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PhonePe gets SEBI nod for IPO

EntrackrEntrackr · 7d ago
PhonePe gets SEBI nod for IPO
Medial

PhonePe gets SEBI nod for IPO Walmart-backed digital payments major PhonePe has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to sources aware of the development. The Bengaluru-based company had pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in September last year. PhonePe is reportedly eyeing a fundraise of up to Rs 12,000 crore through the public issue. The proposed IPO is largely structured as an Offer for Sale (OFS), with existing shareholders, including Walmart, Tiger Global, Microsoft and others. The listing could value PhonePe at around $15 billion. PhonePe last raised $600 million through a secondary transaction led by General Atlantic, while its most recent primary capital raise of $100 million came in May 2023, also led by General Atlantic, at a valuation of $12 billion. Operationally, PhonePe has continued to strengthen its dominance in the UPI ecosystem. In December, the company processed 9.8 billion customer-initiated transactions worth Rs 13.61 lakh crore, as per NPCI data. The fintech firm has also pivoted Pincode from a B2C offering to a B2B merchant-focused model, moving away from its original local commerce play launched on ONDC in April 2023. Financially, PhonePe posted 40.5% year-on-year growth in operating revenue, which rose to Rs 7,115 crore in FY25 from Rs 5,064 crore in FY24. Its adjusted profit (excluding ESOP costs) surged nearly fivefold to Rs 630 crore, compared to Rs 117 crore a year earlier.

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

EntrackrEntrackr · 3m ago
Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO
Medial

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO Building materials unicorn Infra.Market has 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), according to sources aware of the development. The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion. The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing. Infra.Market’s move comes just weeks after it 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. Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital. On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively. By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.

PhonePe files updated DRHP; Walmart to sell 9% stake via OFS

EntrackrEntrackr · 5d ago
PhonePe files updated DRHP; Walmart to sell 9% stake via OFS
Medial

PhonePe has filed its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). The IPO will be structured entirely as an Offer for Sale (OFS), with no fresh shares being issued by PhonePe itself. Existing shareholders will sell their stakes. The offer comprises up to 5.06 crore equity shares. Walmart’s unit WM Digital Commerce Holdings plans to sell about 4.59 crore shares, or roughly 9.06% of its equity. The IPO size is expected to be around Rs 12,000 crore ($1.5 billion), potentially valuing PhonePe around $14.5 billion–$15 billion. PhonePe reported a 40% year-on-year rise in operating revenue to about Rs 7,115 crore in FY25, while its net losses have been reduced to Rs 1,727 crore in FY25. During H1FY26, it reported a revenue of Rs 3,918 crore with a loss of Rs 1,442 crore. The company processed 9.8 billion customer-initiated UPI transactions worth Rs 13.61 lakh crore in December.

Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS

EntrackrEntrackr · 9m ago
Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS
Medial

Home services marketplace Urban Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The IPO includes a fresh issue of equity shares worth Rs 429 crore (approximately $50 million) and an offer for sale (OFS) of equity shares amounting to Rs 1,471 crore, as per the DRHP. As part of the offer for sale, Accel India will offload shares worth Rs 433 crore, while Elevation Capital and Tiger Global will sell shares valued at Rs 346 crore and Rs 303 crore, respectively. VY Capital and Bessemer will divest shares worth Rs 216 crore and Rs 173 crore through the IPO. According to the DRHP, Elevation Capital is the largest external shareholder with 10.84%, followed by Accel India and VY Capital, which hold 10.5% and 9.18%, respectively. Steadview and Prosus each own 6.80%, while Bessemer and Tiger Global command 6.46% and 4.73% stakes, respectively. The firm’s co-founders — Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra — collectively own 20.01%, divided equally among the three. Urban Company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Kotak Mahindra, Morgan Stanley, Goldman Sachs, and JM Financial, who are acting as the book-running lead managers. Importantly, as an early-stage investor, Accel is set to secure a significantly larger exit than any other investor in Urban Company. Its exit value will be 16.6 times higher than Tiger Global’s, 5.6 times higher than VY Capital’s, and 97% higher than Bessemer India’s. Elevation Capital, which also invested in Urban Company during its early years, is expected to achieve a lucrative exit as well. According to the company, the net proceeds from the fresh issue will be utilized for the new technology, cloud infrastructure, lease payments, marketing, and other general corporate purposes. In the first nine months of FY25, the company posted revenue of Rs 846 crore and a restated profit of Rs 24.25 crore. For the full fiscal year ended March 2024, it reported revenue of Rs 828 crore and a loss of Rs 92.7 crore.

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