New Delhi, July 2 -- SBI Funds Management has set a valuation for its initial public offering (IPO), while a final set of investors has emerged in the race to acquire a controlling stake in Re Sustainability Ltd, according to separate media reports.

Meanwhile, social media platform ShareChat is planning to launch an IPO next year.

SBI Funds

SBI Funds Management, India's largest asset management company, is targeting a valuation of around Rs 1.17 lakh crore ($12.3 billion) in an initial public offering that is expected to be among the year's most closely-watched listings, according to a Moneycontrol report, which cited people from the industry.

SBI Funds Management, a joint venture between SBI and European asset manager Amundi, is preparing to list on the stock exchanges later this month, the report said.

The company is also considering a pre-IPO funding round, the report added, but did not provide further details.

Re Sustainability

I Squared Capital and a consortium of TPG and Canada Pension Plan Investment Board (CPPIB) are now among the final contenders to acquire a controlling stake in Re Sustainability Ltd, according to a Mint report.

The transaction is expected to value the KKR-backed company at more than $1.6 billion, with binding bids due over the next 10-15 days, the report said. A potential deal would mark KKR's final exit from its eight-year bet in the Hyderabad-based waste management company, formerly known as Ramky Enviro Engineers Ltd.

Other investors, including Bain Capital and Advent, have dropped out of the process, the report added. Meanwhile, I Squared Capital is said to be in talks with several firms to submit a joint bid.

Founded in 1994, Re Sustainability provides services spanning municipal solid waste, industrial waste, biomedical waste and e-waste management, alongside recycling and waste-to-energy projects. The company was founded by Alla Ayodhya Rami Reddy, then a member of Parliament from the YSR Congress Party.

ShareChat

Mohalla Tech Pvt Ltd, the parent company of social network ShareChat and short-video platform Moj, is looking to raise as much as $400 million through an initial public offering, according to a Bloomberg interview with its chief financial officer Manohar Charan.

The company is targeting a listing next year, Bloomberg quoted Charan as saying. He said the company is aiming to go public over the next four or five quarters, although the timeline is not final and could change.

ShareChat's parent, backed by Lightspeed Venture Partners and Tiger Global, turned operationally profitable in the first quarter of the current fiscal year, the report added.

ShareChat's annual revenue has crossed Rs 1,000 crore ($105 million) and is currently running at an annualized pace of up to Rs 1,400 crore, with growth exceeding 30%, the report said.

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