IPO Watch

In a year defined by shifting investor sentiment and renewed interest in electric mobility, Ather Energy—India’s rising electric two-wheeler manufacturer—has begun to steady its financial trajectory. The Bengaluru-based firm reported a narrowed quarterly loss of Rs. 234.4 crore for the March quarter of the previous fiscal year, a marked improvement from Rs. 283.3 crore in the same period last year. Operational revenue jumped by nearly 30 percent year-on-year, signaling growing consumer demand.

In a pivotal move signaling confidence in India’s fast-growing quick-commerce sector, Motilal Oswal and Raamdeo Agrawal, co-founders of Motilal Oswal Financial Services, have invested Rs. 848 crore (USD 100 million) in Zepto through a secondary share purchase. The transaction—executed via proprietary capital—comes amid a broader USD 350 million funding initiative to increase domestic ownership in Zepto before its upcoming IPO. With Indian shareholding at just over 42%, the company aims to exceed the 50% mark.

Airtel Africa is moving closer to taking its mobile money business public, targeting an IPO in the first half of 2026, subject to market conditions. The announcement comes as the company posts a dramatic financial turnaround, reporting a net profit of USD 328 million for the fiscal year ended March 31, 2025, reversing a USD 89 million loss from the previous year.

Ravi Infrabuild Projects Ltd, a prominent player in India's civil construction sector, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs. 1,100 crore through an Initial Public Offering (IPO). The proposed IPO will be a fresh issue of equity shares, with no Offer-for-Sale (OFS) component. The funds raised will primarily be directed toward acquiring new equipment, paying down debt, and supporting general corporate needs.

India’s co-working segment is experiencing significant growth, with projections indicating five major IPOs over the next 12-18 months, collectively raising over Rs 7,000 crore. The flexible office space market is expected to expand rapidly, reaching 125 million square feet by 2027. Major co-working operators such as Awfis, Smartworks, WeWork India, and IndiQube Spaces Ltd. are leading the charge, with many tapping the public markets to fuel expansion.

Mouri Tech, a prominent IT solutions and services firm, has refiled its draft papers with India's Securities and Exchange Board (SEBI) to raise ₹1,500 crore through an Initial Public Offering (IPO). The offering includes a mix of new shares and an extensive sale by promoters and existing shareholders. With plans to allocate proceeds towards debt repayment, acquisitions, and investments in its subsidiary, MT USA, the company is poised for significant growth.

Simple Energy, a Bengaluru-based electric two-wheeler manufacturer, has announced its plans to raise Rs 3,000 crore through an Initial Public Offering (IPO) by FY27. The company aims to accelerate its market expansion, enhance manufacturing capabilities, and invest in research and development. With a goal of increasing its revenue and sales significantly over the next two years, Simple Energy is targeting key markets in India and plans to grow its sales volume substantially before going public.

Routematic, a business-to-business ride services company, has raised USD 40 million in a funding round led by Fullerton Carbon Action Fund and Shift4Good. The company plans to utilize the capital to enhance its business model, expand operations in top cities across India, and expedite its journey towards a public listing. With services already active in 23 cities, Routematic is focusing on optimizing corporate commuting and expanding into international markets.

In a sweeping regulatory intervention, the Securities and Exchange Board of India (Sebi) has barred Synoptics Technologies Ltd and its promoters from accessing the securities market, citing evidence of a coordinated effort to siphon off IPO proceeds. The crackdown follows a detailed probe revealing that over half of the IPO funds—Rs. 19 crore out of Rs. 35.08 crore raised—were allegedly misappropriated under inflated issue-related expenses.

South Korean tech giant LG Electronics is making a decisive long-term investment in India, unveiling plans for a Rs. 5,000-crore manufacturing facility in Andhra Pradesh. The new plant, its third in India, is a key component of LG’s broader strategy to bolster domestic production, localize supply chains, and cater to India’s booming consumer market. Alongside this industrial expansion, LG has also filed for a Rs. 15,000-crore IPO of its Indian subsidiary, marking a dual-pronged push to anchor operations and tap capital market growth amid shifting global dynamics.