New Delhi, Aug. 18 -- The National Stock Exchange of India (NSE) is reportedly seeking a valuation of up to Rs 5.26 lakh crore ($55 billion) for its upcoming initial public offering (IPO). Meanwhile, Re Sustainability has attracted interest from a consortium of I Squared Capital and France's Veolia, Aegis Logistics is in talks to buy a UAE-based firm, Bain Capital has invited pitches from investment banks for the IPO of RSB Transmissions, Darwinbox has attracted strategic interest from US technology giants amid its plans to go public, and RapteeHV is seeking a fresh fundraise, according to separate media reports.

National Stock Exchange of India

The NSE is seeking a valuation of up to Rs 5.26 lakh crore ($55 billion) in its planned IPO, according to a Bloomberg report, citing people familiar with the matter.

According to the report, NSE has marketed its shares at Rs 2,000-2,100 apiece during meetings with potential investors and concluded most of its global road show, with meetings in the Middle East yet to be completed.

NSE, the operator of the world's largest derivatives exchange by trading volume, held several investor meetings across Boston, New York, San Francisco, London, Singapore and Hong Kong, involving about 120 large global investors such as BlackRock, Capital Group, GQG Partners, Janus Henderson Group Plc and Allspring Global Investments, among others, as per the report.

The exchange operator had expected approval from the Securities and Exchange Board of India (SEBI) for its draft prospectus by early August, but that timeline has been pushed back by about three weeks. The IPO is now expected to launch in the second half of September.

Re Sustainability

A consortium of US private equity firm I Squared Capital and French environmental services group Veolia has emerged as the frontrunner to acquire KKR-backed Indian waste management firm Re Sustainability (ReSL), according to The Economic Times.

However, the consortium's low-ball offer, valuing the company at Rs 10,000-Rs 11,000 crore, is well below the sellers' expectations, the report said, citing people familiar with the matter. The sellers want an enterprise valuation of Rs 14,000-16,000 crore and have started evaluating other options to seek an exit, the report added.

KKR, which owns 60% of ReSL, has initiated parallel discussions with a handful of Indian billionaires and business groups from south and north India to gauge their interest in the company.

Aegis Logistics

Aegis Logistics is in advanced discussions to acquire UAE-based liquid logistics company Tristar, valuing the latter at $1.5 billion, as per The Economic Times, citing people familiar with the matter.

The Mumbai-based company, a major Indian importer, storage and distribution company for oil and gas, with a market capitalization of Rs 45,156.15 crore has initiated discussions with a group of European and Indian private sector lenders for acquisition financing.

Tristar operates across more than 30 countries in West Asia, Africa, Asia, the Pacific, the Americas and Europe, providing transportation and storage services to customers, including Abu Dhabi National Oil Company (ADNOC), Total SA, and Dow Inc.

RSB Transmissions

US private equity major Bain Capital has called for pitches from bankers to take its automotive components portfolio company, RSB Transmissions, public, according to a Mint report.

Pune-based RSB is seeking to raise about Rs 3,000 crore through an IPO, the report said, citing people familiar with the matter.

Founded in 1973 by RK Behera and SK Behera, RSB specializes in designing and manufacturing components for commercial vehicles, passenger cars, construction and off-highway equipment.

The development follows the successful listing of Bain's other automotive components company, Dhoot Transmission, earlier this week.

Darwinbox

HR technology firm Darwinbox has drawn takeover interest from Microsoft, Salesforce and ADP, even as the company prepares for a potential public issue, according to a Mint report.

The potential deal could value Darwinbox at around $1.8-2 billion, the report said, citing people familiar with the matter. The interest comes as the KKR-backed firm expands overseas, giving its founders and investors another option.

Darwinbox has been preparing for a potential public listing over the next couple of years. Existing investors Salesforce and Microsoft, along with US-based HR and payroll services provider ADP, have approached its founders and board with the intention to buy the others out, according to the report.

RapteeHV

Electric vehicle maker RapteeHV is raising $15-20 million in fresh capital in its Series A round to ramp up production and expand its retail network, as per a Mint report.

While the company is still pulling together investors, existing backers are expected to contribute a significant chunk of the money for the new round, the report said. The company hopes to close the round in the next three months, but it could take longer, according to the report, which cited people familiar with the matter.

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