BUSINESS
Race for Apollo Global’s BPO arm IGT Solutions: Who is in the shortlist?
New York headquartered Apollo Global had purchased IGT Solutions three years back from Indigo Airlines owner InterGlobe Enterprises. Other than travel and hospitality, it also operates in segments like land transportation, logistics, and cargo, e-commerce, and gaming.
BUSINESS
Jamil Khatri, KPMG India’s audit spearhead steps down
Khatri, who became partner at KPMG at the young age of 28, had founded the accounting advisory practice for India and was also the global head of the vertical
BUSINESS
Generali to hike stake and acquire control in both insurance JVs with Future Group
Private equity funds Premji Invest and True North amongst potential suitors for the residual stake sale plans of Future Group in both the general and life insurance joint ventures
BUSINESS
Fabindia files papers for 2022 listing, Premji Invest-backed firm joins apparel brand IPO party
On 10th January, Moneycontrol was the first to report that Delhi based Biba Apparels, which is backed by Warburg Pincus and Faering Capital, had shortlisted advisors for its proposed initial public offer. Sequoia Capital-backed women’s bottom-wear brand Go Colours raised Rs 1,014 crores via its IPO and made a stellar debut on the bourses in November, listing at a 90 percent premium to its issue price. Others like Manyavar owner Vedant Fashions ( backed by Kedaara Capital) are also preparing for an IPO
IPO
Adani Wilmar IPO likely to launch on January 27
The firm, which aims to be the largest food company in India by 2027, is trying to muscle its way in the fast-growing consumer segment and unlock value through the IPO. If the plans fructify, it will be the seventh firm to be listed from the diversified Adani group’s stable
BUSINESS
Senior dealmaker Vikram Hosangady quits KPMG India
During his stint at KPMG India, Vikram Hosangady held key positions like Head of Deal Advisory (Europe, Middle East, Africa and India) & Head of Private Equity. In October, 2021, Yezdi Nagporewalla was appointed as the new CEO of KPMG in India for a term commencing February 7, 2022 and ending on December 31, 2026.
BUSINESS
SaaS fintech firm Zaggle kickstarts preparation to raise around $200-$250 million via IPO
With a vision to become a ‘global digital bank’, Zaggle was established in 2011 by NYU Stern School of Business alumnus Raj N who is a serial entrepreneur and an active angel investor.
BUSINESS
Blackstone exits Mindspace REIT; sells post-IPO stake to Abu Dhabi Investment Authority
Mindspace, backed by K Raheja Corp and Blackstone, became the second real estate trust to be listed on the Indian bourses in September 2021, after Embassy Office Parks REIT.
BUSINESS
Warburg Pincus-backed Biba Apparels picks bankers for 2022 IPO
Sequoia Capital-backed women’s bottom-wear brand Go Colours raised Rs 1,014 crores via its IPO and made a stellar debut on the bourses in November, listing at a 90 percent premium to its issue price.
BUSINESS
The IPO Year: Fundraising by India Inc at record high of Rs 1,18,704 Crore in 2021
The domestic IPO pipeline remains strong, with 35 companies holding SEBI approval proposing to raise roughly Rs 50,000 crore and another 33 companies awaiting SEBI approval to raise about Rs. 60,000 crore.
BUSINESS
Law firm Shardul Amarchand Mangaldas declares rejuvenation break for all employees
Aimed at recharging the batteries of its lawyers, the move by Shardul Amarchand Mangaldas underscores the rising focus on a healthier work environment, burn-out and mental fatigue.
BUSINESS
Ex KKR India Dealmaker Rupen Jhaveri To Join Piramal Enterprises As Group President
Moneycontrol had first reported Jhaveri's exit from private equity firm KKR on August 9. Recently Rajesh Laddha, CFO, Piramal Enterprises hsd resigned to pursue his own entrepreneurial venture.
BUSINESS
Foxconn India Arm & Xiaomi Phone Maker Bharat FIH Files For Rs 5,000 Cr IPO
Given the significant under-penetration and increasing per capita usage of these products in India, the country’s total addressable EMS market is expected to grow to US$135 billion by Financial Year 2026 with a CAGR of 30.3% between Financial Years 2021 and 2026
BUSINESS
Citi Investment Banking elevates 2 dealmakers as MDs
"The changes will take place with immediate effect and an internal announcement on these moves will be made soon," a source told Moneycontrol.
BUSINESS
Reliance Capital Insolvency: Deloitte comes on board to support RBI-appointed administrator
Reliance Capital has become the fourth NBFC, following Dewan Housing Finance Corporation and two Srei Group firms, to face bankruptcy proceedings triggered by action from the banking regulator.
BUSINESS
Sachin Bansal-backed Navi Tech kick-starts process for 2022 IPO; appoints four I-bankers
Navi has opted for the inorganic route in the past to enter segments and its businesses include lending, general insurance, mutual funds and microfinance. The firm is awaiting approval from the RBI for a universal banking licence to build a bank from the ground up, utilising the technology stack built in-house. It also has a stockbroking licence from Sebi.
BUSINESS
Hero Electric aims to raise fresh funds of $200-$300 million; looking to tap PE funds
Hero Electric counts the likes of Ola Electric, Hero MotoCorp-backed Ather Energy, Okinawa, Simple Energy, TVS Motors and Bajaj Auto as its peers. In October, the firm reported a multi-fold increase in sales of high-speed scooters at 6,366 units. It sold 314 units in the same month last year, with aggregate sales for the ongoing fiscal reaching 50,331 units until October.
BUSINESS
PE major Apollo Global Management puts BPO firm IGT Solutions on the block, seeks $400-$500 million
In January 2019, AION Capital Partners, a joint venture between Apollo Global Management & ICICI Venture had acquired IGT Solutions. Other than travel and hospitality, IGT Solutions also operates in segments like land transportation, logistics, and cargo, e-commerce, and gaming. It is led by CEO Vipul Doshi and Utsav Baijal, Head of India Private Equity at Apollo Global is part of the company’s board of directors.
BUSINESS
Hinduja-ADIA consortium in talks to buy AXA stake In life insurance JV with Bharti
In the past, Hinduja group entity IndusInd Bank has partnered with many life insurance players to sell the latter’s insurance policies through the lender’s branches. ADIA is no stranger to the sector and in the past few years, the Gulf investment major has been an anchor investor in the IPOs of ICICI Lombard, SBI Life Insurance, PolicyBazaar and more recently Star Health Insurance.
BUSINESS
Lessons From PNBHFL-Carlyle Saga: SEBI moves to revamp pref allotment pricing regime
PNB Housing Finance locked horns with SEBI over the pricing methodology of its Rs 4,000-crore deal with Carlyle, as part of which former HDFC Bank MD and CEO Aditya Puri would be a co-investor and join the PSU firm’s board. The transaction opted for the route of preferential allotment of shares, via which the private equity firm sought to acquire control.
BUSINESS
Fairfax-backed IIFL Finance looks to sell stake in Housing Finance unit
Canadian billionaire Prem Watsa-backed Fairfax Group and the UK government’s development finance institution CDC Group plc are key investors in IIFL Finance, holding 22.3 percent stake and 7.7 percent stake, respectively. With over 2,563 branches, IIFL Finance and its subsidiaries, IIFL Home Finance Limited and Samasta Microfinance, are focussed on retail lending.
BUSINESS
Exclusive: Prateek Indwar and Supratim Sarkar quit SBI Capital Markets; Gaurav Sood of I-Sec may come on board
The domestic investment banking fraternity has seen several elevations, exits and internal rejigs earlier in the year at firms such as Citi, Kotak and Morgan Stanley.
BUSINESS
Coforge files for US IPO via ADR route; Barings PE Asia to sell part stake
The move comes after recent management commentary that Coforge’s investments in segments such as product engineering, cloud, data, automation, and integration capabilities would help it become a $1 billion-plus firm next year.
BUSINESS
Coforge, formerly NIIT Tech, to shortly file for US IPO via ADR route; Barings PE Asia to sell part stake
If the plans of Coforge fructify, it would join the likes of Infosys and ICICI Bank, which had listed on the US bourses via the ADR route. To be sure, Vedanta and Videocon D2H had delisted their ADRs earlier.
