Tag: flipkart

The amount of money raised in IPOs this year in India has reached $8.8 billion, already surpassing the totals of the past three years. At the current pace, 2021 would exceed the all-time record of $11.8 billion. Founders, bankers, lawyers, and advisers are racing to cash in on fervent demand for fresh public offerings. The performance of recent IPOs, such as Zomato, has fed the enthusiasm. Newly listed Indian stocks are beating the benchmark Nifty 50 Index by more than 40 percentage points this year, the biggest gap in seven years. Oyo Hotels & Homes Pvt started work last week on its draft prospectus and aims to file in October, according to people familiar with the matter. The ride-hailing leader Ola and fintech startup Pine Labs Pvt have also begun talks with investment bankers, according to other people aware of the situation. Read more

Aditya Birla Fashion and Retail entered into an agreement with Flipkart today(23rd Oct.2020) for a partnership that will see Flipkart infusing Rs 1,500 crore for a 7.8 percent stake in Aditya Birla Fashion. The agreement would involve the sale and distribution of various apparel brands, Aditya Birla Fashion said, along with providing pre-emption rights and right of first refusal to Flipkart for 1-5 years. Aditya Birla Fashion would issue 3.1 million preference shares to Flipkart at Rs 205 per share, it said in a BSE notification. Aneesh Roy, executive vice-president, research, Edelweiss, said the capital raise would further bolster Aditya Birla Fashion's balance sheet and accelerate growth. The partnership would also enable the company to strengthen its omnichannel presence. The promoter and promoter group companies of Aditya Birla Fashion would hold about 55.13 percent stake upon completion of the issuance. Read more