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Grapevine: Mizuho withdraws from Yes Bank race; K Hospitality eyes IPO

VCCircle

VCCircle · 1y ago

Grapevine: Mizuho withdraws from Yes Bank race; K Hospitality eyes IPO

Japanese financial giant Mizuho has withdrawn from the race to acquire a stake in Yes Bank, leaving Sumitomo Mitsui Banking Corporation (SMBC) and Emirates NBD as the main contenders. Yes Bank is looking for a new owner after facing financial challenges in recent years. In other news, K Hospitality, an Indian hotel chain, is considering going public with an initial public offering (IPO) to raise funds for expansion and development.

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Grapevine: Nomura joins race for Avendus; Adani Wilmar owners to pare stake

VCCircle

VCCircle · 11m ago

Grapevine: Nomura joins race for Avendus; Adani Wilmar owners to pare stake

Nomura, Japan's largest investment bank, has reportedly joined the race to acquire Indian investment bank Avendus. Previously serving as an advisor to potential bidders, Nomura is now actively pursuing the acquisition. The sale of Avendus has also attracted interest from other financial firms such as Mizuho from Japan and Carlyle, a US buyout firm. The current majority stakeholder in Avendus, KKR, is seeking a valuation of Rs ... for the deal.

Grapevine: Avendus, Mizuho, Zetwerk, Edelweiss Alts, Ecom Express in news

VCCircle

VCCircle · 6m ago

Grapevine: Avendus, Mizuho, Zetwerk, Edelweiss Alts, Ecom Express in news

Japanese financial giant Mizuho is reportedly nearing a majority stake acquisition in Indian investment bank Avendus Capital. Concurrently, Zetwerk, a B2B manufacturing platform, is advancing its efforts to go public. Meanwhile, logistics company Ecom Express has suspended its initial public offering (IPO) plans. These developments mark significant movements in the Indian financial and corporate sectors, highlighting strategic investments and shifts in market entry strategies.

Investors put Yes Bank on the block; Dr Agarwals Healthcare eyes IPO

VCCircle

VCCircle · 1y ago

Investors put Yes Bank on the block; Dr Agarwals Healthcare eyes IPO

Major shareholders of Yes Bank are planning to sell up to a 51% stake, with Citigroup's India unit being engaged for the task. The bank aims for a valuation of $8-9 billion, representing a 20-25% premium. In other news, Dr Agarwals Healthcare is considering an initial public offering (IPO) to raise funds for expansion. The eye care hospital chain is looking to raise around Rs 600-700 crore through the IPO.

Japan’s Mizuho set to acquire Avendus Capital for $700 Mn: Report

Entrackr

Entrackr · 2m ago

Japan’s Mizuho set to acquire Avendus Capital for $700 Mn: Report

Japan’s Mizuho set to acquire Avendus Capital for $700 Mn: Report Japanese financial major Mizuho Financial Group is reportedly set to acquire KKR-backed Avendus Capital in a deal valuing the Indian investment bank at Rs 6,000 crore ($700 million). The Economic Times, which first reported the development, said the agreement comes after months of negotiations and will mark Mizuho’s largest investment in India. The deal includes KKR exiting its 60%, along with early investors and co-founder Ranu Vohra. The remaining founders, Kaushal Aggarwal and Gaurav Deepak, will stay on to lead operations, though Mizuho will have veto rights. Mizuho is likely to own up to 70% of Avendus post-deal. Established in 1999, Avendus operates across investment banking, credit solutions, institutional equities, wealth, and asset management. Its acquisition of Spark in 2022 bolstered its capital markets presence. For the nine months ending December 2024, the firm reported Rs 1,035 crore in revenue and Rs 170 crore in net profit. KKR, which invested Rs 950-1,000 crore in Avendus in 2015, is expected to make a 3.5x return. Other bidders like Carlyle and Nomura were in contention, but Mizuho emerged the frontrunner due to strategic alignment and cross-border synergy potential. Recently, SMBC invested in Yes Bank and Mizuho took a 15% stake in Kisetsu Saison Finance. With five branches in India, Mizuho has already infused $500 million into its operations and appointed KKR’s former India head Sanjay Nayar as an advisor.

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

VCCircle

VCCircle · 3m ago

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

Japan's Sumitomo Mitsui Banking Corp. (SMBC) is reportedly near acquiring a significant stake in YES Bank. Meanwhile, private equity firm KKR is attempting to restart the sale of its portfolio company RE Sustainability. Avaada Group is also preparing for an initial public offering.

Grapevine: Blackstone JV plans IPO; Pernod Ricard may sell whisky brand

VCCircle

VCCircle · 11m ago

Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, is reportedly planning an initial public offering (IPO). The company intends to raise about Rs 2,500 crore through a fresh share issue. JM Financial and Kotak Mahindra Capital have been appointed to manage the IPO process. Additionally, Pernod Ricard may sell its whisky brand, further signaling possible changes in the alcohol industry.

Grapevine: Advent eyes Manjushree monetisation; EQT, Hillhouse lead race for GeBBS

VCCircle

VCCircle · 1y ago

Grapevine: Advent eyes Manjushree monetisation; EQT, Hillhouse lead race for GeBBS

Advent International is considering both a public listing and a private sale for portfolio company Manjushree Technopack Ltd, aiming to unlock value. Several global funds, including Brookfield Asset Management, Carlyle, PAG, Platinum Equity, and Permira Private Equity, have submitted non-binding bids for the packaging firm. EQT and Hillhouse are reportedly the lead contenders in the race for GeBBS, an outsourced healthcare services provider.

Grapevine: OTPP, Omega Healthcare, Canara Robeco, Credila in news

VCCircle

VCCircle · 8m ago

Grapevine: OTPP, Omega Healthcare, Canara Robeco, Credila in news

A Canadian pension fund is reportedly negotiating the purchase of a majority stake in a US healthcare BPO. Additionally, Canara Bank-backed mutual fund has received offers from multiple investment banks to manage the proposed IPO mandate. The news also mentions an IPO-bound lender, which is currently attracting interest from several investors.

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Economic Times

Economic Times · 1y ago

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Paytm is working to migrate its banking services from Paytm Payments Bank to other lenders, with four banks - Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - set to support Paytm's consumer-facing UPI payments. The company is seeking certification from the National Payments Corporation of India to become a third-party payment app. Following this migration, Paytm's UPI handle provided by the payment bank may change. Paytm's stock has seen a significant decline since the regulator's action on Paytm Payments Bank, with the current market capitalization standing at approximately $2.7 billion.

Upper Crust owner SSP plans for Indian IPO of Travel Food Services

VCCircle

VCCircle · 8m ago

Upper Crust owner SSP plans for Indian IPO of Travel Food Services

SSP Group, the owner of Upper Crust, has announced plans for an initial public offering (IPO) of Indian airport lounge operator Travel Food Services (TFS). SSP currently holds a 49% stake in TFS and aims to raise its indirect holding to 50.01% prior to the IPO. The Kapur Family Trust, the shareholding entity of K Hospitality Corp, will be the selling shareholder in the planned IPO. SSP has filed a draft red herring prospectus and targets spring 2025 for the IPO's completion.

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