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HomeBusinessSoftBank, JP Morgan Connect 10 IPO-Driven Unicorns With Mutual Funds: Report

SoftBank, JP Morgan Connect 10 IPO-Driven Unicorns With Mutual Funds: Report

SoftBank, JP Morgan join 10 unicorns mulling IPO in 3 years with mutual funds

New Delhi:

Japan’s SoftBank Investment Advisers and US-based JP Morgan hosted a gathering between giant mutual fund homes and 10 unicorns, together with Swiggy, and Unacademy, that are eager on going public inside 3 years, sources stated.

Mamaearth, Lenskart, Acko, Meesho, ElasticRun and InMobi additionally participated within the assembly held in Bengaluru on August 3 and 4.

“Indian public asset managers, with USD 250 billion under management, met with the leadership of unicorn startups that are eyeing a possible stock market listing in the next 2-3 years. The first such interaction, hosted by SoftBank and JP Morgan, was aimed at building a better rapport between domestic mutual funds and startups well ahead of the latter’s IPO plans,” a supply aware about the assembly stated.

Fourteen Domestic Institutional Investors (DIIs) comparable to HDFC MF, Axis MF, Mirae, ICICI Prudential MF and UTI flew right down to Bengaluru for the assembly, the supply added.

“The meeting was basically to help unicorns better understand public market investors,” the supply stated.

The interplay additionally comes at a time when a few of the early digital IPOs (Initial Public Offerings) comparable to Zomato and Paytm have come beneath strain following a steep fall in inventory worth. The market values of listed digital startups have fallen sharply globally, too, monitoring inflationary pressures and rising rates of interest.

When contacted, SoftBank Investment Advisers managing accomplice and India head Sumer Juneja stated DIIs are an important constituent of the Indian inventory market, and they’re going to solely get extra essential with time.

“As more tech companies go public and become a more significant part of the indices, it is essential for these two constituents to build a relationship and understand each other better,” Juneja stated.

SoftBank, by means of SoftBank Vision Fund, has invested USD 15 billion in India of which round USD 11 billion has been invested within the final 5 years.

“The participation of the top mutual funds indicated the high public investor interest in the growth of tech platforms and the rising heft of digital GDP,” the supply stated.

SoftBank is the most important investor in India’s digital financial system, whereas JP Morgan has been working with a number of web startups of their quest to go public. 

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