1947 Tech 🇮🇳: 167
IPOs, secondaries and more!
1. Bankers chase Byju’s for IPO, valuation pegged up to $50 billion
Nearly every top investment bank is chasing Byju’s and nudging the most valuable Indian startup to seriously explore the public markets as soon as next year.
Most banks have given Byju’s a proposed valuation in the range of $40 billion to $45 billion, but some including Morgan Stanley have pitched a $50 billion valuation if the startup lists next year, according to two people with knowledge of the matter.
The startup, which has raised $1.5 billion since the beginning of the pandemic last year, was most recently valued at $16.5 billion.
The banks’ excitement comes as the Indian public market has shown a glimpse of strong appetite for consumer tech stocks. Food delivery Zomato had a stellar $1.3 billion debut on Indian stock exchanges last month. Scores of other top startups including Paytm, PolicyBazaar, Nykaa, Ixigo and MobiKwik have also filed paperworks for their IPOs.
2. Ola picks banks for initial public offer
Ola Cabs has started hiring investment banks and lawyers to work on its plans for an initial public offering that could see the ride-hailing company raise more than $1 billion, three people aware of the development said.
“Ola has shortlisted Kotak Mahindra Capital and Citigroup, and conversations are on with others such as Morgan Stanley. More banks will be added later. Two law firms have also been hired. A large part of the IPO will be primary capital to propel the company’s growth, while there will also be a secondary share sale by some investors.
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