Infra.Market Eyes $150 Million Pre-IPO Fundraise

- Infra.Market, backed by Tiger Global and Accel, has chosen eight investment banks for its upcoming IPO, aiming to raise over $500 million. - The selected banks include Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management. - The IPO is expected to be a mix of fresh issue and secondary sales, providing an exit for top VC investors. - The issue size is projected to be between $500 million and $700 million, with potential for a higher amount based on market conditions. - Infra.Market's subsidiary, RDC Concrete, plans its own public market debut in January 2025 after divesting a 10% stake worth $20 million in 2023. Source: [Moneycontrol](https://www.moneycontrol.com/news/business/ipo/tiger-global-accel-backed-infra-market-picks-8-i-bankers-for-mega-500-mn-plus-ipo-12811099.html)

- InMobi is planning an IPO in India next year, targeting a $10 billion valuation, sources told TechCrunch. - The firm, currently domiciled in Singapore, will shift to India and list at the group level, including its advertising arm and Glance. - InMobi expects to generate over $700 million in annual revenue by March and has raised less than $300 million to date. - Founded in 2007, InMobi was the first Indian unicorn and now serves major clients like Mastercard, Samsung, and Coca-Cola. - Glance, a subsidiary, is piloting in the U.S. and plans to launch a generative AI-powered version to enhance user experience and drive commerce. Source: Techcrunch

- IndiQube is in advanced talks to finalize merchant bankers and aims to file its DRHP within three months. - The startup plans to raise INR 1,000 Cr – INR 1,500 Cr from its IPO, mainly through fresh share issuance. - IndiQube posted a profit of INR 60 Cr in FY24 on an operating revenue of around INR 850 Cr. - Founded in 2015, IndiQube offers managed office spaces and counts WestBridge Capital and Helion Ventures among its backers. - The company competes with Awfis and Smartworks, with the latter also filing its DRHP recently. Source: [Inc42](https://inc42.com/buzz/exclusive-coworking-space-provider-indiqube-in-talks-with-bankers-for-inr-1500-cr-ipo/)

- Avanse Financial Services, backed by Warburg Pincus and other marquee investors, has filed for an INR 3,500 Cr IPO with SEBI. - The IPO includes a fresh issue of INR 1,000 Cr and an offer for sale of INR 2,500 Cr, contributing to over INR 1 Lakh Cr of expected IPOs this fiscal. - Avanse, a leading NBFC in the education loan market, competes with major banks and other NBFCs, focusing on high-ticket overseas education loans. - The company reported a PAT of INR 342.4 Cr in FY24, with a significant increase in operating revenue and interest income. - Avanse aims to use the IPO proceeds to augment its capital base, leveraging its strong market position and investor support. Source: DRHP Filings - https://www.sebi.gov.in/filings/public-issues/jun-2024/avanse-financial-services-limited_84390.html

Any possibility of esop buybacks?

- Fractal Analytics plans to file its draft red herring prospectus (DRHP) for an IPO with the Securities and Exchange Board of India by the end of next month or early September. - The company, founded by four IIM Ahmedabad graduates, aims for a $3 billion valuation on the Indian bourses. - The IPO size is expected to be between $500-600 million, primarily consisting of secondary share sales by existing investors. - Fractal Analytics counts TPG Capital and Apax Partners among its key private equity investors. - The exact quantum of secondary stake sales is yet to be finalized, leaving the final IPO size uncertain. Source: Moneycontrol

https://www.reuters.com/business/retail-consumer/indias-flipkart-get-600-mln-walmart-under-new-fundraise-2023-12-21/ Flipsters in grapevine, where is this capital getting consumed? Is it all for new businesses (clear trip, grocery etc)?

- InMobi, backed by SoftBank, has raised $100 million in debt financing to enhance its AI capabilities and fund AI-focused acquisitions. - The financing was led by MARS Growth Capital, a joint venture between MUFG and Liquidity Group. - CEO Naveen Tewari emphasized AI's role in revolutionizing ad engagement and outcomes for consumers, advertisers, and publishers. - InMobi operates two core businesses: InMobi Advertising and Glance, an AI-powered content discovery platform. - Glance, with over 300 million users, aims to expand globally, supported by investments from Jio Platforms, Google, and Mithril Capital. Source: [Moneycontrol](https://www.moneycontrol.com/news/business/startup/inmobi-secures-100-million-debt-to-fund-its-ai-efforts-acquisitions-12819183.html)

- Blackbuck, a logistics unicorn, has filed a draft red herring prospectus for a fresh issue of Rs 550 crore and an offer for sale of 2.16 crore shares. - Key investors selling shares in the IPO include Accel (52 lakh shares), Tiger Global (9 lakh shares), Flipkart (4 lakh shares), and IFC (17 lakh shares). - Founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam will also sell a combined total of 44 lakh shares. - Blackbuck's revenue rose 69% from Rs 176 crore in FY23 to Rs 297 crore in FY24, while net loss narrowed from Rs 290 crore to Rs 194 crore. - The IPO proceeds will fund marketing, product development, its NBFC arm, and general corporate purposes.