BENGALURU (Reuters) -Indian education startup Byju’s on Monday said it will take its educational institute Aakash Education Services public through an initial public offering (IPO) by mid-2024.
Aakash, which was acquired for $950 million by Byju’s in 2021, had first filed its draft prospectus in July 2018, before scrapping its listing plans.
The announcement comes amid a gloomy market for domestic listings. After peaking in 2021, the IPO market has fizzled out due to concerns of companies’ valuations and profitability, as well as the volatility in global markets.
Apparel retailer Fabindia, and skincare startup Mamaearth, among others, have withdrawn their IPO plans in the last six months, mostly blaming volatile stock markets.
Byju’s valuation was marked down to $8.2 billion by Blackrock last month, over 60% below its peak valuation. This was its second markdown after Blackrock also marked down to $11 billion in March, according to a filing by the U.S. fund seen by Reuters.
India’s Enforcement Directorate had raided three premises linked to the online learning platform in April over alleged foreign exchange law violations, which Byju’s has denied.
(Reporting by Varun Vyas in Bengaluru; Editing by Nivedita Bhattacharjee)
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