BackDeals Buzz: Xiaomi files for world’s biggest IPO since Alibaba, may raise over $10 billion
In other news, Flipkart has set aside $400 million to buy back shares from small investors as it seeks to regain its private limited company status in Singapore ahead of an investment from Walmart
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Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Firms shelve $3 billion bond sales on fears of Fed hike
Uncertainty around possible rate hikes by the US Federal Reserve and a consequent rise in volatility in the US bond market has led several Indian firms and financial institutions to shelve their overseas fund-raising plans, says Mint report.
Indian corporate bond issues worth over $3 billion have been shelved as firms wait on the sidelines, keeping a vigil on interest rates in the US, the report said. For instance, JSW Steel Ltd has kept its $1 billion bond issue on hold for now. Similarly, Birla Carbon has also put its $500 million issue on the backburner. Read more
Bizongo raises $22 million from B Capital, IFC
Bizongo, an online business-to-business marketplace for packaging materials run by Smartpaddle Technology Pvt. Ltd, has raised $22 million in a series B funding round led by global technology fund, B Capital and IFC, the private-sector investment arm of World Bank, reports Mint. Read more
2018 may be a tough year for start-ups vying for funds: study
Most Indian startups, especially early-stage ones, expect the fundraising environment to be difficult in 2018, according to venture debt provider InnoVen Capital’s India Startup Outlook Report 2018, Mint reports.
According to the report, 56% of the startups surveyed said that they expect fundraising to be more challenging this year. Around 81% said that they expect fundraising to take from anywhere between four and six months to over nine months. Read more
Xiaomi files for world’s biggest IPO since Alibaba, may raise over $10 billion
Xiaomi Corp. became the first major company to use Hong Kong’s new rules for going public, filing for what’s expected be the world’s biggest debut since 2014, reports Bloomberg. The company is looking to raise initial public offering of at least $10 billion, the report said. Read more
Flipkart to buy back shares to go private
Flipkart has set aside $400 million to buy back shares from small investors as it seeks to regain its private limited company status in Singapore ahead of an investment from Walmart, reports TOI citing people aware of the development. Read more
On 2 May, Mint reported, Walmart Inc., the world’s largest retailer, is in final negotiations to buy a majority stake in Flipkart Ltd even as a rival combination of Flipkart and Amazon looks increasingly unlikely, citing people familiar with the matter. Read more
Vedanta, ONGC top bidders in oil block auction
Mining moghul Anil Agarwal’s Vedanta Ltd and state-owned ONGC were top bidders on Wednesday for 55 oil and gas blocks offered in India’s maiden open acreage auction that was shunned by domestic private and international energy majors, PTI reports. Read more
It’s Dalmia vs UltraTech again for Binani Cement
The Kolkata bench of the bankruptcy court on Wednesday ruled that the lenders of debt-ridden Binani Cement Ltd should consider the revised offer of UltraTech Cement Ltd even as it allowed Dalmia Bharat Ltd, chosen by lenders to take over the indebted cement-maker, to submit new bids, effectively restarting a contest between the two suitors, Mint reports. Read more
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