New Delhi, July 16 -- MakeMyTrip India is gearing for a confidential filing for an initial public offering (IPO), New York-headquartered Brookfield's renewable energy portfolio in Bikaner, Rajasthan has attracted takeover interests, Chennai-based Adyar Ananda Bhavan has relaunched its efforts to sell a stake, and electric vehicle maker Omega Seiki Mobility (OSM) is exploring an IPO after a fundraise, according to separate media reports.

MakeMyTrip

Nasdaq-listed MakeMyTrip India is gearing up to confidentially file draft papers for an initial public offering of more than $1 billion (around Rs 9,634 crore), according to a Moneycontrol report, citing sources. The listing may happen in as little as a week.

Moneycontrol said the issue would likely consist of an offer for sale (OFS), though a final decision on the issue structure has not been made.

Investment banks Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are advising on the proposed issue, according to the report.

Brookfield's Bikaner renewable energy portfolio

Several renewable energy and infrastructure companies are discussing acquiring Brookfield Asset Management's 550-megawatt renewable energy portfolio in Bikaner, according to The Economic Times, citing sources.

Companies including Actis, INOXGFL and IndiGrid, are in discussions, while Naveen Jindal-backed Jindal Renewable Energy, the renewable energy arm of RP-Sanjiv Goenka Group and Macquarie-backed Blueleaf Energy, are also interested players, the report stated.

The portfolio supplies clean power to commercial and industrial (C&I) consumers across India. The proposed deal is expected to value the portfolio at about Rs 3,000 crore (around $311 million) on an enterprise value basis.

Backed by International Finance Corporation (IFC), the project has a diversified base of C&I customers including Hindustan Unilever, which is among its marquee clients, with a 45 MW power purchase agreement (PPA). Brookfield Properties' commercial campuses in Gurgaon and Noida also source solar power from the portfolio.

Adyar Ananda Bhavan

Adyar Ananda Bhavan (A2B) promoters have relaunched the deal to sell a stake in the company, valuing the southern India restaurant chain at Rs 3,000-3,500 crore (around $311-363 million), according to a Mint report, citing sources.

Investment platform Bodhi Tree, backed by James Murdoch's Lupa Systems and vice chairman of JioStar Uday Shankar, is in advanced discussions to invest in the company for a significant minority to a majority stake, according to the report. The deal will comprise a mix of primary and secondary investment in the company.

The report stated that A2B, backed by investors such as the Qatar Investment Authority, is likely creating a special purpose vehicle (SPV) to finance this deal. The firm is likely to raise structured debt from Bain Capital's special situations fund and will finance the equity portion from its own fund, the report added.

Veda Corporate Advisors is advising A2B's promoters on the transaction, while Moelis is advising BodhiTree Systems.

According to the report, A2B is looking to expand into other geographies within India and abroad and will use the fresh capital to fund its growth plans.

Omega Seiki Mobility

Faridabad-based electric three-wheeler maker OSM is weighing a public listing while seeking to raise around Rs 125 crore (around $13 million) through a pre-IPO funding round, according to a report in The Hindu Businessline.

The report, citing sources, said the company is targeting an IPO by the end of fiscal 2028, while the current funding round is expected to be completed by the end of this quarter.

OSM, which has invested nearly Rs 250 crore in manufacturing facilities across the Delhi-NCR region and Pune, is valued at around $175-225 million by investment bankers, according to the report.

The proposed fundraise will support expansion across the company's electric two-, three- and four-wheeler businesses, strengthen manufacturing capacity, expand exports and support research and development, particularly for its larger electric truck platform.

Published by HT Digital Content Services with permission from VC Circle.