After Swiggy, Prosus sees PayU, Meesho and Bluestone as IPO candidates
Prosus, in its half-yearly earnings presentation, flagged Bluestone, Meesho and PayU as IPO candidates in the next 18 months as the investor flags bullish sentiment for startups to go public in India.
The Netherlands-based investor Prosus sees fintech giant PayU, affordable ecommerce platform Meesho and omnichannel jewellery retailer Bluestone as potential IPO candidates for the next 18 months.
According to an investor presentation, Prosus sees edtech player Eruditus, fintech firm Mintifi, export-focused meat startup Captain Fresh, home loan provider Vastu Housing and D2C house of brands player Mensa Brands with "future potential".
"So our priority in terms of making companies public is now in India. And I believe you have many more IPOs in India, not going to commit specifically to any of them today, but I believe you have many news on IPO in India over the next year. It's not my plan now to IPO iFood today, because we are focusing on making Indian companies public right now," noted Fabricio Bloisi Group President and Chief Investment Officer at Prosus in a post-earnings call with analysts.
This comes after Prosus, an early investor in Swiggy, made profits of $2 billion on total investment after the Sriharsha Majety-led giant listed on public markets. It sold shares in offer for sale which generated gross proceeds of approximately $500 million.
Post IPO, Prosus holds about 25% stake in Swiggy on a fully diluted basis.
The investment arm of South Africa’s Naspers is also doubling down on home services platform Urban Company.
As reported exclusively by Yourstory, Prosus is looking to increase its stake in the services marketplace to provide an exit to some of the company's early investors. It is investing at least $30 million in the company to increase its stake before its IPO, which is most likely to happen by the end of next year.
According to media reports. PayU had deferred its listing plans and now looks to file its draft prospectus by May 2025.
(The story has been updated with comments from the post-earnings call.)
Edited by Affirunisa Kankudti