New Delhi, July 6 -- Fintech company Navi Ltd is gearing up for a stock market listing, while Carlyle has hired bankers to advise on the initial public offering (IPO) of its revenue cycle management platform, according to separate media reports.
Further, German auto parts supplier Webasto is eyeing a public listing of its India unit, while Graviss Group, which operates Baskin Robbins in India, is in talks with Dunkin' parent Inspire Brands to acquire the doughnut chain's India rights, media reports said.
Navi
Flipkart co-founder Sachin Bansal's fintech company Navi is preparing for an IPO by the fourth quarter of FY27 to raise Rs 3,000 crore ($314 million), according to a report in The Economic Times.
The issue is likely to comprise a mix of fresh shares and an offer-for-sale (OFS), the report said. However, the final structure is yet to be finalized, the report added, citing people familiar with the matter.
Ahead of the filing, Navi is also looking to raise its first external equity round, led by Dutch technology investor Prosus, to set a valuation benchmark before it approaches public market investors, the report said.
While the valuation is being discussed, Prosus has reportedly pushed back, the report said without elaborating. Prosus plans to invest at a valuation of around Rs 13,000 crore, but the final size and valuation of the round are yet to be finalized.
Navi is working with Kotak Investment Banking for the IPO, according to the report. The Bengaluru-based company first filed for an IPO four years ago, seeking to raise Rs 3,350 crore. It received approval from the Securities and Exchange Board of India (SEBI) in September 2022 for the issue, but put the plans on the backburner amid market volatility.
Carlyle's RCM platform
Carlyle Group has hired two investment banks to advise on a potential IPO of its India-based healthcare revenue cycle management (RCM) business, according to a Bloomberg report.
The private equity firm has appointed JM Financial and Goldman Sachs to advise on the proposed listing, the report said, citing people familiar with the matter.
Carlyle is considering raising as much as $400 million through the IPO of Knack RCM, and the IPO could be launched later this year or early 2027, Bloomberg said, adding that the PE firm is likely to add more bankers later.
Carlyle created the RCM platform through the merger of Knack RCM and EqualizeRCM, businesses the PE firm acquired in April.
Webasto
German car parts supplier Webasto is planning a $400-500 million (Rs 3,817-4,771 crore) IPO of its India unit by 2027, capitalizing on the surging demand for sunroofs in India, according to a report in The Economic Times.
The proposed IPO is expected to value Webasto Roofsystems India at about $2 billion, the report said, citing people familiar with the matter. Axis Capital and JM Financial have been mandated to manage the IPO process, the report added.
Webasto is a world leader in openable roof systems. It has established a strong presence in India and counts key automakers such as Mahindra & Mahindra, Tata Motors, Hyundai Motor India, and Kia India among its customers. It has significantly expanded its manufacturing presence in India due to rising demand for sunroof-equipped passenger vehicles. In addition to its existing facilities in Pune and Chennai, the company is setting up a new facility in Haryana, which is set to start operations in the December quarter.
Graviss Group
Graviss Group, the operator of ice cream chain Baskin Robbins, is in discussions with donut and coffee chain Dunkin' to acquire the India rights from its global parent Inspire Brands, according to an Economic Times report, citing people familiar with the matter.
The companies are in talks for a potential deal because there are "obvious" retail, supply and backend synergies between Baskin Robbins ice-cream and Dunkin' Donuts, the report said.
In April, Jubilant FoodWorks transferred its India franchise rights for Dunkin' back to Inspire Brands, according to a previous report in The Economic Times.
If the talks proceed, Graviss Group's management is expected to revamp the entire Dunkin' business. This could likely mean more Indianized desserts, sugar-free options, and a larger menu, the report added.
Published by HT Digital Content Services with permission from VC Circle.