IPO Financial News

Subscribe to enjoy similar stories.Reliance Industries Ltd’s (RIL) consolidated Ebitda inched up just 0.7% year-on-year to ₹44,141 crore in the March quarter (Q4FY26). Ordinarily, that wouldn’t cheer investors—but given the impact of the West Asia war on the O2C (oil-to-chemicals) segment, it is a reasonably good outcome.The O2C business, which contributed one-third of RIL’s total Ebitda in the quarter, faced crude availability constraints and a surge in costs such as freight and insurance.

Subscribe to enjoy similar stories.Avataar Venture Partners expects at least three liquidity events from its first fund and two from its $350 million second fund within the next 18-20 months, a top executive at the growth investing firm told Mint.“We're expecting a couple of our mature companies to list in 2027 or early 2028,” Mohan Kumar, founding managing partner at Avataar Venture Partners, said in an interview. “By 2028, we'll have three public companies.”He declined to name which of the firm's portfolio companies were considering initial public offerings (IPOs).

Subscribe to enjoy similar stories.With high interest rates, valuation gaps, and global upheavals weighing on traditional mergers and acquisitions (M&A), promoters and institutional investors are turning to the secondary market, driving block and bulk deals to a multi-year high in the January-April period despite bearish sentiment.This year, until 15 April, a total of ₹1.1 trillion changed hands in open-market trades, up 25% from ₹86,810 crore a year ago, according to data from capital markets platform Prime Database.Deven R. Choksey, founder and managing director of boutique fund DRChoksey FinServ, said that investors are using block and bulk deals to realign portfolio weights or pare long‑held positions quickly in a volatile market."What we are seeing is a clear rotation of capital.

Subscribe to enjoy similar stories.Chennai-based M2P Fintech has appointed former Hitachi Payment Services finance executive Vivek Seshadri as group CFO, as it begins laying the groundwork for a potential IPO over the next few years, co-founder and CEO Madhusudanan R told Mint.The move marks a formal step toward institutionalizing the fintech’s finance function as it scales globally and prepares for eventual public markets scrutiny. While the company says a listing is still “at least a couple of years away”, the hire signals that IPO preparation has begun internally.“We are at least a couple of years away,” said Madhu.

Subscribe to enjoy similar stories.Tiger Global-backed Infra.Market’s founders are taking on personal debt through their promoter entity, Silverline Homes Pvt Ltd, to inject fresh capital into the company, as market volatility clouds its valuation and delays its planned initial public offering (IPO), three people aware of the matter told Mint.“As things stand, the promoters are injecting more cash into Infra.Market through Silverline by taking on personal debt,” one of the persons said on the condition of anonymity. “They are also asking existing investors to participate in this equity raise as the much-needed IPO liquidity is still quite far away.”The promoter-backed infusion underscores the pressure building across India’s pre-IPO cohort.

Subscribe to enjoy similar stories.Nasdaq-listed travel company MakeMyTrip is weighing the benefits of listing its Indian arm via Indian Depository Receipts (IDRs) rather than a traditional initial public offering (IPO), according to two people familiar with the matter.“An IDR structure is on the table, being viewed as a method to manage tax obligations that would be triggered by the Mauritius-based parent entity—MakeMyTrip Ltd—during a secondary sale of shares in a domestic IPO,” said one of the two persons on the condition of anonymity.The development follows the company's reaffirmation of its strategic priorities on 16 March, including plans for a potential listing of its India business after the consolidation of its brands, such as RedBus India, under MakeMyTrip (India) Pvt. Ltd.The company provides flight, hotel, and bus bookings through its platforms, including Goibibo and RedBus.Experts say the move may have been driven by the 15 January Supreme Court of India ruling in the Tiger Global-Flipkart tax case, which held that a Mauritius-based holding company participating in an offer for sale (OFS) in an Indian IPO would be liable to pay capital gains tax in the country on such transactions."In practical terms, this means that reliance on Mauritius purely as a tax-efficient holding jurisdiction is significantly weakened in the context of IPO exits," said Sonam Chandwani, managing partner, Mumbai-based law firm KS Legal & Associates.The IDR route allows a foreign-listed company to remain domiciled abroad while accessing local liquidity by issuing receipts to Indian investors that are backed by shares held by a custodian, avoiding tax liabilities.“There is renewed interest in the IDR route.

Subscribe to enjoy similar stories.Muted earnings, premium valuations, currency weakness, relatively attractive emerging market (EM) peers, and India’s limited participation in the global AI value chain have reduced the country's appeal for foreign portfolio investors (FPIs), says Arbind Maheswari, head of India equities at BofA Securities, in an interview with Mint. While global investors remain cautious, domestic flows will continue to support the country's market activity, he says. Edited excerpts of the interview:If we take a step back, in the post-covid recovery phase, India seemed like the only large emerging market that had a story to tell.

Subscribe to enjoy similar stories.The initial public offering (IPO) market is preparing for an era of superjumbo listings that threatens to shift the earth’s financial axis. With SpaceX reportedly filing for a market debut that could eclipse Saudi Aramco’s $29 billion record in size, the stakes have moved beyond mere capital raising.

Subscribe to enjoy similar stories.MUMBAI: Portfolio management services (PMS) firms have asked the market regulator to widen their investment universe, as the segment struggles to keep pace with rival products, four people aware of the discussions said.Key demands include allowing investments in unlisted markets and permission to participate as anchor investors in initial public offerings (IPO), both currently restricted for PMS structures.Currently, only non-discretionary PMS allows up to 25% allocation to unlisted securities, such as alternative investment fund units, real estate investment trusts and infrastructure investment trusts. Discretionary PMS, which accounts for 92% of total PMS assets as of February, is not allowed to invest in unlisted securities.The push comes as PMS growth trails mutual funds and alternative investment funds (AIFs), with industry executives pointing to tighter investment rules, operational constraints and tax friction as factors hurting competitiveness in India’s asset management market.“Sebi (Securities and Exchange Board of India) is keen on growing this segment and making PMS a platform for wealth management.

₹500- ₹2,000 crore, in the past month, according to investment bankers and deal advisors familiar with the matter.While the trend is becoming become more visible, intermediaries Mint spoke to declined to name any companies, citing dealmaking competition and confidentiality agreements governing the mandate shifts."I am seeing IPOs with new liquidity worth anywhere between ₹500 crore to ₹2,000 crore, turn into dual tracks over the last 30 days," a deal advisor working with IPO-bound companies told Mint on the condition of anonymity.This shift follows a cooling investor appetite amid global uncertainty, which has slowed listing activity. As a result, companies have now begun seeking alternative routes to provide liquidity to shareholders and founders."The current environment is not conducive for launching IPOs," said Samir Bahl, chief executive of investment banking at Anand Rathi Advisors.

Mint explains.Reports suggest SpaceX could file for an IPO with a potential roadshow as early as June. At an estimated $75 billion, the offering would surpass Saudi Aramco’s $29.4 billion listing in 2019 by a wide margin.The proposed valuation of $1.75 trillion to $2 trillion would place SpaceX among the world’s most valuable companies, a sharp jump from its most recent private market valuation of about $800 billion.The scale is significant.

Throughout this decade, India’s household savings have steadily left the safety of bank deposits to chase returns in equities. This was supposed to provide a stable pool of risk capital to entrepreneurs and act as a shock absorber against fickle hot-money inflows from overseas. The Iran war punched holes in this cheery thesis that a ceasefire may not mend.For the first time since the pandemic, individual investors were net sellers in the secondary market in the first 11 months of 2025-26.

Mint.The IPO bankers and the exchange started the drafting process for the offer document and chalked out a rough timeline for the listing, one of the people cited above said on the condition of anonymity."NSE met all 20 bankers together for the first time, where everyone agreed to a tentative timeline for the IPO," this person said, adding that the process will begin with the identification of risks and the preparation of required disclosures, work on which is likely to begin this week.The exchange will contact all retail shareholders who wish to participate in the share sale by the end of April, a second person aware of the discussions said, wishing not to be named discussing private deliberations.The exchange’s registrar had already asked retail shareholders late last month to express their interest in the IPO."The exact date of the filing of the DRHP with Sebi is currently unknown. Accordingly, only such equity shares which have been held continuously since June 15, 2025 (the cut-off date) will be eligible to be sold in the Offer for Sale," the registrar's letter to retail investors read, a copy of which has been reviewed by Mint."Once these retail investors express their interests, the bankers will have a three-week period to review the outreach.

After two years of strong expansion, the pace of new demat account additions slowed in FY26, signalling a shift in retail investor behaviour as volatile markets and weaker returns tempered their enthusiasm.Net demat account additions fell to about 32 million in FY26 from a record 41 million added in FY25, according to data collated from the Centre for Monitoring Indian Economy. The total number of demat accounts crossed 225 million.The 22% year-on-year decline in additions of demat accounts—dematerialized or paperless accounts mandated for trading in securities—suggests that the surge in retail participation during the recent bull run is beginning to lose momentum amid a more uncertain global and market environment.The longer-term trend shows how growth is now normalizing after a sharp post-pandemic surge.

Advent-backed digital lender KreditBee has raised about $280 million in a Series E funding round, valuing the company at around $1.5 billion and marking its entry into the unicorn club.The round, which makes KreditBee the third unicorn of 2026 and the first in the new fiscal year, was led by Motilal Oswal Alternates, Hornbill Capital, and MUFG-backed Dragon Funds, with participation from WhiteOak Capital, A.P. Moller Holding, and existing investors including Premji Invest and Advent International.

The push is ambitious. State-run EESL is exploring interest-free EMI options, in talks with global lenders like the World Bank and ADB, to make induction cooking accessible for economically weaker households.

IPO got allotted to me),” Yadav says about early 2024, even as other retail investors rushed in, mostly following influencers, not research. He stayed in the game through 2025, but with doubt creeping in. “Yeh investment band kar dena chahiye (I should stop this investment),” he admits.Yadav’s father, who quietly invested in mutual funds and SIPs, had steady gains—no frenzy, no swings, just consistency.

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India’s record-breaking initial public offering (IPO) run is beginning to show signs of fatigue. Even as companies raised an all-time high ₹1.78 trillion in 2025-26—surpassing the previous peak of ₹1.62 trillion—investor enthusiasm, particularly among retail participants, has started to wane.The shift comes against a volatile backdrop.

Mint in an emailed statement.Other companies including Turtlemint, Indo-Mim, Inframarket, Symbiotech Pharmalabs, Duroflex, and KKR-backed Leap India are also taking a more calibrated approach for a public listing in the current climate, multiple people familiar with the matter said. All these companies have secured approval from market regulator Securities and Exchange Board of India (Sebi) to go public, according to data from Prime Database.Some of these companies have temporarily paused or deferred their IPO preparations due to concerns over valuations amid a turbulent stock market, two people said on the condition of anonymity.

Jungle Ventures, a venture capital firm targeting India and Southeast Asia, expects to exit 8–10 portfolio companies over the next 12-18 months, with half of those deals anticipated in India, according to a company executive.“The next 18 months are going to be big in terms of exits for us. The companies have matured, founders have done well,” Arpit Beri managing partner, India at Jungle Ventures, told Mint in an interview.