BankBazaar.com plans to launch its IPO in the next 12-18 months, it said. Prior to filing for DRHP, the fintech company aims to raise another round of capital (a combination of fresh and secondary issue), and has appointed ICICI Securities to advise on its capital raise plan. Meanwhile, Bankbazaar closed FY23 with net revenue of Rs 160 crore, up by 60 per cent over FY22 on the back of a 60 per cent growth in its credit card issuances.
“We have a compelling growth story to tell at a time when reports suggest PE/VC investments nearly halved in February 2023 and that the funding winter will get worse before it gets better due to concerns about global recession and increased cost of capital,” said Adhil Shetty, Co-Founder and CEO, BankBazaar.com.
He added that riding on a 60 per cent growth momentum in FY23 while narrowing the adjusted EBITDA burn to Rs 20 crore, the company is expected to accelerate the revenue growth rate further in FY24. “We’ve built a co-branded portfolio of digital products with proven customer traction, which has created sustainable revenue while improving margins,” Adhil Shetty said.
According to RBI data, India’s retail credit outlook continues to look strong and was up by 20.4 per cent Y-o-Y in January. BankBazaar.com expects to close FY24 with a revenue of Rs 250 crore and EBITDA profit for the full year. Supported by investors such as Experian, Eight Roads, Sequoia India, WSV, & Amazon, BankBazaar is co-branded credit card issuer and online platform for free credit score, and has a customer base of over 56 million users.
After an IPO drought that started in January, March witnessed three IPOs open for subscription and this is expected to to turn into a flood as a series of companies are filing their HRPs and plan on opening for subscription for their respective public issues. Few of the companies that have filed their DRHPs with Sebi and are likely to launch IPOs in FY24 are: Aeroflex Industries, which has filed papers with capital markets regulator Sebi to raise Rs 350 crore through an IPO. Samhi Hotels has resubmitted its IPO DRHP to Sebi with the aim of raising funds, including Rs 1,000 crore in a fresh issue of shares. Indian Renewable Energy Development Agency (IREDA), a state-run renewable energy project financier, is expected to launch an IPO in FY24. ChrysCapital-backed Mankind Pharma plans to raise around Rs 4,500-4,700 crore through an IPO expected to hit the markets by the end of this month or early next month. Tata Technologies has filed papers with Sebi to raise funds via a public issue. JG Chemicals received the final observation from the Sebi to raise funds through an IPO. Fintech player Zaggle Prepaid Ocean Services plans to raise Rs 490 crore through an IPO. Out-of-hospital healthcare provider Healthvista India, with brand Portea to float IPO, plans to raise up to Rs 200 crore through a fresh issue of equity shares and more through an offer for sale by divesting shareholders. Cyient DLM plans to raise Rs 740 crore through a purely fresh issue of equity shares.