Ather IPO to Open Next Week, Flipkart Shifts Domicile Ahead of Possible Listing Ather's IPO marks the much-awaited action resuming on the mainboard. LG has paused plans to go public due to market conditions. Flipkart is making moves, signalling a big domestic listing.

Ather's IPO marks the much-awaited action resuming on the mainboard. LG has paused plans to go public due to market conditions. Flipkart is making moves, signalling a big domestic listing.

Ather IPO

The much-awaited initial public offering (IPO) of EV two-wheeler maker Ather Energy will be open for subscription on Monday, April 28, and close on April 30. The issue will be at INR 2,980.76 crore, with the company's market cap valued at INR 11,955.66 crore.

Ather's IPO is said to be book-built, consisting of a fresh issue of equity shares of 8.18 crore worth INR 2,626 crore and an offer for sale (OFS) component of 1.11 crore shares worth INR 354.76 crore. In the OFS component, existing shareholders will sell part of their holdings.

The price band for the IPO has been set between INR 304-321 per share. The lead managers for the issue are Axis Capital Limited, HSBC Securities and Capital Markets (India) Pvt Ltd, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd.

LG Pauses Plans

The Indian unit of LG Electronics has paused proceedings on its IPO amid market volatility, according to a report by Bloomberg News citing people familiar with the matter.

The report said that the South Korea-based company has told stakeholders that there may be a delay in the Indian-arm's IPO and may resume proceedings if conditions improve.

An LG official also told Reuters recently, "The IPO process is underway, but we cannot comment on the timing at this stage," indicating that reports of suspending plans do not seem appropriate.

Flipkart Shifts Base

According to reports, Flipkart has announced that it is working towards relocating its legal domicile from Singapore to India, signalling proceedings of a domestic listing.

In a statement, the company said, "India's homegrown e-commerce platform, proudly based and operating in India, has shared its intention to relocate its holding company from Singapore to India."

The e-commerce giant is yet to give specific details on the listing date and other allied information.

Prestige Goes Public

Prestige Hotel Ventures Limited, a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale hospitality assets in India for both business and leisure travellers, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI).

The IPO will comprise a fresh issue of equity shares of face value of INR 5 each, aggregating up to INR 1700 crores, and an offer for sale of equity shares of face value of INR 5 each, aggregating up to INR 1000 Crores. The offer for sale (OFS) is comprised of equity shares of face value of INR 5 each by Prestige Estates Projects Limited (Promoter Selling Shareholder).

The company said it plans to utilise the net proceeds from the listing, an estimated amount of INR 1121.276 crore, towards full or partial repayment or pre-payment of borrowings amounting to INR 397.248 crore.

The company also said that it will utilise funds towards pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited, and Kotak Mahindra Capital Company Limited are the sole Book Running Lead Managers (BRLMs) to the issue.