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Time of India
24-06-2025
- Business
- Time of India
PhonePe prepares for $1.5 billion IPO: All you need to know
Digital payments and financial services platform PhonePe is gearing up for a $1.5-billion initial public offering (IPO) later this year. The Walmart-backed company has tapped Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley to arrange the offering. Key details: Draft paper filing: The company may file its draft red herring prospectus (DRHP) by August. Target raise: It plans to raise around $1.5 billion through the listing, which is approximately Rs 13,000 crore, as per a Bloomberg report. Valuation: This would value the company at $15 billion, a significant jump over its last private valuation of $12 billion, in 2023. Live Events Key developments Flipback to India: In 2022, PhonePe, which was domiciled in Singapore, redomiciled to India. This is an important legal step for companies planning to list on Indian stock exchanges. The fintech firm was the first of many startups that returned to India driven by better listing prospects and regulatory ease. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The fintech firm added that it had also moved the ownership of its recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India. Fundraise: In May 2023, PhonePe completed raising $850 million in multiple rounds from General Atlantic, Ribbit Capital, Tiger Global and Walmart. It was valued at over $12 billion after these funding rounds. Between 2020 and 2023, the company's valuation more than doubled from $5.5 billion to $12 billion. Financials: PhonePe narrowed its net loss by 29% in financial year 2024 to Rs 1,996 crore, from Rs 2,795 crore in FY23. The improved financial performance was backed by 74% growth in its operating revenue to Rs 5,064 crore, from Rs 2,914 crore a year before. February 2025: The company publicly stated its intention to list on Indian bourses. The fintech startup did not give a timeframe for the IPO, saying the plans were initiated after considering revenue growth and improvement in its path towards profitability. April 2025: The digital payments firm transitioned from a private entity to a public company in April, according to filings with the Registrar of Companies (RoC). The conversion was approved by the company's shareholders through a special resolution passed at an extraordinary general meeting held on April 16. Diversification woes PhonePe is the market leader in the Unified Payments Interface (UPI) space, and even though it has diversified to become a full-stack financial services platform, offering credit, insurance, and stockbroking over the past three years, UPI remains its core business. In FY24, PhonePe's financial services business brought in Rs 207.4 crore—a mere 4% of its Rs 5,064 crore total revenue. While the company has multiplied its revenue over the last few years, crossing the Rs 5,000-crore mark in overall income last year, diversifying its income streams is proving harder than expected.
Time of India
23-06-2025
- Business
- Time of India
PhonePe ropes in bankers for launching IPO
Country's biggest fintech firm PhonePe has roped in bankers -- Kotak Mahindra Capital , JPMorgan Chase, Citigroup and Morgan Stanley -- for launching its initial public offering, sources aware of the development said. The Walmart group firm had last raised Rs 7,021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (about Rs 1 lakh crore) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global in the financial year 2023. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo "PhonePe has appointed Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley for launching the IPO. The details of the IPO are yet to be discussed and finalised," a source, who did not wish to be identified, told PTI. When contacted, PhonePe declined to comment on the development. PhonePe investors, led by Walmart, paid almost Rs 8,000 crore (close to USD 1 billion) in taxes to the Indian government to affect PhonePe's domicile shift to India from Singapore in 2022. Live Events Founded in 2016, PhonePe has raised around Rs 18,000 crore till date. The company was last reported to have over 61 crore registered users and more than 4 crore merchants on its platform. As of May 2025, PhonePe had recorded more than 34 crore daily transactions and total payment value of over Rs 150 lakh crore through its platform. PhonePe had posted a consolidated net profit, excluding ESOP costs, of Rs 197 crore for fiscal year 2023-24. It had incurred a loss of Rs 738 crore in the preceding fiscal. Revenue in FY24 was Rs 5,064 crore, 73.7 per cent higher than Rs 2,914 crore in FY23.
Business Upturn
16-06-2025
- Business
- Business Upturn
Biocon shares in focus as company reportedly plans to launch QIP to raise up to Rs 4,500 crore
Biocon shares are in focus after the company is reportedly preparing to launch a Qualified Institutional Placement (QIP) to raise as much as ₹4,500 crore, possibly as early as this week, according to a Moneycontrol report. Sources familiar with the development told Moneycontrol that the deal has been in the works for some time and may be launched imminently. The planned capital raise is aimed at reducing the company's debt and improving its overall financial health. The report also states that leading investment banks — Kotak Mahindra Capital, Goldman Sachs, and BofA Securities — are advising Biocon on the QIP. The company is expected to use the proceeds to bolster its balance sheet and enhance operational flexibility as it looks to strengthen its biosimilars and research services businesses. Biocon shares opened at ₹358.30 and touched a high of ₹359.05 during the session, while the low stood at ₹348.25. The stock is trading closer to its 52-week high of ₹404.70, while the 52-week low is ₹291.00. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Time of India
03-06-2025
- Business
- Time of India
Aequs files IPO papers via confidential filing route; seeks to raise up to $200 million
Aequs, a contract manufacturing firm for consumer durable goods and aerospace parts, has filed draft papers with the markets regulator Sebi through a confidential pre-filing route , with an aim to raise around USD 200 million. The offer will comprise both a fresh issue of equity shares and an Offer For Sale (OFS) component. In a pubic announcement on Tuesday, Aequs said it has pre-filed a Draft Red Herring Prospectus (DRHP) for an IPO on a confidential basis with the stock markets regulator Sebi and stock exchanges. Accordingly to people familiar with the development, the company is planning to launch an IPO worth USD 200 million. To manage the offering, the company has appointed Kotak Mahindra Capital, JM Financial and IIFL Capital. Live Events The board of directors of Aequs recently passed a resolution for approval to change its status from a private entity to a public company. Aequs had received significant equity infusion over the years from its promoters to scale up operations. Additionally, it has attracted global investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N R Narayana Murthy), Sparta Group and the investment office of Desh Deshpande. Aequs provides a fully vertically integrated, precision manufacturing ecosystem for the aerospace and consumer sectors. It runs manufacturing operations across three countries, India, France, and the USA, to provide supply chain efficiencies to its global customer base in multiple industry verticals. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka. Founder and CEO Aravind Melligeri has decades of experience in the aerospace segment and has been the co-founder of Quest Global Engineering. On the financial front, the company's total income was around Rs 988 crore in FY24, and the total operating income was Rs 970 crore. Aequs has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. Earlier this month, Groww filed its IPO papers through the same route. In recent months, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings. Online hotel aggregator OYO had used this route in 2023 but did not proceed with its IPO. Tata Play, formerly Tata Sky, was the first Indian company to utilise the confidential filing option in December 2022 and received Sebi's observation letter in April 2023, though it later withdrew from the public issue. Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments. Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage. PTI
