New Delhi, June 17 -- Reliance Jio Infocomm, Mukesh Ambani's telecom company, is set to file its draft papers for a stock market debut, after a delay, according to a media report. A group of private equity firms has been shortlisted to acquire a significant minority stake in hospital operator Cloudnine, as True North seeks an exit.
Safety gear maker Karam has attracted investor interest for the sale of a minority stake in the company, a separate report showed. Meanwhile, Sodexo is evaluating an acquisition in the food services and facilities management industry.
Jio Infocomm
Reliance Jio Infocomm is set to file a draft prospectus for its expected $4 billion (around Rs 37,736 crore) initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) within days, according to a report in The Financial Times, citing people familiar with the plans.
The company is set to file the prospectus before billionaire Mukesh Ambani's closely watched annual speech on Friday to shareholders of his oil-to-telecoms conglomerate Reliance Industries, the report added.
The report noted that the company is on course to miss the deadline for filing for an IPO in the first half of 2026, owing to turbulent market conditions.
Cloudnine
Private equity firms TPG Capital, Advent International, CVC Capital Partners and Permira are now moving to the next round of discussions to acquire a significant minority stake in Cloudnine, one of India's largest maternity and paediatric hospital chains, as per The Economic Times.
The shortlisted investors are expected to begin due diligence shortly. The proposed transaction to value Cloudnine at about Rs 11,000 crore (around $1.2 billion), the report said, citing sources. Binding bids are likely to be submitted by early August.
Karam
Industrial safety gear maker Karam has attracted private equity interest from a host of funds evaluating a minority stake in the company, according to a Mint report.
The funds, including Lighthouse Funds, Multiples and Motilal Oswal Alternates, are evaluating a minority stake worth $70-100 million (around Rs 660-943 crore) in Karam, the report said, citing people familiar with the matter. The company is seeking an overall valuation exceeding $600 million, subject to change.
EY is advising Karam on the fundraising process and the transaction is still undergoing due diligence, according to the report, which noted that no final decision has been made.
This could mark Karam's first external fundraise especially as several promoter-owned businesses are increasingly turning to private equity investors to accelerate growth, professionalise operations and facilitate succession planning.
Sodexo-Shashi Catering
French food services and facilities management company Sodexo is in discussions to acquire Shashi Catering Services, according to The Economic Times.
The report noted the potential transaction would be the largest acquisition in India's contract food services and facilities management industry, without providing details on the terms.
The deal would include Shashi Catering's food and facilities management operations spread across five entities with combined annual revenue exceeding Rs 700 crore, the report said. PwC is advising on the transaction.
Published by HT Digital Content Services with permission from VC Circle.