🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Swiggy shareholders give nod to up IPO fresh issue component to Rs 5,000 crore

Economic TimesEconomic Times · 9m ago
Swiggy shareholders give nod to up IPO fresh issue component to Rs 5,000 crore
Medial

- Swiggy shareholders have approved increasing the fresh issue component of its IPO to Rs 5,000 crore. - The company had initially planned a fresh issue of Rs 3,750 crore and an offer-for-sale (OFS) component of 185.3 million shares. - The final decision on increasing the fresh capital raise will be taken in consultation with the company's bankers. - Swiggy's updated draft red herring prospectus (DRHP) for its IPO was filed on September 27. - The company intends to use the proceeds from the fresh issue to expand its quick commerce operations by opening more dark stores. - Swiggy reported a 34% YoY rise in operating revenue for the June quarter, but net losses widened due to increasing competition in the quick commerce space.

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

EntrackrEntrackr · 2m 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.

IndiQube gets SEBI nod for Rs 850 Cr IPO

EntrackrEntrackr · 3m ago
IndiQube gets SEBI nod for Rs 850 Cr IPO
Medial

IndiQube gets SEBI nod for Rs 850 Cr IPO Managed workplace solutions company, IndiQube, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offerings (IPOs). In December last year, the Bengaluru-based company filed its DRHP for Rs 850 crore (approximately $100 million) IPO, comprising a fresh issue of Rs 750 crore and an offer for sale of equity shares totaling Rs 100 crore. As per the draft red herring prospectus (DRHP), the company plans to allocate Rs 427 crore from the fresh proceeds for capital expenditure, Rs 100 crore for loan repayment or prepayment, and the remaining amount for general corporate purposes. ICICI Securities Limited and JM Financial Limited will be the Book Running Lead Managers for its Initial Public Offering. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Indiqube has raised around $45 million across rounds. According to the DRHP, Anshuman Das is the 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. Founded in 2015 by Rishi Das and Meghna Agarwal, it manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. IndiQube clients include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, and others. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue to Rs 830 crore in FY24 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. According to the company, it has recorded Rs 153 crore of EBITDA in Q1FY25 and claims to receive a CRISIL A+ / Stable rating.

Download the medial app to read full posts, comements and news.