Upcoming IPOs in India: Swiggy, Lenskart, FirstCry, OfBusiness plan to go public soon, says SoftBank

Eyewear brand Lenskart, food delivery platform Swiggy, baby products retailer FirstCry, and B2B commerce startup OfBusiness, all are in various stages of preparing for their initial public offering, according to SoftBank’s CFO.

According to Economic Times, SoftBank Vision Fund managing partner and chief financial officer Navneet Govil said that FirstCry is expected to file its IPO papers by 2023-end. SoftBank’s portfolio companies are cumulatively valued at $42 billion.

He further added that the vision fund will begin reinvesting again after a prolonged period of inactivity due to six consecutive quarters of losses.

The Japanese group has sold stakes in both public and private entities in India – most recently in Lenskart. SoftBank will now bet on artificial intelligence-focused companies with high growth across India, Europe, Latin America and the US.

Softbank posts surprise loss of $3.3 bn

Japanese investment giant SoftBank Group reported a surprise net loss of more than $3 billion in the first quarter on Tuesday after being hit by a drop in the share prices of major holdings as well as a weaker yen.

The firm has made huge bets to find and grow hot new tech ventures around the world, but that has left its earnings vulnerable to market forces.

Results have lurched between dizzying highs and lows in recent years, with China's crackdown on its tech sector taking a toll on the company.