Exit of the Year – IPO
Delhivery (Addition, Alpha Wave Global, Alpine Capital, Baillie Gifford, The Carlyle Group, Chimera Financial Investments, CPPIB, FedEx Express, Fidelity Global, Fosun Capital, GIC, Nexus Venture Partners, SoftBank Vision Fund, Steadview Capital, Tiger Global Management, Times Internet)
Indian e-commerce logistics provider Delhivery raised INR 52.4bn (USD 674m) through a domestic IPO in May 2022. The company sold 107.5m shares for INR 486 apiece, having scaled back the size of the offering. Existing investors, including SoftBank Vision Fund and The Carlyle Group, realised proceeds of INR 12.4bn. As of October 11, Delhivery was up 14% on the IPO price with a market capitalisation of INR 402.3bn. The company, which raised USD 1.4bn in private funding, claims to be India’s largest and fastest-growing fully integrated logistics services player by revenue, with a 20% share of the e-commerce parcel market.
GoTo (ADIA, Alibaba Group, Astra International, BlackRock, Capital Group, DST Global, Facebook, Fidelity International, Google, JD Group, KKR, Northstar Group, Openspace Ventures, Primavera Capital Group, Sequoia Capital India, SoftBank Vision Fund, Temasek Holdings, Tencent Holdings, Ward Ferry, Warburg Pincus)
Indonesia-based ride-hailing service turned super app GoTo raised IDR 15.8trn (USD 1.1bn) through an IPO on the Indonesian Stock Exchange in April 2022. It sold 46.7bn shares, comprising newly issued stock and treasury shares, for IDR 338 apiece. This was the first offering under a new regulatory regime permitting multiple share-class structures. As of October 11, GoTo was trading at a 32% deficit to the IPO price with a market capitalisation of IDR 270trn. The company is the product of a merger between Gojek and Tokopedia, both of which raised substantial private funding. There was also a USD 1.3bn pre-IPO round.
MGI Tech (Cindafund Investment, Cindafund Investment, CPE, GF Xinde Investment, Goldstone Investment, Great Wall Fund, Guotai Junan Innovation Investment, HG Capital, Huatai Zijin Investment, IDG Capital, Orient Securities Capital Investment, Qingdao Goldstone Haorui Investment, Sailing Capital, Shanghai Dingfeng Asset Management, Shanghai Huasheng Youge Equity Investment Management, Shenzhen Co-Stone Capital Management, Shenzhen Green Pine Capital Partners, Ti-Capital)
MGI Tech, a China-based manufacturer of gene sequencing devices that spun out from genetics research giant BGI Group, raised CNY 3.6bn (USD 502m) through a Star Market IPO in September 2022. The company sold 41.3m shares at CNY 87.18 apiece. As of October 11, MGI was up 22% on the IPO price with a market capitalisation of CNY 43.8bn. MGI received USD 1.2bn in private funding, including a USD 1bn round in 2020. This coincided with fast-track approval for an ultra-high-throughput sequencer used to test for COVID-19. MGI serves more than 1,300 customers across 80 countries and regions.
Nykaa (Fidelity, Lighthouse Funds, Max Ventures & Industries, Steadview Capital, Techpro Ventures, TPG Growth, TVS Capital Funds)
India-based beauty e-commerce platform Nykaa raised INR 53.5bn (USD 719m) through a domestic IPO in November 2021. The company sold 47.6m shares – including 41.9m shares held by existing investors – for INR1,124 apiece. TPG Growth and Lighthouse Funds both made partial exits. As of October 11, Nykaa was up 12% on the IPO price with a market capitalisation of INR 597.9bn. The company was established in 2012 by Falguni Nayar, a banker-turned-entrepreneur and wife of Sanjay Nayar, ex-India head of KKR. They provided all the early-stage funding. On listing, Nykaa had 80 stores in 40 cities and 55.8m app downloads.
Vedant Fashions (Kedaara Capital)
Vedant Fashions, owner of Indian ethnic wedding and celebration wear brand Manyavar, raised INR 31.5bn (USD 383m) through a domestic IPO in February 2022. The company sold 36.4m shares for INR 866 apiece. Kedaara Capital, which bought a 10% stake in Vedant in 2017 at a valuation of approximately INR 4.5bn, made a full exit with proceeds of INR 626.1m. As of October 11, Vedant was up 66% on the IPO price with a market capitalisation of INR 349bn. Prior to the IPO, the company had 586 exclusive brand outlets, including 11 in North America and the United Arab Emirates.