IPO Financial News

Subscribe to enjoy similar stories. MUMBAI: India’s merchant banking industry may be headed for a sharp contraction as the market regulator's new, tougher regulatory framework threatens to push out a large number of players who have stayed on the rolls but barely participated in the Indian capital markets.

₹816 crore from ₹1,020 crore as it sharpens its focus on attracting a broader and more stable institutional investor base amid improving profitability.The downsized offer values Amagi at $869 million at the top of the price band versus its $1.4 billion valuation back in 2022, after it secured a $100 million investment from General Atlantic.The company has fixed a price band of ₹343 to ₹361 per share for its ₹1,788.6 crore IPO, which also includes an offer-for-sale (OFS) component.Amagi's public market debut makes it the first large tech IPO of 2026 in India, marking the beginning of a streak of software-as-a-service companies that are either prepping for a public market debut or are considering listing. The list includes the likes of Leadsquared, BusinessNext, Zenoti, Icertis, Mindtickle, Juspay and Whatfix.

Coal India Ltd’s (CIL's) key subsidiary Bharat Coking Coal Ltd (BCCL) is set to launch the first mainboard initial public offering (IPO) of 2026, marking an important step in the government-owned miner’s long-planned monetization strategy.BCCL, incorporated in 1972, is India’s largest producer of coking coal and plays a strategic role in CIL’s portfolio. The company has an estimated 7.91 billion tonnes of reserves as of 1 April 2024, making it one of the country’s biggest holders of coking coal resources.

New Delhi: Indian Gas Exchange (IGX) plans to launch its initial public offering by the end of 2026, according to its top executive.The IPO would largely be an offer for sale (OFS) for 22% stake by promoter Indian Energy Exchange Ltd, managing director and chief executive officer (CEO) Rajesh Mediratta told reporters on Wednesday. “The merchant bankers are yet to be appointed for the sale process.”IEX currently holds 47% and NSE owns 26% of IGX, while other minority shareholders include GAIL India Ltd, Oil and Natural Gas Corp.

₹300–400 crore and show predictable performance, they are increasingly turning to public markets to build brand credibility, attract talent, and provide shareholder exits.Startups including Scripbox, MyGate, FabHotels, and ClassPlus are in various stages of discussions to tap Dalal Street sooner than previous cycles would have suggested, at least four people familiar with the matter said. The shift is being driven by strong valuations, deep domestic liquidity, and founders’ desire to avoid waiting for another private round.“Public market’s current attraction plays a huge role in people’s decision to opt for a listing.

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₹1,000 crore ($111 million), said two people in the know of the developments.An announcement is expected on Monday."The deal value for the acquisition is around ₹1,000 crore. With the slew of fresh acquisitions, Inox Clean may soon file a fresh DRHP (draft red herring prospectus) for its public listing," said one of the two people mentioned above.Mint had earlier reported that SHV Energy has appointed BNP Paribas to sell the solar energy assets of SunSource Energy in a deal having an equity value of around $100 million.

Dear reader, as 2025, a year of global tumult and volatility, rolls by, Mint's reporters and columnists look around the corner on what is coming in 2026—to help you know what to expect and prepare for it. Tell us what you think at [email protected] volume at the growth stage and private equity level, in the $30-100 million range, has increased from last year, even as the number of mega deals (greater than $100 million) in the Indian market has decreased.

The number of small businesses going public grew at a slower pace this year as stringent regulatory requirements to curb frenzy and unfavourable macroeconomic conditions dampened issuances.The number of initial public offerings (IPOs) on the small and medium enterprises (SME) platforms grew 12.5% so far this year compared with a 31% surge in 2024, according to a report from Pantomath Capital Advisors.The Securities and Exchange Board of India's (Sebi's) regulatory curbs significantly contributed to the slowdown by tightening eligibility, governance, and fund-use norms starting late 2024 and into 2025, said Jay Jhaveri, partner at Bhuta Shah and Co. LLP.

In 2025, private equity and venture capital firms extracted the largest sum of cash from India’s initial public offerings (IPOs) in four years, even as their share in the country’s primary market shrank to its lowest in at least a decade. While these investors offloaded ₹20,643 crore worth of stock in 2025, they backed fewer than one in five listings, compared to around one in four in 2024 and around one in three in 2023.According to market statistics compiled by data intelligence firm Prime Database, the value of PE/VC-backed IPO stake sales this year was the highest since the all-time high of ₹31,684 crore in 2021, which came during a period of high global liquidity and a surge in technology listings following the covid pandemic.Despite the increase in the absolute value of exits, the proportion of PE/VC-backed companies within the broader IPO landscape has declined steadily over the past decade.

Indian equities navigated a paradoxical 2025, remaining historically stoic despite the lingering shadow of late-2024 corrections and the pressure of US tariffs. With a maximum drawdown—the peak-to-trough decline within the year—of just 9% and a year-end return of 8%, 2025 stands as a year of relative calm.This performance is not a rarity, though.

Despite domestic equities becoming the worst-performing among emerging markets in 2025, foreign portfolio investors (FPIs) have continued to invest in India through its primary markets, and the trend is expected to persist next year.Investment bankers and money managers have attributed this trend to FPIs' conviction in the country's long-term structural growth prospects, even as the cohorts tactically reduce their cash market exposure due to a range of factors, including softer US interest rates and a slowdown in earnings growth.While FPIs have net sold a record ₹2.34 trillion of cash or secondary market shares this calendar year, following steeper valuations compared to emerging market (EM) peers amid an earnings growth pause, their purchases through the primary route at ₹73,749 crore this year have been the second-highest, only to the record ₹80,314 crore inflows in 2021.This bullishness on India is also evident historically. From 2015 to the end of 2025, FPIs have been net sellers six out of 11 times in the cash market.

Dear reader, as 2025, a year of global tumult and volatility, rolls by, Mint's reporters and columnists look around the corner on what is coming in 2026—to help you know what to expect and prepare for it. Tell us what you think at [email protected] a year that saw initial public offerings (IPOs) eclipse other investment banking activity, cross-border merger and acquisition (M&A) transactions gained traction and are expected to continue through next year, industry executives said.

Fractal Analytics Ltd is likely to begin the book-building process for its ₹4,900 crore market debut as early as next week, two people directly aware of the matter said.India's first artificial intelligence unicorn, which received regulatory approval for launching its initial public offering (IPO) in November, is likely to file updated draft papers by mid-January 2026, one of the people quoted above said.The company has been meeting potential investors, both local and global, and has received investment commitments from several of them, the other person explained.Book building is a process where merchant bankers determine a price range within which investors can bid for shares in an IPO. The final price is determined after the bidding process is completed.A book-building process is also likely to help Fractal decide on its pre-IPO placement, the second person said.

Sensex is on track to end December marginally in the red, extending last year’s weak finish and marking the sixth time in close to a decade that the benchmark index has closed the holiday month with losses.A Mint analysis shows the index headed for a modest decline of about 0.2% in December, following a 2% fall in December 2024. The only worse December in recent years was 2022, when the Sensex dropped almost 4%.

Subscribe to enjoy similar stories. Mumbai: Maharashtra State Electricity Distribution Company Ltd (MSEDCL) will restructure its operations to manage debt and enhance its appeal to investors ahead of its planned public listing next fiscal year, its top official said. Also called Mahavitaran, the state government-owned power distributor will be split into two entities, with one taking over electricity supply to the farm sector along with ₹75,000 crore in outstanding dues from farmers, Lokesh Chandra, the chairman and managing director of MSEDCL, said.

₹2,000 crore over the next three years to expand its battery recycling and critical minerals refining capacity, said co-founder and CEO Nitin Gupta.The company aims to scale up its rare earth recovery and recycling capacity in India to 100 tonne per day, from the current 1 tonne."Our (lithium ion) battery recycling capacity will increase to almost 300,000 tonne per annum from the current 17,000 tonne, almost 15 times the expansion," he said.Attero currently recovers rare earth elements from used permanent magnets and exports its recycled rare earth products. It recovers minerals such as neodymium and seramium that find end use in the permanent magnets in automotive and defence sectors.At a time when India is exploring ways to become self-reliant in critical minerals used in batteries, renewable energy components, defence and IT equipment, recycling of e-waste is increasingly seen as a major way to source these materials.India generates over 3.8 million tonne of e-waste annually.

Kotak Mahindra Bank Ltd sees little value in listing its subsidiaries and selling a stake to “foreigners” at present and would rather focus on building an enduring institution, said chief executive officer Ashok Vaswani, even as peers have taken their units public during India’s record IPO surge.History shows that whenever a private or public sector bank sold a significant stake, they brought buyers from overseas, Vaswani, who will complete two years at the helm of India’s fourth-largest private lender by assets in January, said in an interview with Mint.“We are not here for a day in the sun or a quarter in the sun; we are here to build a lasting, lasting, lasting franchise,” said Vaswani. “The foreigner brought in no talent, the foreigner brought in no brand.

Subscribe to enjoy similar stories. MUMBAI: With the benchmark Nifty 50 trading just 2% below its 52-week high, India’s equity market appears buoyant. But beneath the surface, a very different story is playing out.

Subscribe to enjoy similar stories. Rather than pursue a conventional initial public offering, SpaceX could go public through a merger with wireless phone, TV and satellite company EchoStar. It’s an admittedly an unconventional and seemingly far-fetched idea, but SpaceX’s leader and controlling shareholder, Elon Musk, is a maverick who has succeeded by flouting conventional rules.

Subscribe to enjoy similar stories. Vishal Mega Mart Ltd has completed a year on the stock exchanges, and investors can scarcely complain. The shares are up 18% from the closing price on the listing date of 18 December 2024 and nearly 70% above the IPO issue price of ₹78.