New Delhi, July 20 -- Manipal Hospitals and quick-commerce firm Zepto are taking a cut in their valuations in their planned initial public offerings while private equity firm CX Partners is looking to exit a Tamil Nadu-based restaurant chain operator and Anicut Capital is targeting Rs 3,000 crore with four new funds, according to various media reports.

Manipal Hospitals

Temasek-backed Manipal Health Enterprises Ltd, which operates Manipal Hospitals, is eyeing a lower valuation of about 80,000 crore ($8.3 billion) in its planned IPO, according to a Bloomberg report.

The company is planning to raise as much as Rs 11,000 crore through a share sale likely to launch in the week starting July 27, the report said, citing sources. The valuation is lower than the $10-12 billion range floated in April as investors turn cautious towards large IPOs amid market turbulence.

The report noted that deliberations are ongoing, and details of the offering-including its valuation, size and timing-could still change.

Zepto

Zepto is seeking a sharply lower valuation in its IPO as concerns over cash burn and questions about its path to profitability are curbing optimism around the quick-commerce sector, according to media reports, citing people familiar with the matter.

Foreign investors have signalled a pre-money valuation of about $4.5 billion, well below its $7 billion peak from the pension fund Calpers-led round when it raised capital last October, according to Bloomberg. Some domestic institutional investors are valuing the company between $3 billion and $3.5 billion.

Separately, The Economic Times reported that Zepto could reduce its IPO size by around 20% and aim to raise $650-700 million in fresh capital against the originally planned $850 million.

Meanwhile, Moneycontrol reported that Zepto has received interest from different funds of Norges, the Norwegian sovereign wealth fund, Motilal Oswal and other investors. Norges and Motilal Oswal are likely to cover about 40-45% of Zepto's anchor book, the report said, citing a source.

CX Partners

CX Partners is looking to monetize its seven-year-old bet on the Tamil Nadu-based restaurant chain Thalappakatti Hotels Pvt Ltd, according to a Mint report, citing sources.

The PE firm has tapped Advay Capital to advise on the deal. The proposed transaction is likely to value the restaurant operator at two-three times its revenue, the report said.

Thalappakatti Hotels is seeking an overall valuation of around Rs 1,000 crore, up from about Rs 860 crore in its previous funding round, though this will depend on the nature of the incoming investors.

The report noted that while CX was eying a complete exit, an additional stake purchase could occur in the proposed round. The round is likely to comprise primary and secondary share purchases.

Anicut Capital

Anicut Capital, the Chennai-based multi-asset alternative investment firm, is raising four new funds with a combined target corpus of about Rs 3,000 crore, according to The Hindu Businessline. The company is optimistic about closing the funds in the next 15-18 months, according to a Businessline interview with IAS Balamurugan, managing partner and co-founder of Anicut.

Of the four funds, three are equity-focused while one is a private credit fund. The company has already raised about Rs 500-600 crore from limited partners (LPs), Balamurugan said, according to the report.

Nearly 60% of the capital will be deployed towards the debt fund while the rest will be split across the three equity funds: early-stage, late-stage, and a Series A fund, the report said, noting that the company has seen "good" interest from domestic institutions, family offices and international institutions.

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