Mebigo Labs Pvt., the company behind India's popular audio platform Kuku FM, is getting ready to go public. It has hired top banks to help with an initial public offering (IPO) that could raise up to $200 million.
The Mumbai-based company has appointed Kotak Mahindra Capital Co., Axis Bank Ltd, and Morgan Stanley's Indian unit to manage the share sale. The money raised from the IPO will be used to expand Kuku FM's content library and offer more regional-language content to its users.
Kuku FM, which was founded in 2018, offers audiobooks, stories, and summaries in multiple Indian languages. It has already gained a large following, with over 10 million paying subscribers.
This IPO is just one example of the hectic activity in India's primary market. So far this year, companies have raised a record 1.77 trillion rupees ($19.6 billion) through IPOs and other share sales. This is even more than the total amount raised last year.
In October, Mebigo raised $85 million from investors, including Granite Asia Capital Pte and Vertex Growth Fund. This funding will help the company continue to grow and expand its services.
The IPO plans are still in the works, and some details may change. But one thing is clear: Kuku FM is a major player in India's audio streaming market, and its IPO is highly anticipated.
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