MC Insider | Charging ahead, chilling behind, and dodging the crown

This EV maker, backed by a striped investor with bold tech bets, has ended a two-month dry spell in mainboard IPOs and will soon drive into Dalal Street. The chatter is that a prominent domestic mutual fund took quite a shine to the company and played a key role in the anchor book. Sticking with autos, a West India-based IPO hopeful that recently acquired the Indian arm of a Japanese firm is also trying to follow the trail of the EV firm. And that’s not all: even a few MNCs from the sector are eyeing an India listing.

While market volatility has made some issuers hit the pause button, the auto pack seems to be in cruising mode.

This founder has been testing investors’ patience. Three term sheets have been lying on the person’s desk for months, all promising to crown the startup a unicorn with a valuation upwards of a billion. But there’s no sign of closure.

The startup is profitable and flush with cash, and the founder is in no hurry to close the round, even if it means delaying that coveted unicorn tag.
As one investor put it: “It’s a rare case where the founder is making the investors wait, with no signs of anything happening anytime soon.”

For now, all eyes are on the founder’s next move. But don’t hold your breath.