BUSINESS
Leadership rejig at JM Financial; Vishal Kampani to become non-exec VC, two senior dealmakers elevated as Joint MDs
Atul Mehra and Adi Patel, currently CO-CEO’s of the investment banking business, elevated as Joint MDs
BUSINESS
Vedant Fashions, owner of top-selling Manyavar Brand, files draft papers for IPO
The Ravi Modi-founded fast-growing apparel company is backed by India-focused private equity firm Kedaara Capital and its other brands include women’s wear brand Mohey, family wear brand Mebaz, Twamev, and Manthan.
BUSINESS
Race for Shapoorji Pallonji Group-owned Eureka Forbes: PE firm Advent International in the lead
Eureka Forbes is a subsidiary of listed parent Forbes & Company and the 150-year-old Shapoorji Pallonji group is keen to take advantage of the health, hygiene, and home improvement wave post-COVID-19, unlock value and reduce its debt through the proposed transaction.
BUSINESS
So what does it take for a company to be IPO-ready?
The IPO journey an enterprise undertakes is long, laborious and often complex. Companies usually kick-start preparations 12 -18 months before the issue launch. So what exactly goes into getting IPO-ready?
BUSINESS
Blackstone in exclusive talks to buy majority stake in Advent International-backed asset & wealth management firm ASK Group
The last prominent buyout in the wealth management space was completed in March 2021 when PAG, a leading Asian investment firm acquired 61.5% stake in Edelweiss Wealth Management for ₹2,366 crore.
BUSINESS
IDBI Bank sale: Link Legal emerges as front-runner for role of legal advisor
In May, the Cabinet Committee on Economic Affairs had given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The government and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). On August 14, Moneycontrol had reported that KPMG was the lead contender for the role of transaction advisor.
BUSINESS
Two private equity players and a French IT firm line up to buy Hexaware
Bain Capital & Carlyle and French IT outsourcing major Teleperformance SE have submitted binding bids to acquire Hexaware, sources told Moneycontrol
BUSINESS
Shareholders approve $8 billion ReNew Power SPAC deal; Nasdaq trading may begin on August 24
This is a landmark transaction as it represents the biggest overseas listing of an Indian company via the SPAC (special purposed acquisition company) route, which has been a smash hit on Wall Street over a major part of the last 18 months. The proceeds would be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt.
BUSINESS
IDBI Bank Sale: KPMG India emerges as front-runner for role of Transaction Advisor
In May, the Cabinet Committee on Economic Affairs had given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The government and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%).
BUSINESS
Ixigo IPO: Travel aggregator files for Rs 1,600-crore public issue
Ixigo IPO: Sequoia Capital, Elevation Capital, GIC and Micromax-backed travel app is dominant player in the train utility and ticketing category, competes with listed peers Easemytrip, Yatra and Booking.com.
BUSINESS
PE major CVC Capital Partners in talks to pick up minority stake in Shilpa Medicare’s API business
CVC’s India portfolio includes Bengaluru-based HealthCare Global Enterprises, the country’s largest cancer care provider, and UnitedLex, a legal services outsourcing firm. Earlier on July 12, Shilpa Medicare had approved the transfer of its API business to a wholly owned subsidiary via a slump sale.
BUSINESS
Makemytrip exits IPO-bound ixigo with 8x returns; Deep Kalra steps down from firm’s board
Makemytrip invested in AI-based travel app ixigo in 2011. The app was launched in 2007 by Aloke Bajpai and Rajnish Kumar and its investors include Sequoia Capital and Elevation Capital.
BUSINESS
Ahead of SPAC vote, ReNew Power acquires 359 MWs of clean energy assets for $384 million
On August 6, Moneycontrol had reported that the US Securities Exchange Commission or SEC (the equivalent of India’s market regulator SEBI) had given the crucial regulatory nod to the mega $8 billion SPAC transaction between ReNew Power and RMG Acquisition Corporation II. The shareholder vote is pending for the deal post which the combined firm will start trading on the Nasdaq.
BUSINESS
Hinduja Global Solutions sells healthcare vertical to Barings PE Asia for $1.2 billion
The Indian portfolio of Barings Private Equity Asia includes firms like Hexaware, Virtusa, Citius Tech, Coforge ( formerly called NIIT Technologies), CMS, AGS Health and RBS Bank. Reports indicate the PE firm has put delisted IT firm Hexaware on the block for $2.5 to $3 billion.
BUSINESS
Warburg Pincus & Creation Investments-backed Fusion Microfinance files for Rs 1,900 crore IPO
Devesh Sachdev, the chairperson of MFIN ( self-regulatory body for NBFC-MFIs) is the founder and CEO of Fusion Microfinance. Fusion Microfinance was set up in 2010 and as of March 31, 2021, it had 2.12 million active borrowers served by 725 branches and 6,351 employees spread across 326 districts in 18 states and union territories.
BUSINESS
Dealmaker Rupen Jhaveri quits KKR India after 12-year stint
At KKR, he has led investments in Alliance Tires, Magma Fincorp, Dalmia Cement, Max Financial Services, SBI Life Insurance, Bharti Infratel, HDFC Ltd, Ramky Enviro Engineers, Jio Platforms and Reliance Retail.
BUSINESS
Exclusive | SoftBank-backed Oyo picks I-Banks JP Morgan, Kotak Mahindra Cap and Citi for over $1-billion IPO
Oyo platform hosts 100K+ small hotels and homeowners across 800 cities in 80 countries, including India, the US, UK, Europe, Southeast Asia, and the Middle East. The firm recently closed a debt financing round of $660 million and is now in advanced talks with Microsoft for a fresh investment valuing it at $9 billion
BUSINESS
Subhrajit Roy joins BofA Securities as new MD & Head (GCM); predecessor Sunil Khaitan to take up SE-Asia role
Sunil Khaitan, an IIM Bangalore Alumnus, has had a stint of a little more than three years in his current role in India. Subhrajit Roy was earlier an Executive Director & Head (ECM Origination) at Kotak Investment Banking.
BUSINESS
US SEC gives nod to mega $8 billion ReNew Power SPAC deal; firm’s shares may soon begin trading on Nasdaq
The transaction would further strenghten ReNew’s position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities. The proceeds would be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt.
BUSINESS
Govt Buries Ghost Of Retro Tax: What Are Top Tax Experts Saying?
The unpopular tax policy, which was first introduced in Budget 2012, had dampened the investment climate and triggered a rash of domestic and international litigation and arbitration involving MNCs like Vodafone and Cairn, in some cases involving legal setbacks for the government
BUSINESS
PE activity in H1 CY2021 at all-time high of $26 billion: PwC India Report
The combined deal activity crossed $40.7 bn with 710 transactions during the first half of the current calendar year. A growing divergence in asset valuations, the acceleration of deals in digital and technology and increasing attention toward environmental, social and governance (ESG) matters are some of the key themes in the current uncertain times, the report added.
BUSINESS
Apax Partners-promoted IPO-bound Healthium Medtech acquires Gelatin Sponge business of SGK Labs
Healthium aims to further expand the market access of this brand using its wide network of hospitals across India. Moneycontrol had earlier reported that the firm was looking to raise $300 mn to $400 mn via an IPO, targeting a valuation of around a $1bn.
BUSINESS
Adani Wilmar IPO: All you need to know
Adani Wilmar IPO: The proposed listing of the firm on the stock exchanges will not have any secondary offering.
BUSINESS
Beauty startup Nykaa files papers with Sebi to raise around Rs 4,000 crore via IPO
Nykaa was founded in 2012 by former investment banker Falguni Nayar and is a leading destination for beauty products, armed with its own chain of physical outlets and ($250 million) in revenue in fiscal 2020.
