KaranTweeX

Lawyer | Founder, Ananta Partners.

IPOs | 53+ DRHPs drafted at Tier-1 law firms.

[KaranTweeX @rbkkaran09]

10 years, 50+ DRHPs at Tier-1 Law Firm.

Now on my own.

Here is what I will post:

→ Legal concepts and insights of IPOs - Simplified

→ Legal concepts and insights of PE Fund Raising - Simplified

→ Building a firm, the honest bits

→ Live takes on IPO & Startup raises

[KaranTweeX @rbkkaran09]

It would be interesting how Vinod Adani along with his PG members disclose their disqualifications, especially his son and daughter.

Winsome and Rotomac. ..! #IPO #Adani #VishakhaRenewables

[KaranTweeX @rbkkaran09]

One more Adani company hits the markets but this time with - Vinod Adani is also a Promoter!! - Vishakha Renewables.

This brings me to the recent order from the regulator where Adani Entities and Individuals were given a clean chit!

Hands in gloves? #Adani #Vishakha #IPO

[Vinod Chendhil @vinodchendhil]

Unpopular opinion: Most d2c brands are just glorified category managers for Meta. They work mainly for zuck.

Src: YT, Roman Khan

[KaranTweeX @rbkkaran09]

@A_K_Mandhan NSE, Lenskart, Dixon

[KaranTweeX @rbkkaran09]

Spinny has confidentially filed for an IPO of up to ₹3,000 Cr.
The interesting word is not IPO.
It is “confidentially.”

Almost every B2C Company is going ahead with this mode of filing the DRHP to ensure that there is no negative attention to the Company before SEBI approves!

[KaranTweeX @rbkkaran09]

Snapdeal is still ALIVE and KICKING!

Once valued at roughly $6.5 billion.
Its parent is asking the 'public market' to value it at about $182 million.

That is roughly a 97% reset from the old 'private-market' headline.

AceVector has set a ₹30 to ₹32 for ₹420 cr IPO. #IPO

[KaranTweeX @rbkkaran09]

Moody is expecting rising input costs, rupee depreciation and supply-chain pressure to weigh on Indian corporate earning over next 18 months.

Interesting times ahead, would be Interesting how the IPO companies perform based on the projections and earning calls.

[KaranTweeX @rbkkaran09]

For an IPO investor, it has to be Business - Financials - Valuation - Risks - Demand.

But for majority of the retail investors in India, its demand first, followed by listing gains and exit!

Only few are investing in the value business over long time.

[KaranTweeX @rbkkaran09]

Subscription measures demand and not value. While a company can be 100x subscribed and still be expensive, and a company with just 2x subscription can turn out to be an excellent investment! #NSE #IPO

[KaranTweeX @rbkkaran09]

Who is taking calls on UPI? What was the urgency on adding fuel to the fire by charging people for transactions? Govt must roll back MDR.

[KaranTweeX @rbkkaran09]

Founder - 80%. Investor - 20%.

SHA says certain decisions require “prior written consent of the Investor.”

Suddenly 20% can block decisions affecting 100% of the company.

Investor always gains a meaningful negative control!

[KaranTweeX @rbkkaran09]

14 listings. One week.

From what I hear, companies are fighting for listing slots at NSE!

[KaranTweeX @rbkkaran09]

NSE IPO opens in 2 days. Forget GMP for a minute.

The interesting bit: existing shareholders CUT the OFS by ~15% after seeing the pricing.

Sellers prefer holding more shares at ₹1,785.

I am expecting more bulk deals and OFS in next 15 months.

[KaranTweeX @rbkkaran09]

@value_investr @vinodchendhil Don't think they need any mandates from large companies.

They will take companies from Rainmatter's portfolio to public. Dare say they wont be large in sometime.

Even if they IPO 20% company from portfolio, they are at bay.

[KaranTweeX @rbkkaran09]

Tata Sons’ underlying portfolio is estimated at ₹15-16 lakh crore.

Reports suggest ₹9-12.5 lakh crore could be the potential IPO valuation.

That gap is the interesting part. If somebody could explain the rationale?

[KaranTweeX @rbkkaran09]

Founder owns 80%. Investor owns 20%.

Sounds like the founder controls the company. FALSE.

Founder gives investor a veto over fundraising, acquisitions and other special rights.

Interestingly, for IPO bound Co, the threshold to identify as a promoter is 20% or more post listin.

[KaranTweeX @rbkkaran09]

Those doubting India's startups ecosystem-

India's semiconductor ecosystem now includes about 281 startups that have collectively attracted $1.4 billion in equity funding, with nearly half of that capital arriving since 2025!

[KaranTweeX @rbkkaran09]

NSE shares will trade on BSE. This makes BSE also as a direct beneficiary of the NSE listing due to the volume.

I feel NSE isn't merely a stock exchange. It's a toll road sitting in the middle of ever growing capital markets of India, followed by the mutual funds.

[KaranTweeX @rbkkaran09]

@EquityInsightss Merchant Bankers are unable to get the desired price the IPO because of MF cartel and lack of FIIs participation. If you see all the recent IPOs, the fate is similar, obviously not as exciting as ESDS but MFs have recovered notional stagnation, for small and medium.