New Delhi, July 29 -- Zepto could defer its planned public issue amid negotiations with institutional investors on valuation; Elevate Campuses is preparing to unveil its initial public offering (IPO) by August; and building materials marketplace JSW One has appointed bankers for an IPO, according to various media reports.

Meanwhile, SK Finance's early investors are eyeing a partial exit, drugmaker BDR Pharmaceuticals is in talks to acquire Acme Formulations from PAG, and Adani Ports and Special Economic Zone (APSEZ) is considering an acquisition of UK port operator Associated British Ports (ABP), separate media reports showed.

Zepto

Quick commerce major Zepto could defer its listing over the next couple of weeks, according to The Economic Times, as it negotiates the pricing of its initial public offering (IPO).

Money managers investing in Zepto are negotiating a valuation sharply below its last private round. The valuation under discussion is around $2.5-3 billion, with Zepto pressing for better terms, according to the report, which cited sources.

The reported valuation is well below the $7 billion at which it raised $450 million in October 2025 in a round led by US pension fund Calpers, and also below the $3.5-4 billion which was discussed earlier.

Large institutional investors have provided formal price indications to the company, and Zepto is negotiating for a week or two before deciding whether to proceed, the report added.

Elevate Campuses

Elevate Campuses, backed by Hillhouse Investment Management, is gearing up to launch its Rs 2,555 crore ($267 million) IPO as early as August, according to a Bloomberg report, citing sources.

The company, which owns and operates student accommodations across 21 cities in India and Dubai, plans to start the process in the second half of August and is holding investor roadshows, seeking a valuation of up to $1 billion, the report said.

The proposed offering will comprise entirely a fresh issue of shares, with the proceeds to be used to acquire K-12 education entities and campuses as well as repay a portion of its debt, according to its DRHP.

JSW One

Sajjan Jindal-led JSW Group's business-to-business (B2B) digital marketplace, JSW One Platforms Ltd, has roped in investment banks Kotak Mahindra Capital, JM Financial, ICICI Securities and SBI Capital Markets as advisors for a proposed $350-400 million (around Rs 3,346-3,824 crore) IPO, a Mint report said, citing sources.

JSW One is aiming to list sometime next year, the report said, adding that the issue will likely comprise a fresh capital raise and an offer for sale.

SK Finance

Early investors in Jaipur-based non-banking lender SK Finance are exploring a partial exit and are in talks with secondaries-focused Kenro Capital in a $50-60 million deal (around Rs 478-575 crore), according to a Mint report.

TPG and Norwest, which have held stakes in the lender for eight to nine years, are expected to be among the selling shareholders, the report said, citing sources. Multiple funds have expressed interest in picking up a stake in the asset and the report said the round could be possibly upsized to include a primary capital raise from other investors.

The proposed secondary round comes after SK Finance shelved its listing plans after filing preliminary papers for an IPO to raise about Rs 2,200 crore in 2024.

Acme Formulation

Mumbai-based specialty drugmaker BDR Pharmaceuticals is in discussions to acquire contract development and manufacturing organisation (CDMO) Acme Formulation from private equity firm PAG, according to The Economic Times.

The proposed deal is expected to value Acme at $200-250 million (around Rs 1,912-2,390 crore), the report said, citing sources familiar with the matter.

BDR will acquire PAG's controlling 62% stake, while founder and managing director Virel Shah is expected to remain with the company as a minority shareholder with around 31%, the report said. Several private equity firms and strategic buyers, including Akums Drugs & Pharmaceuticals, had also evaluated the asset, the report added.

PAG acquired a controlling stake in Acme Formulation through its PAG Asia III buyout fund in 2021. Founded in 2005 and headquartered in Himachal Pradesh, Acme provides integrated R&D, product development and contract manufacturing services to leading domestic and multinational pharmaceutical companies.

Adani Ports-Associated British Ports

India's biggest private port operator Adani Ports and Special Economic Zone (APSEZ) is mulling a bid for UK port operator Associated British Ports (ABP), according to ET.

Canada Pension Plan Investment Board (CPPIB) holds 30% and Ontario Municipal Employees Retirement System (OMERS) holds 33.88% of ABP. The British firm owns and operates 21 strategically located ports in England, Scotland and Wales.

Billionaire Gautam Adani is looking to expand his ports business with the intent of becoming the world's biggest transport utility by 2031. The two Canadian pension funds have hired bankers to sell their stakes in the company.

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