New Delhi, Oct. 27 -- The markets regulator has cleared the draft papers filed by what would be the first standalone private-equity firm to be listed on Indian bourses and that of two other firms backed by PE funds, for their initial public offerings (IPOs).
According to an update on the regulator's website, the Securities and Exchange Board of India (SEBI) has given the nod to the draft red-herring prospectuses filed by homegrown private equity firm Gaja Capital, dairy products maker Milky Mist and cloud kitchen company Curefoods India.
Gaja Capital had opted for the confidential route for its public offer, under which the company's plans and sensitive information are not disclosed to the public till the regulator gives the go ahead.
Milky Mist is backed by Chennai-based debt and equity investor Anicut Capital and SIDBI Venture Capital; and Curefoods India counts Iron Pillar, Accel, and Chiratae Ventures among its key backers.
In Milky Mist's IPO, Anicut is not said to be selling any shares, though the investor had made a partial exit last year with superlative returns. Last year, Anicut sold a little more than half of its stake to several investors for a total of around Rs 60 crore. The alternative investment firm (AIF) had pumped Rs 19.5 crore into the dairy-products maker in August 2020 through compulsorily convertible preference shares.
Founded in 2020 by Cure.fit co-founder Ankit Nagori, Curefoods also has Sixteenth Street Capital, Alteria Capital, BlackSoil Capital, Trifecta Capital, Nordstar Capital, ASK Finance, and Winter Capital among its investors.
Last month, Curefoods India Ltd raised Rs 160 crore ($18 million) from an existing backer in a deal valuing the company at $450 million (around Rs 4,000 crore).
VCCircle had reported in June that Iron Pillar, which holds about 13.5% stake in the company, could realize up to Rs 230 crore in the IPO as it had planned to sell around half its stake. Chiratae, which holds around 8%, may harvest around Rs 190 crore.
Earlier this year, Gaja Capital had reportedly raised Rs 125 crore (around $14 million) in a pre-IPO transaction from SBI Life, HDFC Life, Enam and stock market investor Jagdish Master at a valuation of Rs 1,625 crore (around $184 million).
Published by HT Digital Content Services with permission from VC Circle.