IPO Financial News

Mumbai: Private credit is stepping in ahead of public listings to help founders and promoters consolidate stakes or shore up capital as investors seek partial or full exits amid equity market uncertainty.Over the past 12-14 months, founders or promoters of companies including Leap India, Symbiotec Pharma, Vivriti Group, Zepto, InMobi, Lenskart and Zetwerk have engaged in such transactions ahead of their initial public offerings (IPOs), multiple people familiar with the matter told Mint. “Credit is increasingly being used as a flexible pool of capital to capture these opportunities and, in some cases, to provide exits to their investors, especially when public/IPO markets are facing headwinds,” said Aakash Desai, chief investment officer (CIO) & head of private credit at 360 ONE Asset, which closed its fifth private credit fund with a $400 million corpus earlier this week.

Mumbai: India’s lightly regulated market for pre-IPO shares is back in focus after the Enforcement Directorate (ED) launched a probe into the alleged sale of unlisted National Stock Exchange shares, a case that is renewing calls for tighter oversight of the fast-growing segment.Last week, ED conducted searches at eight locations in Mumbai and Chennai as part of a money laundering investigation linked to the sale of shares of NSE, which is set to hit the public markets soon. The action targeted entities, including Atum Capital Pvt.

PhonePe, the fintech giant backed byWalmart, is preparing for a major initial public offering, aiming for a valuation of up to $10.5 billion (around ₹97,000 crore). This would be lower than the $12 billion valuation at which PhonePe last raised $100 million from private equity investors in 2023.The IPO will be entirely an offer for sale (OFS), with existing investors including WM Digital, Microsoft Global Finance, and Tiger Global planning to sell shares.

Quick-commerce operator Zepto Ltd is targeting a late April deadline for filing updated documents for an initial public offering (IPO) with India's market regulator, even as it faces valuation concerns, said three people aware of the matter.Zepto's December 2025 confidential filing is likely to be cleared in another four weeks, one of the people quoted earlier said–all three spoke on the condition of anonymity. Following the clearance, Zepto plans to file its updated draft red herring prospectus with the Securities and Exchange Board of India (Sebi) before the end of April, this person added.An updated prospectus is a public disclosure of the share sale details to investors after confidential filings.

₹18,000 crore ($2 billion) in realised and potential equity value over the company’s lifecycle.Even if the company lists closer to $10.5 billion, a steeply marked down valuation at which the IPO is widely expected, the value of that pool could still be around ₹13,000 crore, or about $1.4 billion.Of that, the options that still exist today and can convert into shares in the future, could be worth roughly $500-600 million.While other tech firms also use Esops to retain top talent, PhonePe’s rewards to its employees have seeded at least half a dozen “deca-millionaires”, or very high-net-worth individuals, in its top deck.And thanks to the payments platform's extravagant Esop structure, its top leadership has stuck around from its early Flipkart-acquisition in 2016 to the cusp of its IPO. (Walmart Inc.

XED, which provides education programs to top executives. The company plans to raise $12 million through a dollar-based offering in GIFT City this month.While the offering will test the IPO route at the offshore financial centre, the forthcoming framework is aimed at companies that want to list directly on the exchanges.If implemented, the proposal would allow Indian and global companies, whether already listed elsewhere or privately held, to list their shares on GIFT City exchanges without raising fresh capital.

consistent domestic fund flows has transformed into a structural shift in India’s capital markets. Institutional investors now hold the balance of power in IPO pricing: reshaping exit strategies, valuation expectations and the very criteria for going public.That growing clout is prompting companies and private equity backers to recalibrate listing plans— prioritizing visible profitability, stronger unit economics and capital efficiency ahead of market debut, said Prashant Singhal, partner and India Markets leader at EY.

₹3,100 crore initial public offering (IPO) of CleanMax Enviro Energy Solutions Ltd to break the deadlock. Investor demand for the public market share sale of Clean Max is expected to help set a pricing benchmark for private market transactions in the sector, including platform sales, stake deals, and upcoming listings.While the first half of 2025 saw some strategic platform acquisitions, these were largely private, with deal structures and valuation rationales not made public, leaving buyers and sellers without a transparent reference point.“Over the last year, the bid-ask spread between project developers and buyers has widened due to global interest rate environments and capital expenditure requirements,” an investment banker who specializes in renewables deals told Mint, requesting anonymity.Several high-profile transactions in India's renewable energy sector have remained stuck in negotiations for a while now.

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Carlsberg AG, the Danish brewer, recently said it plans to list its India business on the domestic bourses. The move comes at a time when India’s beer market is benefiting from favourable regulatory shifts, growing retail access, and a potential cyclical recovery after a weak season. Yet, the market remains structurally spirits-dominated, intensely competitive, and heavily dependent on state-level excise policies.What explains the timing of the IPO, and how big are the opportunity and the risk? Mint explains.Chief executive Jacob Aarup-Andersen said in a February earnings call that the company is assessing an initial public offering (IPO) in India to “create shareholder value”.

Vertis Infrastructure Trust, an infrastructure investment trust (InvIT) backed by global investment firm KKR and Ontario Teachers’ Pension Plan, plans to double its assets under management (AUM) to about ₹52,000 crore over the next two years, driven by steady secondary acquisitions of operational highway projects worth ₹5,000–6,000 crore annually, joint chief executive officer Zafar Khan said in an interview.The roads-focused InvIT, which currently manages assets worth around ₹26,000 crore, expects to add a mix of hybrid annuity model (HAM) and toll projects to maintain a balanced portfolio and enhance investor returns.“We are not satisfied with ₹26,000–27,000 crore. We are looking at doubling our AUM in the next two years.

Mumbai: India is increasingly seeing private equity and venture capital backed companies tap public markets at an earlier stage in their lifecycle, driven by factors such as greater predictability in business performance, liquidity needs, and conducive regulatory policies, making IPOs an attractive option.“Over the past few years, public markets have also become more willing to underwrite newer business models. That increases confidence for sponsors to view IPOs (initial public offerings) as a viable, attractive exit option earlier in the company lifecycle,” Gaurav Sood, managing director and head of equity capital markets of Avendus Capital.

Subscribe to enjoy similar stories. JSW Infrastructure Ltd’s management has approved equity fund raising of up to 250 million shares on Friday, which is almost equal to its initial public offering (IPO) size in terms of number of shares. A qualified institutional placement (QIP) is likely to be the preferred mode for raising funds.

Subscribe to enjoy similar stories. The primary market has struggled to find its footing in 2026. Benchmark indices are down about 2.6% year-to-date, volatility remains elevated, and investors are wary amid global uncertainties and tighter domestic liquidity.

Three recent orders of the Securities Appellate Tribunal (SAT) mark an inflection point in Indian securities law. Individually, they address disclosure lapses, alleged accounting manipulation, fraud under Sebi’s Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market (PFUTP) Regulations, initial public offering (IPO) fund utilization and interim relief. Collectively, they pose a larger question: What model of corporate governance enforcement is India converging towards—the letter of the law, substantive transparency or calibrated market pragmatism?The first ruling, in the Varun Beverages case, sharpens the meaning of disclosure.

Subscribe to enjoy similar stories. Brookfield-backed CleanMax Enviro, one of the leading early movers in India's corporate renewable energy sector, is set to launch its initial public offering (IPO) on 23 February. As of FY25, the company commands an 8% market share of annual open-access renewable energy capacity additions, reinforcing its position as a primary provider of decarbonization solutions.

XED Executive Development, set to be the first company to list on the GIFT City exchanges after its upcoming IPO, has appointed a market maker for one year to address low liquidity on the exchanges.“We have appointed Evermore as our market maker and 5% of the issue has been set aside for market-making purposes,” Piyush Agarwal, chief executive officer of XED Executive Development, toldMint.XED, which provides leadership and management development programmes to senior professionals in over 25 countries, plans to raise $12 million through a dollar-based offering. It will be listed on the NSE International Exchange and the India International Exchange – in GIFT City – in the first week of March.As the first company to list on these exchanges, XED may initially face liquidity challenges.

Subscribe to enjoy similar stories. MUMBAI: The three co-founders of ride-hailing platform Rapido—Aravind Sanka, Pavan Guntupalli and Rishikesh S R—have shed their promoter tags, with the company's board approving a proposal in August last yearto reclassify them as non-promoter shareholders, according to a regulatory filing reviewed by Mint.

Subscribe to enjoy similar stories. Michael Grimes, the longtime Morgan Stanley rainmaker, spent years laying the groundwork for his bank to land a role leading the initial public offering of Elon Musk’s rocket maker SpaceX. But by the time Musk finally decided to take SpaceX public, Grimes was working in the Commerce Department, having followed the billionaire to Washington, D.C.

Subscribe to enjoy similar stories. The Union Budget 2026, with its record ₹12.2 trillion capex outlay and incentives such as tax credits and production-linked incentives (PLI) for sectors including railways, green energy, semiconductors, biopharma, and textiles, is likely to reshape IPO strategies of several private firms. Companies looking to go public in FY27 are likely to pivot from debt repayment and high offer-for-sale (OFS) components towards increased greenfield capex in their fundraises, boosting fresh equity for factories, machinery and capacity expansion, multiple dealmakers told Mint.

Subscribe to enjoy similar stories. Markets are remarkably forgiving when the mood turns. Over the past few days, equity sentiment has staged a sharp turnaround.