New Delhi, Aug. 14 -- Fintech firm Navi and railway components maker Nipha are planning their initial public offerings while Uber and Rapido held unsuccessful talks to combine their operations and Orbicular Pharmaceuticals is eyeing a valuation of $1 billion in a potential stake sale, according to various media reports.

Navi

Navi is preparing to formally launch the process for an initial public offering in India and has appointed bankers for the same, according to Bloomberg, which cited sources.

The Bengaluru-based fintech startup is seeking to raise as much as Rs 3,000 crore ($314 million) in the public issue and has roped in JM Financial, Kotak Mahindra Capital, Goldman Sachs Group and JPMorgan & Chase as advisers for the offering, the report said.

The IPO is expected to consist of a primary share sale, with no secondary offering by existing shareholders. The company, founded by former Flipkart co-founder Sachin Bansal, is seeking a valuation of as much as $2 billion and is targeting to file the prospectus by December, the report added.

Nipha

Nipha Ltd is planning an IPO of around Rs 1,350 crore, according to a Moneycontrol report. The Kolkata-based company, which makes components for Vande Bharat and other railway rolling stock, has appointed Nomura and Axis Capital to manage the proposed offering, the report said, citing sources.

The public issue is expected to include a fresh issue of shares, Moneycontrol said. The proceeds from the listing will fund capacity expansion, repayment of borrowings and other corporate purposes.

Nipha operates 10 manufacturing units-nine in West Bengal and one in Haryana-and supplies products across the railway, agriculture, electrical-switchgear and engineering industries.

Uber-Rapido

Ride-hailing companies Uber and Rapido held talks in May to combine their India operations, but the discussions fell through over the proposed deal's structure, according to The Economic Times, citing sources.

The talks took place during Uber CEO Dara Khosrowshahi's India visit, when the US mobility giant proposed combining the two operations and letting the Rapido team run the combined entity, the report said.

However, Rapido offered a counterproposal that effectively amounted to acquiring Uber's India operations through a cash-and-stock transaction, with Uber retaining a minority stake in Rapido.

This proposal was not accepted by the US ride-hailing giant, which was not looking to exit India, the report said.

Orbicular Pharmaceutical

Specialty drugmaker Orbicular Pharmaceutical Technologies has held pitches to sell a large stake in the company, according to a Moneycontrol report.

The research-focused, niche generic and speciality pharmaceuticals products firm has engaged advisors to sell a significant minority stake targeting a valuation of more than $1 billion, the report said, citing sources.

Jefferies has been onboarded as the financial advisor for the proposed stake sale.

The founders of Orbicular Pharmaceutical Technologies held a 79.1% stake, Tata Capital Healthcare Fund (which entered in May 2024) held a 10.7% stake and other entities held the balance.

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