufacturing Investments Pvt Ltd, the funding round included existing investors like Amicus Capital, Steadview Capital, and Amansa Investments. Founded in 2006 by Aravind Melligeri, Aequs serves industries in aerospace, toys, and consumer goods. The company plans to raise $200 Mn via the public offering and has filed confidential IPO papers.

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IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

Inc42 · 1y ago

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

IPO-bound logistics company BlackBuck reported a net loss of INR 194 crore in FY24, down 33% from the previous fiscal year. However, its total revenue increased 62% to INR 316.5 crore, including other income. BlackBuck is planning an IPO, with a fresh issue of shares worth INR 550 crore.

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

Entrackr

Entrackr · 1y ago

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs 23.96 per share, aggregating to Rs 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis, the company’s regulatory filings with the Registrar of Companies show. It’s worth noting that Portea received a go-ahead signal from the SEBI to float a Rs 1,000 crore IPO in April last year. The Vaibhav Tewari-led company had filed a draft red herring prospectus (DRHP) in June 2022. Decade-old Portea provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, according to startup data intelligence platform TheKredible. The shrinking scale and fixed overheads led the firm to register a Rs 53 crore loss during FY23 against Rs 40 crore loss in the previous fiscal. It is yet to file audited financial statements for FY24. Portea will be the third company which has raised funding in 2024 after filing a DRHP. Earlier this month, Ola Electric raised $50 million in debt from EvolutionX whereas MobiKwik raised debt from Blacksoil in March. MobiKwik and Ola Electric filed their DRHP in December and January, respectively.

Exclusive: IPO-Bound InMobi Bags INR 32 Cr From Cofounders

Inc42 · 15d ago

Exclusive: IPO-Bound InMobi Bags INR 32 Cr From Cofounders

InMobi, an adtech unicorn, raised INR 32 Cr ($3.7 Mn) from its cofounders and Vatera Pte. Ltd. The funding will support its working capital needs. InMobi plans to file its IPO in the second half of 2025 and is considering a $500 Mn capital raise to buy back investor stakes prior to the public listing. Additionally, the company plans significant AI investments and has outlined IPO plans for its Glance platform.

Exclusive: Aerospace parts maker Aequs to convert into public company

Entrackr

Entrackr · 2m ago

Exclusive: Aerospace parts maker Aequs to convert into public company

Exclusive: Aerospace parts maker Aequs to convert into public company Aerospace component maker Aequs is gearing up for its initial public offering (IPO) in 2025 and has taken a concrete step by passing a special resolution to convert into a public company. The board at Aequs has passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing. The company is reportedly planning to launch an IPO worth $200 million later this year. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company filings. Aequs recently entered into a joint venture with Canadian aerospace systems manufacturer Magellan Aerospace to establish a sand casting facility in Belagavi, India. The partnership is expected to help Aequs transition from modest year-on-year growth to a more robust trajectory. Founded in 2006 by Aravind Melligeri, Aequs is a contract manufacturing company that provides end-to-end product solutions for the aerospace, toys and consumer goods industries. Using its integrated manufacturing ecosystems, Aequs produces complex aerospace parts to meet the high standards of global aircraft supply chains. According to startup data intelligence platform TheKredible, the Belgaum-based company has raised around $95 million including a $54 million round led by Amansa Capital in October 2023. The company is currently valued at approximately $240 million. For the fiscal year ending March 2024, Aequs reported a 19% year-on-year growth in operating revenue to Rs 965 crore compared to Rs 812 crore in FY23. The company reduced its losses by 87% to Rs 14.2 crore during the same period.

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

Inc42 · 15d ago

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

In the fiscal year 2024-25, coworking startup Smartworks experienced a widened consolidated net loss of INR 63.2 Cr, up 26.5% from INR 49.9 Cr the previous year. Despite increasing its operating revenue by 32.3% to INR 1,374.1 Cr, total expenses rose to INR 1,489.1 Cr due to higher operational, employee, and finance costs. Smartworks plans to open its IPO on July 10, reducing the fresh issue size to INR 445 Cr as per its red herring prospectus.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

Inc42 · 10m ago

Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

IndiQube plans to file its Draft Red Herring Prospectus (DRHP) in the next three months after finalizing merchant bankers. The coworking space provider aims to raise INR 1,000 Cr – INR 1,500 Cr through its initial public offering (IPO). The IPO will primarily consist of a fresh issue of shares. IndiQube reported a profit of approximately INR 60 Cr in FY24, with an operating revenue of around INR 850 Cr.

IPO-bound Groww issues bonus shares to Peak XV, Ribbit, other existing investors

Livemint

Livemint · 4m ago

IPO-bound Groww issues bonus shares to Peak XV, Ribbit, other existing investors

Groww, an IPO-bound online investment platform, issued compulsorily convertible preference shares as bonuses to existing investors, including Peak XV and Ribbit. The move, part of preparing for a $1-billion-plus IPO, involves collapsing founders' differential voting rights and issuing bonus shares. This strategy, akin to other startups, helps reduce IPO issue price by capitalizing reserves. The restructuring aligns with public market standards, ensuring strategic safeguards for investor rights if the IPO doesn’t proceed.

ArisInfra FY24: IPO-Bound Startup’s Loss Widens 12% To INR 17 Cr, Revenue Down 6.5%

Inc42 · 11m ago

ArisInfra FY24: IPO-Bound Startup’s Loss Widens 12% To INR 17 Cr, Revenue Down 6.5%

The B2B ecommerce platform, ArisInfra, experienced a decline in revenue from operations in FY24, reaching INR 696.84 Cr compared to INR 746.07 Cr in the previous year. ArisInfra acts as a bridge between real estate and infrastructure developers, contractors, and material vendors, providing them with construction materials. The company has recently filed a draft red herring prospectus (DRHP) with SEBI to raise INR 600 Cr through an initial public offering (IPO), solely consisting of a fresh issue of shares.

Meet The Key Executives At IPO-Bound FirstCry

Inc42 · 1y ago

Meet The Key Executives At IPO-Bound FirstCry

FirstCry-parent BrainBees Solutions has refiled its Draft Red Herring Prospectus (DRHP) with SEBI for its upcoming Initial Public Offering (IPO). The IPO will include a fresh issue of shares worth INR 1,816 Crores and an offer for sale (OFS) component of 5.4 Crore equity shares. The company plans to use the funds to set up new stores, establish warehouses, and fund its organic growth opportunities. FirstCry reported sales of INR 4,814 Crores but a loss of INR 278.2 Crores in the first nine months of the fiscal year.

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