With Zomato advancing its public listing by a week on the back of strong investor demand for India’s new age technology companies, others have also expedited plans to file draft share sale prospectus with the market regulator.
Online cosmetics retailer Nykaa, insurance aggregator Policybazaar and payments firm Paytm are planning to file their respective draft prospectus this month, three people aware of the plans said, requesting anonymity.
“Nykaa is likely to file its DRHP around July 17 and Policybazaar will file its prospectus around July 20,” said one of the two people cited above.
“The response that Zomato received when it went on investor roadshows has enthused others to speed up their plans and so these companies are looking to file their draft prospectus at the earliest with the Securities and Exchange Board of India (Sebi) so that they have the regulators nod in place soon enough to launch their deals before the end of the year,” said the second person cited above.
Zomato, which will be the first major new-age technology firm to list on the domestic bourses, will open its ₹9,375-crore initial public offering (IPO) on July 14.
{{/usCountry}}Zomato, which will be the first major new-age technology firm to list on the domestic bourses, will open its ₹9,375-crore initial public offering (IPO) on July 14.
{{/usCountry}}Mint reported last month that Nykaa plans to go public later this fiscal at a valuation of $4.5 billion, a sharp rise from its earlier valuation of more than $3 billion, as the beauty retailing startup benefits from a marked shift towards online sales during the pandemic.
Nykaa, founded by former investment banker Falguni Nayar, will keep the size of the public offering unchanged at between $500 million and $700 million.
Mint had reported. Nykaa has appointed investment banks Kotak Mahindra Capital, Morgan Stanley, Bank Of America, Citibank and ICICI Securities to manage its IPO, said the third person cited above.
Mint reported in February that Policybazaar, the country’s largest insurance aggregator, is set to list on the bourses via a ₹4,000-crore IPO, which will see it dilute a 15% stake while seeking a valuation of almost $3.5 billion.
An email sent to Nykaa did not elicit a response, while a spokesperson for Policybazaar declined to comment.
Several other technology companies are also working on their IPOs such as online travel portal Ixigo, travel and hospitality B2B service provider Rategain and online pharmacy PharmEasy.