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TPG-backed Sai Life Sciences plans IPO with Rs 800 Cr fresh issue, OFS

YourStoryYourStory · 1y ago
TPG-backed Sai Life Sciences plans IPO with Rs 800 Cr fresh issue, OFS
Medial

Sai Life Sciences, backed by private equity firm TPG Capital, has filed preliminary papers for an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth INR 800 crore and an offer-for-sale of 6.15 crore shares by existing shareholders. The proceeds will be used for debt repayment and general corporate purposes. Sai Life Sciences offers services across the drug discovery, development, and manufacturing value chain and operates in the rapidly growing Indian CRDMO (contract research, development, and manufacturing organization) market. Kotak Mahindra Capital, IIFL Securities, Jefferies India, and Morgan Stanley India have been appointed as merchant bankers for the IPO.

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Wakefit files DRHP to raise Rs 468 Cr via fresh issue

EntrackrEntrackr · 2m 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.

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO

EntrackrEntrackr · 8m ago
WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO
Medial

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO Workspace provider IndiQube has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 750 crore (approximately $89 million) and an offer for sale (OFS) of equity shares amounting to Rs 100 crore. Co-founders Rishi Das and Meghna Agarwal will each sell shares worth Rs 50 crore through the OFS. Notably, no external shareholders are participating in the OFS, highlighting the founders' significant role in the offering. According to the DRHP, Anshuman Das is IndiQube's largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. IndiQube plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by ICICI Securities Limited and JM Financial, who are acting as the book-running lead managers. According to the company, the net proceeds from the fresh issue will be utilized for the establishment of new centers, repayment of borrowings, and other general corporate purposes. In the first quarter of the ongoing fiscal year, IndiQube reported revenue of Rs 242 crore, while its losses stood at Rs 42 crore. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

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