IPO

Garuda Aerospace is expected to submit an updated draft red herring prospectus (DRHP) with more information later in the process.

The development follows Rediff's acquisition by AvenuesAI in 2024.

XED said it had the option to proceed with the listing after crossing the minimum subscription threshold, but chose not to.

Zetwerk is also considering a pre-IPO round of about INR 500 crore at a valuation of USD 3 billion ahead of the listing.

Several global investors, including TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC, will also offload shares as part of the offering.

The company is expected to merge its Singapore-based holding entity with its Indian unit, Hiveloop Ecommerce, which will become the parent company after the restructuring.

The decision comes at a time of heightened tensions involving Iran, United States and Israel, which have contributed to uncertainty in global markets.

The IPO will include a fresh issue of equity shares worth INR 250 crore and an offer for sale of up to 2.68 crore shares by existing investors.

The company is targeting a stock market listing in India during the financial year ending March 2027.

The funds raised are expected to support capacity expansion, distribution growth, and marketing initiatives.

Fractal’s IPO drew moderate investor demand, eventually closing with a subscription of roughly 2.66-2.81 times the shares on offer.

Shares are set to list on February 16.

India’s startup IPO surge has delivered mixed results, with many listings struggling post-debut, while traditional companies quietly generate steadier investor returns.

Among the wave of tech companies preparing to get listed in 2026, two standouts are InMobi, the country’s first unicorn, and Fractal Analytics, a deep-tech AI and analytics firm.

Fractal Analytics allotted 1.38 crore shares at INR 900 each to 52 anchor investors, including mutual funds, insurers and global institutions, with domestic mutual funds receiving about 38% of the allocation.

The IPO will open for public subscription on February 9 and close on February 11.

According to the RHP, the IPO size has been cut by about 42% to INR 2,834 crore from the INR 4,900 crore issue proposed in the draft red herring prospectus (DRHP) filed last year.

The IPO was open for subscription from January 20 to January 22, with a price band of INR 118 to INR 124 per share.

The Bengaluru-based company had submitted its Draft Red Herring Prospectus (DRHP) through the confidential route in September last year.

Mitra founder Abhishek Kaushik will become Promoter and Managing Director of the merged entity.

In 2025, 20 venture-backed startups went public, nine new unicorns emerged, taking India's ecosystem to USD 419 billion, with over 1,540 unicorns overall, including 28 profitable companies.