Author
Harsh Batra
Harsh Batra
The war between the United States, Israel and Iran continues to weigh on India’s capital markets.
This week, India’s markets regulator announced it will let companies cut the size of IPOs by as much as 50% without filing additional onerous paperwork. Companies still need to submit the revised version to Sebi, but the review process is now faster.
Under the previous rules, IPO documents had to be refiled if the planned fundraising amount changed by 20% or more. Amid the war, the new process allows companies to adapt faster.
On M&A, Grant Thornton Bharat’s latest report confirmed the LSEG findings we shared in the previous edition of Teaser India: deal value fell in Q1 2026. There were 686 transactions, valued at $16bn. That’s a 48% decline in value compared to Q4 2025, but a 5% sequential increase in deal volume.
According to fund managers interviewed by CNBC, the drop in deal value comes against a backdrop of heightened market stress, with foreign investors pulling out of Indian equities and the rupee under pressure from the Iran war, conditions that typically chill large-ticket M&A activity.
Highlights from this edition include:
- Mindspace REIT is making a ₹30 billion move for ITPC Radial Road, taking a 51% stake in the 2.6 million sq ft Chennai office campus and sharply deepening its presence in one of the city’s key commercial corridors.
- Everstone is investing $270 million in Apothecon–Navinta to build a specialty pharma platform spanning India and the US, backing a business with clear ambitions to scale pipeline, footprint and future bolt-on acquisitions.
- KKR-backed Baby Memorial is buying a 60% controlling stake in Star Hospitals for ₹1,800 crore, extending its hospital consolidation push into Hyderabad and reinforcing its southern India platform.
For more insights and conversations about the market, connect with me on LinkedIn.
Enjoy the read.
Deal Tracker
Rumour mill
- Sun Pharma is preparing what could become a USD 12bn bid for Organon.
- AstraZeneca India is weighing a sale of its 64-acre Bengaluru site for around INR 3,400 crore, potentially turning a legacy manufacturing footprint into a landmark land monetisation.
- GEMS Education is said to be structuring a real estate PE fund for K-12 assets in India.
- Quadria Capital is exploring a partial exit from a healthcare investment made just three years ago, suggesting some sponsors see room to monetise early in a still-favoured sector.
- Motherson Sumi has opened early merger talks with Leoni.
- Aakash Healthcare is nearing a PE deal, keeping hospitals firmly in view as investors continue to favour healthcare platforms with visible expansion runways.
- Air India is turning to its shareholders Tata and Singapore Airlines for a capital injection after a USD 2.4bn loss.
- IHH Healthcare wants to take its Fortis stake to 50% over time.
- Codelco’s discussions with Hindustan Copper could lead to a Chile JV worth over USD 1bn.
- ChrysCapital is said to be in the final stages of backing an Indian drugmaker.
Fundraising
- Quona is drawing support from a returning LP for its next fintech fund.
- GobbleCube has raised USD 15m to push further into AI software for commerce.
- Ivory has pulled in USD 1m of fresh capital to deepen its brain health platform.
- BII has written an USD 80m cheque into smart metering.
- ICG is weighing its next Asia fund after a senior regional hire.
- ESR has secured USD 850m in fresh equity from existing shareholders, giving it more balance-sheet room to grow logistics and data centre exposure across Asia, including India.
- Auraska Ventures is preparing a INR 500 crore fund for India’s cultural economy, betting that media, gaming, sport and creator businesses now merit dedicated capital pools.
- Satin Creditcare’s maiden venture-style fund is moving towards a first close.
- Cedar Hill Capital is using its debut fund to lean into AI-led investing.
- Val-Met Engineering has secured USD 21.4m from Nuvama’s late-stage funds.
- The Hosteller’s INR 150 crore Series B gives the backpacker chain fresh firepower to expand beds.
- ASK Property Fund has exited two real estate debt positions and pocketed about USD 43m, offering a timely liquidity datapoint for India’s property credit market.
- Nava, Astranova Mobility and DAAKit have all raised fresh capital.
- Magicpin has chosen venture debt to deepen its AI push, taking a less dilutive route as it sharpens product capability and monetisation.
- KisaanSay has raised INR 34 crore led by NAB Ventures.
- Aye Finance is back in the market, seeking capital from offshore backers.
- Poonawalla Fincorp has raised INR 2,500 crore through a QIP.
- Motilal Oswal Alternates has found an exit from a decade-old investment, even if the return profile appears to have landed below conventional PE expectations.
IPOs
- Om Power Transmission has reached the allotment stage of its IPO.
- Xpheno is targeting a November 2027 listing, with the staffing specialist looking to use IPO proceeds to fund acquisitions and overseas expansion.
- Citius TransNet InvIT is opening a INR 1,105 crore IPO to fund road asset acquisitions.
- RMZ is pairing a USD 35bn investment ambition with IPO plans, seeking public-market backing for a bigger push into AI and data centre infrastructure.
- Lightstorm is exploring an IPO as it leans into AI-led demand for cloud and data connectivity.
- KreditBee’s listing plan is gathering pace and could see the lender raise around USD 380m.
Job Market
- TR Capital has hired an Eight Roads executive to lead its India operations.
- HDFC Bank’s chairman has quit citing ethical differences.
- KV Ramana Murty has taken charge as SEBI’s fourth whole-time member.
- Serentica Renewables has named Annapurna J as CHRO.
- Prudential has named Amit Dave as CEO and Abhishek Saraf as COO for its India health venture, as the group edges closer to launching its JV with HCL.
- Cashfree Payments has brought in Sameer Gandhi as CFO.
- BharatPe founder Shashvat Nakrani is stepping back from day-to-day operations into an advisory role.
- Swiggy co-founder Nandan Reddy has resigned, prompting an immediate market reaction as leadership reshuffles remain closely watched at listed tech names.
- Nadir Godrej is preparing to step down after 25 years at the helm.
- Bay Capital has hired former Naspers and Delhivery executives for its new late-stage fund.
- Sharon Pais has been appointed to lead Myntra, placing a new executive at the top just as Flipkart’s broader IPO planning continues to gather shape.
