Mandala, Elevation, Samara, Morgan Stanley PE portfolio firms get IPO approval

 Mandala, Elevation, Samara, Morgan Stanley PE portfolio firms get IPO approval

Three companies, all backed by venture capital or private equity firms, have received a go-ahead from the Securities and Exchange Board of India (SEBI) to float their initial public offerings (IPOs).

Fast-moving consumer goods and dairy products company Keventer Agro Ltd; Le Travenues Technology Ltd, the travel-tech firm behind ixigo; and med-tech firm Sahajanand Medical Technologies Ltd received SEBI’s nod last week to go public.

Keventer

The firm is part of the portfolio of Mandala Capital, which invests in agribusinesses, food and food-related consumer sectors, including cold storage, in the Indian subcontinent.

The private equity firm will likely churn out robust returns by fully exiting Keventer Agro through the IPO. Mandala Capital had backed Keventer in 2017 with a Rs 110-crore cheque. It owns almost 26% of the company and will sell its entire stake via the IPO. For more details on the exit move and returns, click here.

Ixigo

Venture capital and growth capital investor Elevation Capital and consumer electronics maker Micromax Informatics Ltd are partially exiting ixigo via its IPO, a decade after making their initial bets.

Le Travenues, which runs ixigo, had filed its draft prospectus for a Rs 1,600-crore ($215 million) IPO with SEBI.

The IPO comprises a fresh issue of shares worth Rs 750 crore and a secondary market sale of shares worth Rs 850 crore by its founders and early-stage backers. For details on the estimated returns of the investors, click here.

Sahajanand

Private investment firm Samara Capital and Morgan Stanley Private Equity are set to make huge gains from a partial stake sale in Sahajanand Medical through the medical devices maker’s IPO.

Sahajanand had filed its draft red herring prospectus for an IPO, joining another PE-backed medical equipment company Healthium MedTech in the queue for a public float.

Samara Capital had invested Rs 150 crore in Sahajanand in two tranches during 2016-17, and owns around 36% of the company. It is selling shares worth Rs 635.5 crore in the IPO. For details on the estimated returns, click here.

Vivek Sinha

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