boAt to file for IPO🎧, OYO gets green signal📊, TCS-Infosys MVP🥇

Boat set to float Rs 2,000-crore IPO, Oyo gets green signal for listing, TCS, Infosys rank among the most valuable firms, Funding Deals & more.

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Jan 27, 2022

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Boat set to float Rs 2,000-crore IPO, eyes $1.5-2 billion valuation🎧

Boat, one of the largest direct-to-consumer, audio-focused electronics brands in India, is set to file a draft red herring prospectus for a Rs 2,000-crore initial public offering with the Securities and Exchange Board of India this week.

Private equity major Warburg Pincus, the single largest shareholder in Boat with around 36% stake, will divest shares worth Rs 700-800 crore in the IPO, which will be an equal mix of fresh stock and an offer for sale. Cofounders Aman Gupta and Sameer Mehta are expected to dilute a minor part of their holding.

Boat was last valued at around Rs 2,200 crore when it raised Rs 50 crore in a round led by Qualcomm Ventures last April. It is now eyeing a valuation of 5-6 times its revenue for this fiscal, the people cited earlier said. Boat clocked Rs 1,500 crore in revenue and a net profit of over Rs 78 crore in FY21.

IPO-bound Oyo gets in-principle listing approval from BSE, NSE📊

Oravel Stays Ltd, the parent company of travel-tech firm Oyo, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said. Oyo has filed preliminary documents for a Rs 8,430 crore initial public offering (IPO).

The company recently received the go-ahead for listing from the National Stock Exchange and BSE. The company had filed its Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (Sebi) in September last year and has been in the process of responding to the regulators.

According to sources, Oyo's founder Ritesh Agarwal, who holds 33% stake in the company directly and through his holding company, is not planning to dilute any stake during the IPO process, while Softbank Vision Fund, Oyo's largest investor which holds 46% stake in the company, plans to dilute around 2% of his holding.

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TCS, Infosys rank among the most valuable IT services brands globally👨🏻‍💻

India’s largest IT services company Tata Consultancy Services (TCS) and the second-largest firm Infosys have been named among the most valuable IT services brands globally, according to a report by brand valuation firm Brand Finance.

The Ireland-headquartered IT firm Accenture, however, has retained its leading position valued at $36.2 billion. The two Indian technology powerhouses knocked out IBM – popularly known as the Big Blue.

Tata Group is the most valuable brand in South Asia and India’s only entry in the top 100, with a brand value of US$23.9 billion, following a 12% increase from the previous year.

Infosys has also been recognized as the fastest-growing IT services brand in the world and among the Top 25 fastest-growing brands across sectors globally.

Other top Indian IT service companies in the list include Wipro and HCL Technologies at seventh and eighth spot respectively along with Tech Mahindra at 15th position and mid-tier firm LTI (Larsen & Toubro Infotech) at the 22nd spot.

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