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Tag: IPO

  • boAt hands the helm to its chief operating officer

    boAt hands the helm to its chief operating officer

    MUMBAI: When you’ve built India’s top audio wearables brand from scratch, knowing when to step aside takes nerve. Aman Gupta and Sameer Mehta, co-founders of boAt, are doing just that.

    Imagine Marketing Ltd owner of the boAt brand, announced on Monday that Gaurav Nayyar will take over as chief executive, marking a shift from founder-led management to professional leadership. Nayyar, who has served as chief operating officer for three years, brings two decades of strategic nous, including an eight-year stint as partner at Bain & Co.

    The reshuffle sees Mehta move to executive director, where he’ll focus on long-term strategy whilst supporting Nayyar’s transition. Gupta, who built boAt’s marketing firepower and brand swagger as chief marketing officer, will remain a non-executive director, keeping a hand on the tiller without running the ship.

    “This transition reflects the natural evolution of boAt as we further professionalise and position ourselves for the opportunities ahead,” said Mehta, who led the company as chief executive through recent years of expansion into manufacturing and adjacent product categories.

    Nayyar, inheriting a company that dominates India’s audio wearables market (number one by shipments, according to IDC data), struck a modest note: “I am honoured to be entrusted with the responsibility of leading boAt into its next chapter. Sameer has done an exceptional job strengthening our core, building product adjacencies and setting up our India manufacturing footprint.”

    Gupta, whose marketing chops helped boAt disrupt India’s audio industry with boldly designed, affordably priced gear aimed at young consumers, said: “I’m proud of what we have accomplished together and equally excited to see Gaurav take the helm.”

    boAt’s portfolio spans audio gear, smartwatches, grooming gadgets and mobile accessories. Backed by Warburg Pincus, Malabar Investments and Fireside Ventures, the company partners with Qualcomm and Dolby on product innovation and operates offices in Delhi, Mumbai and Bengaluru.

    The move signals boAt’s bet on professional management to capitalise on India’s booming consumer technology market—a multi-decade opportunity that requires institutional muscle, not just founder flair.

  • Pine Labs appoints Sameer Kamath as CFO ahead of IPO; Shalini Saxena returns as General Counsel

    Pine Labs appoints Sameer Kamath as CFO ahead of IPO; Shalini Saxena returns as General Counsel

    Mumbai: IPO-bound Pine Labs has announced two key leadership appointments ahead of its planned public offering: Sameer Kamath is set to join as chief financial officer, while Shalini Saxena returns
    as general counsel. The announcement follows closely on the heels of the company’s draft red herring prospectus (DRHP) filing with the Securities and Exchange Board of India (SEBI) on 27 June.

    Kamath, currently group CFO at Avendus Capital, brings over two decades of financial leadership experience. He previously served as CFO at Motilal Oswal. He replaces Marc Mathenz, who stepped down in June shortly before the DRHP was filed.

    Saxena re-joins Pine Labs after her tenure as legal head at CoinDCX. She had earlier served as general counsel at Pine Labs from 2019 to 2022. Her return signals renewed legal leadership focus as the company navigates regulatory and compliance processes tied to its public listing.

    Pine Labs’ senior leadership team now includes:

    Amrish Rau, chief executive officer

    Kush Mehra, chief business officer

    Sumit Chopra, chief operating officer

    Navin Chandani, chief business officer – issuing business

    The Gurugram-based fintech firm is looking to raise Rs 2,600 crore via a combination of fresh equity issue and an offer-for-sale (OFS) of up to 147.8 million shares. Pine Labs is reportedly seeking a valuation in the range of $4.5–5 billion. Key shareholders include Peak XV Partners, Mastercard, PayPal, and Actis.

    The appointments place Pine Labs alongside a growing cohort of Indian startups accelerating towards public markets-a signal of rising maturity within the country’s fintech and technology sectors.

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  • Shadowfax files for IPO via confidential route, aims Rs 2,000-2,500 crore fundraise

    Shadowfax files for IPO via confidential route, aims Rs 2,000-2,500 crore fundraise

    MUMBAI: Bengaluru-based logistics firm Shadowfax Technologies Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, signalling its plans to go public. The move comes roughly three months after the company transitioned into a public entity.

    Shadowfax is aiming to raise between Rs 2,000 crore and Rs 2,500 crore through the initial public offering, which will comprise a fresh issue of shares and an offer for sale (OFS) by existing investors. Key backers including Flipkart, Eight Roads Ventures, and NGP Capital are expected to dilute part of their holdings through the OFS component.

    ICICI Securities, JM Financial, and Morgan Stanley are acting as lead advisors to the issue. The company is targeting a post-listing valuation in the range of Rs 5,500–6,000 crore, according to individuals familiar with the development. As per TheKredible, Shadowfax was last valued at approximately Rs 5,981 crore ($712 million) during the first tranche of its Series F funding round earlier this year.

    Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates in the last-mile logistics segment, serving e-commerce and hyperlocal categories such as grocery, food, and pharmaceuticals. The company claims a network of over 1.25 lakh monthly active delivery partners across India.

    To date, Shadowfax has raised around $246 million in equity funding. Eight Roads Ventures remains the largest external investor, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.

    Financially, the company reported revenues of Rs 1,885 crore in FY24, marking a 33.2 per cent year-on-year growth. It also significantly narrowed losses—from Rs 142 crore in FY23 to Rs 11.8 crore in FY24, representing a 91 per cent reduction.

    Shadowfax now joins a growing list of Indian startups eyeing public listings. Recent confidential DRHP filers include PhysicsWallah, boAt, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Technologies, Wakefit, and Curefoods, underlining a renewed momentum in India’s startup IPO pipeline.

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  • Biocon raises Rs 4,500 crore via QIP, its first equity fundraise since 2004 IPO

    Biocon raises Rs 4,500 crore via QIP, its first equity fundraise since 2004 IPO

    MUMBAI: If the stock market had a hall of fame for patience, Biocon would deserve a shiny plaque. After two decades since its IPO debut in 2004, the Bengaluru-based biopharma giant returned to the equity markets, raising Rs 4,500 crore through a qualified institutions placement (QIP) that closed on 19 June 2025.

    The fundraise saw 13,63,63,635 equity shares priced at Rs 330 each (face value Rs 5, including a premium of Rs 325), and attracted a swarm of top-tier investors. The final orderbook featured heavyweights like SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Mirae Asset, Aditya Birla Mutual Fund, Franklin Templeton, SBI General Insurance, Norway’s Government Pension Fund Global, and Blackrock.

    “The strong response to our QIP reflects deep investor conviction in Biocon’s differentiated strategy and consistent execution”, said MD & CEO Siddharth Mittal. “This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions”.

    Biocon plans to channel the proceeds towards multiple priorities: acquiring outstanding optionally convertible debentures issued by Biocon Biologics Ltd to Goldman Sachs’ India AIFs, repaying and prepaying select financial instruments and borrowings, and covering other corporate obligations.

    This marks Biocon’s first equity fundraise in 21 years, and it didn’t disappoint. Backed by a diverse mix of domestic mutual funds, insurance firms and foreign institutional investors, the transaction not only widened the company’s investor base but also reinforced trust in its long-term business vision.

    With shareholder approval secured via postal ballot on 4 June 2025, the QIP positions Biocon for its next growth sprint. Post-issue, the promoter and promoter group’s shareholding stands at 54.45 per cent.

    Kotak Mahindra Capital, BofA Securities India and Goldman Sachs India served as book running lead managers. Legal counsel included JSA Advocates & Solicitors for Biocon, and Cyril Amarchand Mangaldas and Linklaters Singapore for the lead managers.

  • Value 360 locks in Keshav Shanbhag as CFO for upcoming public listing

    Value 360 locks in Keshav Shanbhag as CFO for upcoming public listing

    MUMBAI: A company on the brink of a public listing needs a steady hand at the financial wheel enter Keshav Shanbhag, Value 360 Communications’ newly appointed as CFO. The firm prepares to make history as the first publicly listed PR company in the country, Shanbhag’s arrival signals a strategic push towards financial strength and investor confidence.

    The timing couldn’t be more significant. Value 360 Communications recently closed Its pre-IPO investment round, attracting heavyweight investors including film star Huma Qureshi and is set to file its Draft Red Herring Prospectus (DRHP) for its SME IPO. In this high-stakes moment, Shanbhag will oversee financial strategy, investor relations, and corporate governance, ensuring a smooth ascent to the stock market.

    With over 17 years of experience, Shanbhag isn’t new to the high-pressure world of IPOs, mergers, and turnarounds. He’s played pivotal roles at MCX, IN10 Media, and Dentsu Aegis Network, financial strategies that drove business transformations. His work at MCX, in particular, made waves when he spearheaded the company’s IPO, bagging the title of best mid-cap equity deal in the APAC region and earning himself the coveted most valuable player award.

    Value 360 Communications group CEO & co-founder Kunal Kishore said, “Bringing Keshav on board as CFO marks a strategic advancement in our journey. His proven expertise in managing IPOs, M&A transactions, and driving business transformation perfectly complements our ambitious five-year growth strategy. We are confident his management will be instrumental in creating substantial value for our stakeholders as we work toward scaling our operations exponentially as we complete 20 years of operations in 2027.”

    Shanbhag himself is no stranger to high-stakes financial management. Speaking about his new role, he remarked, “I’m honoured to join Value 360 Communications at such a transformative juncture in its corporate journey. The opportunity to steer the company’s financial strategy as it prepares for its public listing represents a unique challenge. I look forward to leveraging my experience in capital markets and investor relations to advance Value 360 Communications’ position as the market pioneer in integrated communications, while delivering exceptional value to our clients, stakeholders, and future shareholders.”

    Value 360 Communications isn’t just preparing for an IPO it’s gearing up for exponential growth. The company’s five-year roadmap focuses on expanding operations, investing in technology, enhancing capacity, and pursuing strategic acquisitions. Its impressive client roster already features Tata Motors, Pernod Ricard, Kia Motors, Skoda, Fedex, Digi Yatra, Poco, Zupee, Mondelez, Audi India, and Easemytrip, among others.

    With Shanbhag at the financial helm, the company is set to break barriers, redefine communications, and make waves on the stock market.

  • Amit Doshi to join PhonePe as CMO

    Amit Doshi to join PhonePe as CMO

    MUMBAI: He’s put himself in for challenging yet exciting role. Former Britannia Industries CMO Amit Doshi is set to join PhonePe as Chief Marketing Officer. His getting connected to PhonePe comes at a time when the fintech has drawn a line to go for public offering.

    Over the years , Amit has worked with brands such as Lenovo , Perfetti Van Melle  where he left an indelible mark by expanding the reach and sales of the brands under his remit.

    At Britannia he had oversight over  the biscuits, crème wafers, and salty snacks categories.   His appointment at PhonePe will see him drive the  company’s expansion strategy, positioning him to lead impactful marketing and brand-building efforts.

  • Phonepe prepares for IPO, targets $15 billion valuation with top banks

    Phonepe prepares for IPO, targets $15 billion valuation with top banks

    MUMBAI: Phonepe is gearing up for its stock market debut, enlisting J.P. Morgan, Kotak Mahindra Bank, Morgan Stanley, and Citi to oversee its IPO. The fintech firm, backed by Walmart, is eyeing a valuation of up to $15 billion as it plans to list on Indian stock exchanges.

    Marking a decade in business, Phonepe has restructured its corporate framework, consolidating its various divisions into wholly owned subsidiaries. This strategic move, coupled with robust financial growth, positions the company favourably for public listing.

    Phonepe has reported over 70 per cent revenue growth in the past fiscal year while narrowing net losses and achieving an adjusted post-tax profit. A sharp focus on automation, operational efficiency, and cost management has reinforced its financial stability.

    With a strong user base and innovative digital solutions, Phonepe aims to sustain its strong position in India’s fintech space. As it advances towards the IPO, the company remains committed to scaling its business and driving long-term profitability in the evolving digital payments sector.

  • Value 360 gears up for IPO with pre-listing boost

    Value 360 gears up for IPO with pre-listing boost

    MUMBAI: Value 360 Communications is dialling up its next big move—preparing to become India’s first publicly listed PR firm. The integrated communications powerhouse has successfully closed its pre-IPO investment round, attracting interest from key investors, including Hindi movies actor Huma Qureshi. In a move signalling its evolution, the company has restructured itself as a limited entity, reinforcing its commitment to governance, scalability, and long-term value creation.

    With this latest development, Value 360 Communications is set to file its draft red herring prospectus (DRHP), accelerating its journey toward an SME IPO. The milestone aligns with India’s rapidly transforming corporate landscape, where businesses are prioritising strategic communications to enhance reputation and audience engagement. The firm, known for its extensive client portfolio that includes Tata Motors, Pernod Ricard, Poco, Skoda, Fedex, Digi Yatra, Kia Motors, and Zupee, aims to capitalise on the growing demand for integrated communications solutions.

    The pre-IPO investment is expected to fuel Value 360’s expansion plans, enabling the company to broaden its service capabilities, integrate cutting-edge technology into its operations, and extend its geographic footprint. Additionally, the firm is actively exploring strategic acquisitions to accelerate its vision of becoming a future-ready communications powerhouse.

    With India’s digital-first economy fuelling an unprecedented demand for PR and marketing solutions, Value 360 Communications has unveiled an ambitious roadmap to scale fivefold over the next five years. The strategy centres on strengthening core and emerging service areas, investing in AI-driven media intelligence and automation for data-led PR strategies, expanding into new markets and industry verticals, and pursuing strategic acquisitions to diversify offerings and reinforce market leadership.  

    “As India’s business landscape matures, PR is evolving from a traditional function to a strategic business enabler,” said Value 360 Communications group CEO & co-founder, Kunal Kishore. “Our IPO aligns with our long-term vision to not only grow but also redefine the communications industry with innovation, scalability, and impact. This pre-IPO investment brings us one step closer to building a company that is five times our current scale, integrating strategic advisory, digital intelligence, and technology-driven storytelling to shape the future of brand engagement.”

    Since its founding in 2009, Value 360 Communications has continuously evolved, expanding beyond traditional PR into high-growth areas such as digital creative agency Popkorn and influencer marketing platform ClanConnect. The firm is now doubling down on technology, investing in AI-driven media intelligence, advanced analytics, and integrated storytelling solutions that blend PR with emerging digital formats.

  • Swiggy’s landmark IPO wins equity issue of the year at IFR Asia Awards 2024

    Swiggy’s landmark IPO wins equity issue of the year at IFR Asia Awards 2024

    MUMBAI : Swiggy has made headlines by clinching the Equity Issue of the Year 2024 award at the IFR Asia Awards, recognising its record-breaking IPO that raised Rs 11,327.43 crore. As India’s top on-demand convenience platform, Swiggy’s public debut wasn’t just a financial milestone but a statement of its growing influence in the consumer-tech space.

    Swiggy’s shares debuted on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 13 November 2024, receiving a strong market response.

    Swiggy CFO Rahul Bothra said , “Receiving the ‘Equity Issue of the Year’ award from IFR Asia is a significant honour. This recognition reflects our strong business fundamentals, operational excellence, and the confidence of both Indian and global investors. The overwhelming response to our IPO underscores our vision to redefine convenience while fostering a sustainable, technology-driven ecosystem. We remain committed to delivering long-term value to all stakeholders.”

    Presented by the International Finance Review (IFR), the IFR Asia Awards are among the most prestigious honours in the financial industry, celebrating excellence in capital markets across the Asia-Pacific region. Swiggy’s IPO has set a new benchmark in the consumer technology sector, highlighting its scale, resilience, and promising growth trajectory.