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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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Fractal reduces IPO size by 42% to Rs 2,834 Cr

EntrackrEntrackr · 18d ago
Fractal reduces IPO size by 42% to Rs 2,834 Cr
Medial

Fractal reduces IPO size by 42% to Rs 2,834 Cr Artificial Intelligence (AI) solutions provider Fractal Analytics has filed its red herring prospectus (RHP) with the capital markets regulator, cutting its IPO size from what it had proposed earlier in its draft papers. According to the RHP, Fractal’s public issue has been reduced by 42% to Rs 2,834 crore, from the Rs 4,900 crore IPO outlined in its draft red herring prospectus (DRHP) last year. The revised IPO will comprise a fresh issue of shares worth Rs 1,023.5 crore and an offer for sale (OFS) of Rs 1,810.4 crore by existing shareholders. Proceeds from the fresh issue will be used to fund inorganic growth, invest in subsidiaries, meet working capital requirements, and for general corporate purposes. Quinag Bidco Ltd, an investment vehicle managed by Apax Partners, will account for 48.6% of the total OFS, offloading shares worth Rs 881 crore. Meanwhile, the TPG Group and GLM Family Trust will each sell shares worth Rs 450 crore through the OFS. The company will open anchor bidding on February 6, while the IPO will open on February 9 and close on February 11. Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports global enterprises across consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI. It counts Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla as clients. As per the RHP, TPG Fett is the largest external shareholder with a 25.49% stake, followed by Quinag Bidco, owned by Apax Partners, which holds 18.64% of the company. GLM Family Trust owns 15.59% of Fractal. Axis Capital, Citigroup, Morgan Stanley, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. Fractal’s shares are proposed to be listed on both the BSE and NSE. On the financial side, Fractal reported consolidated revenue of Rs 2,765 crore in FY25 from Rs 2,196 crore in FY24. Its net profit stood at Rs 220.6 crore in FY25, compared to a loss of Rs 54.7 crore in FY24. For the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.

Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures

EntrackrEntrackr · 4m ago
Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures
Medial

Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures Cloud kitchen operator Curefoods has raised Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. According to the press release, Curefoods has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures. The Bengaluru-based firm had filed its draft red herring prospectus (DRHP) in June to raise Rs 800 crore through a fresh issue along with an offer for sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare, among others. Founder and CEO Ankit Nagori will not participate in the OFS. As per the DRHP, the company plans to use the proceeds from the fresh issue to expand its network of cloud kitchens, restaurants, kiosks, and central kitchens, repay debt, invest in its subsidiary Fan Hospitality, and cover working capital and general corporate expenses. JM Financial, IIFL Capital, and Nuvama Wealth Management are the book-running lead managers to the issue. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. Its portfolio brands include EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. The company closed FY25 with revenue of Rs 745.8 crore, up from Rs 585.1 crore in FY24, while losses narrowed to Rs 170 crore from Rs 172.6 crore in the previous year. Backed by marquee investors including Binny Bansal, Curefoods has rapidly scaled to over 500 service locations across more than 70 cities. It also expanded overseas last year with the launch of Sharief Bhai in the UAE. The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO.

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