The company is looking to raise around Rs. 4,500–5,000 crore through a combination of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders, as per the people aware of the development.

The filing has been made under SEBI’s confidential or “pre-filing” route, as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. This mechanism allows companies to share draft offer documents privately with the regulator before making the DRHP public.

As per the sources, the company has appointed Kotak Investment Banking, HSBC, and Goldman Sachs as its merchant bankers. The company or spokesperson declined to disclose any details or timing of the IPO.

Recently, Infra.Market raised Rs. 730 crores in a Series G round funding, further strengthening its balance sheet ahead of the proposed IPO at the valuation of Rs 24,600 crore ($2.8 billion), according to various media reports.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is India’s fastest-growing building materials platform, offering end-to-end solutions across the construction value chain.

With a robust network of 250+ manufacturing units and strategic investments in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, the company also operates through 10,000+ retail touchpoints across India. Infra.Market is the only platform delivering 15+ product categories, including Concrete, Walling Solutions, Steel, Aggregates, Pipes & Fittings, MDF, Plywood, Laminates, Tiles, Paints, Modular Kitchens, Designer Hardware, Electricals, Appliances, and Consumer Durables, among others, ensuring reliability, scale, and quality across every stage of construction.

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MUMBAI: RSB Retail India Limited, a leading multi-format apparel retailer catering to premium, mid-premium, and value customer segments offering ethnic wear, everyday casual wear, and formal wear, has filed the draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Hyderabad-based company is a combination of a fresh issue of equity shares aggregating up to Rs. 500 crore and an offer for sale (OFS) of up to 2.98 crore equity shares by the selling shareholders.

As part of the OFS, the Selling Shareholders include Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, Tiruveedhula Keshav Gupta, Maturu Venkata Lakshmi Sindhu, Gourishetty Lalitha, and Potti Malathi Lakshmi Kumari.

RSB Retail proposes to utilize the Net Proceeds from the Fresh Issue as follows: Rs. 275 crore towards repayment/ prepayment of certain loan facilities availed by the company; Rs. 118 crores towards setting up of new stores under the R. S. Brothers and South India Shopping Mall formats; and the rest on general corporate purposes.

RSB Retail, incorporated in 2008, traces its journey to the year 1999, when the first R.S. Brothers store in Koti, Hyderabad, Telangana, was launched. As of March 31, 2025, RSB Retail had 73 stores across 22 cities in three South Indian states – Telangana, Andhra Pradesh, and Karnataka. It operates primarily through five key brick-and-mortar store formats – South India Shopping Mall, R.S. Brothers, Kanchipuram Narayani Silks, Dè Royal, and Value Zone Hyper Mart

In Fiscal 2025, RSB Retail India Limited registered a revenue from operations of Rs. 2694 crore, recording a CAGR of 12.55% from FY23 to FY25. The FY25 profit after tax was Rs. 104.4 crore.

Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, and Tiruveedhula Keshav Gupta are the Promoters of the Company.

The apparel market in South India accounted for 28% of the total apparel market and was valued at Rs. 1,723 billion in Fiscal 2024. This market is further projected to grow at a CAGR of 12% to reach a value of Rs. 3,050 billion by Fiscal 2029.

Motilal Oswal Investment Advisors Limited, HDFC Bank Limited, and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.

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According to the DRHP, the Initial Public Offering of the Kolkata-headquartered company consists of a Fresh Issue of equity shares aggregating up to Rs. 600 crore and an Offer for Sale of equity shares aggregating up to Rs. 400 crore. The OFS comprises stake sale by the Promoter Selling Shareholders, P N S Business Private Limited and Rasish Consultants Private Limited.

Fusion CX proposes to utilize proceeds of the fresh issue to the tune of Rs 292 crore for payment of debt, Rs 75 crore towards investment in step-down subsidiaries – Omind Technologies Inc and Omind Technologies Private Limited – for upgrading IT tools.

Additionally, funds will be used for pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Fusion CX is a customer experience (CX) service provider delivering high-end, complex, and integrated CX services across multiple channels including voice, email, chat, social media and message, and focused on key verticals such as telecom, high-tech growth and travel, BFSI, retail and healthcare.

Incorporated in 2004, Fusion CX blends deep domain expertise with a portfolio of proprietary AI tools to enable intelligent, multilingual, and omnichannel engagement at scale through a broad spectrum of generative AI-driven technologies that enhance customer engagement, operational efficiency, and digital transformation.

It has developed a multilingual global network with 40 delivery centers spread across 15 countries as on December 31, 2024. It’s client portfolio of 197 customers includes 22 Fortune 1000 companies and some of its key customers include DMEC Capital Services, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 ClaimsServices Sentry Credit, and Traya.

On the financial front, Fusion CX reported revenue from operations of Rs. 991 crore and a profit after tax (PAT) of Rs. 36 crore for FY24, while its revenue for nine months ended FY25 (9MFY25) was Rs. 925 crore with a PAT of Rs. 47 crore.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Link to DRHP: https://www.bseindia.com/corporates/download/390034/IPO%20Prior/DRHP_20250527101617.pdf

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The offer comprises of fresh issue of equity shares aggregating up to ₹4290 million (₹429 crore) (The “Fresh Issue”) and an offer for sale by Selling Shareholders aggregating up to ₹14710 million (₹1471 Crore) (The “Offer for Sale”).

Promoters of the company are Abhiraj Singh Bhal (Chairperson, Managing Director, and Chief Executive Officer), Raghav Chandra (Executive Director and Chief Technology and Product Officer), and Varun Khaitan (Executive Director and Chief Operating Officer).

Investors include: Accel India IV (Mauritius) Limited, Elevation Capital V Limited (formerly known as SAIF Partners India V Limited), VYC11 Limited, Bessemer India Capital Holdings II Ltd., Naspers Ventures B.V., Internet Fund V Pte. Ltd., Think Investments PCC, Arohi Seed SPC – Arohi Seed SP-1, Wellington Hadley Harbor AIV Master Investors (Cayman) III, Ltd, ABG Capital and DF International Partners among others.

In nine months ended December 31, 2024, Urban Company was the leading online full-stack home and beauty services platform in India, based on net transaction value (“NTV”), as per the Redseer Report

The company operates in 59 cities across India, the United Arab Emirates (“UAE”), Singapore, and the Kingdom of Saudi Arabia (“KSA”), of which 48 cities are in India, as of December 31, 2024. The company’s platform enables consumers to easily order services, including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming, and massage therapy. These services are delivered by trained and independent service professionals at the consumer’s convenience. In Fiscals 2023 and 2024, Urban company expanded into home solutions with the launch of water purifiers and electronic door locks, respectively, under the brand name ‘Native’.

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). (“Listing Details”)

Kotak Mahindra Capital Company, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, and JM Financial Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)

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WeWork India Management Limited (“WeWork India”), one of India’s leading premium flexible workspace operators and the largest operator by total revenue in the past three Fiscals (Source: CBRE) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The company provides flexible, high-quality workspaces to a diverse range of customers, including large enterprises, small and mid-size businesses, startups, and individuals. Its member base includes a marquee roster of Fortune 500 companies, international and domestic corporations, large enterprises, GCCs, MSMEs, and startups.

The company’s initial public offering comprises an Offer for Sale (OFS) of equity shares of up to 43,753,952 equity shares.

The offer for sale comprises up to 33,458,659 equity shares by Embassy Buildcon LLP (“Promoter Selling Shareholder”), and up to 10,295,293 equity shares by 1 Ariel Way Tenant Limited (“Investor Selling Shareholder”).

The company will not receive any proceeds from the offer for sale.

JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are the Book Running Lead Managers to the issue.

WeWork India’s strength of its brand and offerings, combined with its association with the WeWork global network, has enabled it to attract and foster long-term relationships with marquee global brands, including Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton. The company is the exclusive licensee of the WeWork Brand in India.

WeWork India, the largest operator by total revenue in the past three Fiscals (Source: CBRE) is a category-defining, aspirational brand in India, with a loyal customer base (source: AGR). The company has played a significant role in the growth of the flexible workspace sector in India and has been a key contributor to the evolution of flexible workspace products and services (source: CBRE).

WeWork India is majority-owned by Embassy Group, one of India’s leading real estate developers, which has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT—India’s first REIT and Asia’s largest office REIT by leasable area, according to CBRE. WeWork India is one of the few flexible workspace operators in India backed by a major real estate developer.

The company offers high-quality workspaces by designing, building, and operating them to global standards. As of June 30, 2024, Grade A properties accounted for approximately 93% of our portfolio. (source: CBRE).

WeWork India’s centers are located in Tier 1 cities in India – Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. The company benefits from WeWork Global, a pioneer of flexible office space globally with approximately 600 wholly-owned and licensed locations in 35 countries.

As of September 30, 2024, WeWork India’s portfolio comprised 94,440 desks across 59 Operational Centres with an aggregate Leaseable Area for Operational Centres of 6.48 million square feet.

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Ajay Bhardwaj (Chairman, MD & CEO), Ishaan Bhardwaj (Vice President), Ganesh Sambasivam (Executive Director), and K Ravindra Chandrappa (Executive Director) are the Promoters of the company.

The IPO of the Bangalore-based company comprises an Offer for Sale (OFS) of equity shares aggregating up to Rs. 3,395 crores by the Selling Shareholders.

The OFS comprises of:-

• Equity Shares aggregating up to Rs. 350 crores each by Ganesh Sambasivam and K Ravindra Chandrappa (Promoter Selling Shareholders);
• Equity Shares aggregating up to Rs. 1,325 crores by Viridity Tone LLP and up to Rs. 320 crores by Portsmouth Technologies LLC (Investor Selling Shareholders);
• Equity Shares aggregating up to Rs. 320 crores each by Malay J Barua, Rupesh N Kinekar, Satish Sharma, up to Rs. 80 crores by Prakash Kariabettan and up to Rs. 10 crores by K Ramakrishnan (Other Selling Shareholders)

The company which was incorporated in 2006, has two operational manufacturing facilities in India, Unit I (Bommassandra) and Unit II (Harohalli), both in Karnataka, with an aggregate annual custom synthesis capacity and fermentation capacity of 270 kL and 142 kL, respectively, as of September 30, 2024. The third manufacturing facility – Unit III in Harohalli is under construction and is expected to be fully operational in the first half of 2025.

Anthem’s business comprises CRDMO services and the manufacture and sale of Specialty Ingredients. It offers a comprehensive, integrated, and highly customizable range of CRDMO services across the New Chemical Entity (NCE) and New Biological Entity (NBE) lifecycles. It has a strong presence across various modalities, such as RNAi, ADC, peptides, lipids, and oligonucleotides, and manufacturing techniques, such as flow chemistry, enzymatic processes, biocatalysis, and fermentation, offering a broad range of technology capabilities for drug development.

It also manufactures and sells complex specialized fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogs, and biosimilars.

Its revenue from operations increased by 34.3% to Rs. 1,419 crores in Fiscal 2024 from Rs. 1,056 crores in Fiscal 2023. The PAT for the year ended March 31, 2024, was Rs. 367 crores.

Sai Life Sciences Limited, Syngene International Limited, Suven Life Sciences Limited and Divi’s Laboratories Limited are the listed peers of Anthem Biosciences as per its DRHP.

The Book Running Lead Managers to the offer are JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited.

The equity shares are proposed to be listed on BSE and NSE.

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The IPO comprises a fresh issue of equity shares of face value of ₹2 each aggregating up to ₹ 825 Crores and an offer for sale of up to 9,700,000 equity shares of face value of ₹2 each. The offer for sale comprises up to 35,000 equity shares by Sharad Khandelwal, up to 35,000 equity shares by Vidhi Sharad Khandelwal, and up to 9,630,000 equity shares by Amiable Electronics Private Limited.

GNG Electronics Limited operates under the brand “Electronics Bazaar”, with a presence across the full refurbishment value chain i.e., from sourcing to refurbishment to sales to after-sale services and providing a warranty. The company’s comprehensive process of refurbishment of ICT Devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories ensures that such devices are similar to new in terms of both performance and aesthetics and able to offer laptops at one-third price of new devices and other devices like desktops, tablets, servers, premium smartphones, mobile workstations and accessories at 35-50% price of new devices. The company follows a repair-over-replacement approach, which provides cost advantages and helps achieve true sustainability by reducing carbon footprint.

The company is one of the few companies that pioneered the concept of warranty for the refurbished ICT Devices to provide comfort and trust to our customers and are still offering industry-leading warranty terms. They are India’s largest Microsoft Authorised Refurbisher, in terms of refurbishing capability, as of Fiscal 2024. They are also the IT asset disposal partner for India’s second-largest software company, in terms of market capitalization as of Calendar Year 2024, procuring their used IT asset. The company is a certified refurbishment partner with Lenovo and HP, which are the top two global brands, in terms of market share of 24% and 21%, respectively, as of CY 2023.

The company offers a wide range of stock-keeping units and as of September 30, 2024, the portfolio included 4,996 SKUs. They have a sales network with refurbished ICT Devices being sold in 35 countries as of September 30, 2024. The multi-channel global procurement network of 447 suppliers is supported by an extensive procurement network in India and across the globe. The procurement network comprises corporates, consulting companies, intermediaries, recyclers, refurbishment partners, educational institutes, leasing companies, NBFCs, large format retail stores, and OEM brand stores, as of September 30, 2024. Some of our procurement partners, among other prominent names, include USA-based Iron Mountain and Apto Solutions Inc; Australia-based Green Box Group Pty Ltd and Renew IT Pty Ltd; HP, Lenovo, Microsoft, Tata Capital Limited, and Steller Information Technology Private Limited (BitRaser). They have 3,265 customers as of September 30, 2024.

The operations are spread across 35 countries in North America, South America, Asia, Asia Pacific, Europe, Africa, and the Middle East, as of September 30, 2024, supported by five refurbishing facilities located across India, USA, and UAE with one facility in Navi Mumbai, Maharashtra, India, one facility in Dallas, Texas, USA and three facilities in Sharjah, UAE, aggregating to 58,127.82 sq. ft. Our facilities are strategically located to cater to regional markets while maintaining a global reach across India, Middle East, Europe, Africa and USA. It also helps reduce freight costs, optimize delivery time, and increase operational efficiency.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and JM Financial Limited are the Book Running Lead Managers to the issue.

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The issue is a fresh issue of equity shares up to ₹ 5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹ 10.

The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, and not more than 15% of the issue shall be available for allocation to non-institutional bidders. Not more than 10% of the issue shall be available for allocation to retail individual bidders.

As per the DRHP, the proceeds from the fresh issue will be used for capital expenditure to be incurred by the subsidiary, OCT for the Ola Gigafactory project, repayment or pre-payment, in full or part, of the indebtedness incurred by a subsidiary, OET, investment into research and product development, expenditure to be incurred for organic growth initiatives and general corporate purposes.

The leading EV player is building vertically integrated technology and manufacturing capabilities for EVs and core EV components, including cells. It manufactures EVs and core EV components such as battery packs and motors at Ola Futurefactory, its manufacturing facility in Krishnagiri. The Ola Futurefactory is the largest integrated and automated E2W manufacturing plant in India based on production capacity, as of September 30, 2023, according to the Redseer Report. The company is in the process of building an EV hub in the Krishnagiri and Dharmapuri districts in Tamil Nadu, India, which includes the Ola Future factory, the upcoming Ola Gigafactory, and co-located suppliers in the Krishnagiri district.

It introduced its first EV model – S1 Pro in August 2021 and currently has a portfolio of 5 scooter models. Within nine months of Ola Electric delivering its first EV scooter, it surged to become the best-selling E2W player in India based on E2W registrations listed on the VAHAN Portal of the Ministry of Road Transport and Highways. As of the three months ending June 30, 2023, it has an E2W market share of 31% and aims to explore exporting EVs to specific international markets in the future.

Its business model is founded on three key scalable platforms (1) an R&D and technology platform with in-house design and development across EV technologies and components, (2) an Adaptable manufacturing and supply chain platform, and (3) a D2C omnichannel distribution platform

Research and development and technology are at the core of its business model with a focus on in-house product innovation. It undertakes R&D activities focused on designing and developing new EV products and core EV components in India, the United Kingdom, and the United States. It also operates a battery innovation Centre (“BIC”) in Bengaluru, India that is focused on developing cell and battery technology and manufacturing processes for the forthcoming cell manufacturing at the Ola Gigafactory.

It also has a vertically integrated manufacturing and supply chain ecosystem across its core EV components and a resilient supply chain focusing on localization and co-location of suppliers.

As per the DRHP, it operates its direct-to-customer (“D2C”) omnichannel distribution network, comprising of 935 experience centers situated across India which includes 414 service centers, as of October 31, 2023. Its D2C omnichannel distribution network comprises of an integrated company-owned sales and service network, a charging network, and an online retail platform

The company recently announced new EV scooter models, the Ola S1 X (2 kWh) Ola S1 X (3 kWh), and Ola S1 X+. It started delivering Ola S1 X+ in December 2023. It plans to commence delivery of the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh) by the first half of the Fiscal 2025. It is also working towards delivering the recently announced line-up of four motorcycle models: Diamondhead, Adventure, Roadster, and Cruiser in the first half of Fiscal 26.

In September 2023, the company launched MoveOS version 4, as a beta roll-out, which included new features such as navigation powered by Ola Maps, call filter, ‘find my scooter’, geofencing, time fencing, anti-theft alert, fall detection, hill hold, auto turn-off indicators, ride journal, and energy insights. Its EV scooters are connected to a network and designed to transmit data through the vehicle’s telematics systems, this enables them to continually enhance its product features and performance.

According to the Redseer Report quoted in the DRHP, in fiscal 2023, the company topped the charts among Indian incorporated electric 2-wheelers (E2Ws) and original equipment manufacturers (OEMs) in revenue from E2W sales.

For the fiscal year 2023, revenue from operations increased more than seven times to ₹ 2,630.93 crore against ₹ 373.42 crore a year ago. For the three months ended June 30, 2023, revenue from operations stood at ₹ 1,242.75 crore. The company has also been approved for India’s PLI schemes – one relating to the manufacturing of advanced automotive technology products (the “Automobile PLI Scheme”), and another relating to advanced cell chemistry batteries (the “Cell PLI Scheme”).

India is at the forefront of electrification of mobility due to the favorable total cost of ownership as compared to Internal Combustion Engine Vehicles. India is the 2^nd largest 2W market globally (by domestic sales volume) and EC2Ws are projected to account for 41-56% of the domestic 2W sales volumes by Fiscal 2028, according to the Research Report.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited and BOB Capital Markets Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

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The company plans to raise funds through an initial public offering of equity shares, with a face value of INR 10 each. The offer comprises a fresh issue of equity shares aggregating up to INR 400 crore and an offer for the sale of up to 13,067,890 equity shares by selling shareholders.

EPACK Durables Limited intends to use the net proceeds from the fresh issue to fund capital expenditure for the expansion or setting up of manufacturing facilities, repay or prepay certain outstanding loans, and for general corporate purposes.

The offer for sale includes equity shares by promoter selling shareholders, including Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania, and Ajay DD Singhania, and equity shares by promoter group selling shareholders, including Pinky Ajay Singhania, Preity Singhania, Nikhil Bothra, Nitin Bothra, and Rajjat Kumar Bothra. The investor-selling shareholders include India Advantage Fund S4 I and Dynamic India Fund S4 US I.

The equity shares offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited. Axis Capital Limited, DAM Capital Advisors Limited, and ICICI Securities Limited are the Book Running Lead Managers to the issue.

EPACK Durables Limited is a customer-centric business driven by a focus on continuing innovation and operational efficiency. The company started as an OEM for RAC brands and evolved into an ODM partner for RACs for its customers. It also manufactures various components such as sheet metal, injection-molded, cross-flow fans, and PCBA components used in the manufacturing of RACs. The company has expanded its operations in the small domestic appliances market and currently designs and manufactures induction cooktops, mixer grinders, and water dispensers.

EPACK Durables Limited established long-standing relationships with several well-known Indian and global customers, including Blue Star Limited, Daikin Airconditioning India Private Limited, Carrier Midea India Private Limited, Voltas Limited, Havells India Limited, Haier Appliances (India) Private Limited, Infiniti Retail Limited, Godrej and Boyce Manufacturing Company Limited, Bajaj Electricals Limited, BSH Household Appliances Manufacturing Private Limited, and Usha International Limited.

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