MUMBAI: Tiger Global backed Infra.Market is planning to raise $1 billion through an IPO at a valuation of up to $5 billion, sources close to the development said. The startup, which was last valued at $2.8 billion, is targeting a Diwali listing and will file its draft IPO papers by June. The bulk of the offer will include fresh issue of shares.
“The company’s IPO plans are on track and the current trajectory of the markets is not holding them back. Unless there is a delay in the IPO approval process, things should progress as planned. The firm is looking at a valuation in the range of $3-5 billion even though bankers want to set it at the upper end of the band,” a source told TOI. Infra.Market declined to comment.
Tiger Global is the biggest external investor in the company with a 21.3% shareholding followed by Accel with a 16.9% stake. Promoters Aaditya Sharda and Souvik Sengupta collectively have a shareholding of 31.7%. Founded in 2016, the Mumbai-based unicorn startup operates in the B2B space and is among a handful of new age companies making profits.
