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

EntrackrEntrackr · 28d 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.

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Pine Labs files DRHP; Peak XV emerges as lead seller in OFS

EntrackrEntrackr · 7m ago
Pine Labs files DRHP; Peak XV emerges as lead seller in OFS
Medial

Merchant payments and lending platform Pine Labs 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 2,600 crore (approximately $305 million) and an offer for sale (OFS) of 14.78 crore equity shares, according to the DRHP. Peak XV is set to offload around 3.9 crore shares, accounting for approximately 26.3% of the total offer for sale (OFS). Acitis Pine Labs Investment and Temasek will sell 1.49 crore and 1.48 crore shares, respectively. Other participants in the OFS include PayPal, Mastercard Asia, Invesco, Madison India, Sofina, Lightspeed, BlackRock, and individuals such as Amrish Rau, Lokvir Kapoor, Kush Mehra, among others. According to the DRHP, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek and PayPal holding 7.1% and 6%, respectively. Actis Pine Labs Investment owns 5.78%, while Mastercard and Alpha Wave hold 5.24% and 3.39%, respectively. Amrish Rau holds a 2.35% stake, followed by Lokvir Kapoor with 1.97%. Pine Labs 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, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for repayment of borrowing, investment in subsidiaries, technology, research, and other general corporate purposes. In the first nine months of FY25, the company posted a 23% year-on-year increase in revenue, growing to Rs 1,208 crore from Rs 982 crore. It also reported a net profit of Rs 26.1 crore during the period.

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

EntrackrEntrackr · 8m 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.

Wakefit files DRHP to raise Rs 468 Cr via fresh issue

EntrackrEntrackr · 7m 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.

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO

EntrackrEntrackr · 21d ago
Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO
Medial

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This development comes a month after SEBI granted regulatory approval for the company’s plan. Turtlemint’s IPO comprises a fresh issue of equity shares worth Rs 660 crore (approximately $73.3 million), with the offer for sale (OFS) component of 2.86 crore shares. According to the UDRHP, the OFS will be led by Nexus Venture Partners, offloading 91.43 lakh shares, followed by Peak XV Partners with 79.21 lakh shares. Other investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also participate in the OFS. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will offload 21.12 lakh and 22.1 lakh shares, respectively. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides financial products such as mutual funds and loans, equipping advisors with digital tools to expand their business. Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for technology and product development, and Rs 129 crore for investment in its subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other corporate purposes. As of the UDRHP filing date, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners with 20.84%. Co-founders hold 8.72% and 8.33% stakes respectively, while Jungle Ventures holds 4.54% and Kunal Shah owns 1.45%. During H1FY26, the firm reported a twofold increase in operating revenue to Rs 463.3 crore, while losses widened 27% to Rs 126 crore.

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