10 Jan, 2022
India's Pine Labs to list in US; SoftBank fund nears investment in PrimaryBid
* Indian payments company Pine Labs Private Ltd. has filed confidentially for an IPO in the U.S. as soon as during the first half of 2022, Bloomberg News reported, citing people familiar with the matter. Pine Labs, which is backed by Sequoia Capital India Advisors Private Ltd. and Mastercard Inc., is reportedly looking to raise about $500 million from the New York listing for a valuation of between $5.5 billion and $7 billion.
* SoftBank Vision Fund 2 is expected to lead a $150 million series C funding round for the U.K.'s PrimaryBid Ltd., Sky News reported, citing city sources. PrimaryBid is said to be nearing a deal for the round, which is likely to value the online investment platform at over $500 million on a pre-money basis.
➤ Biden's infrastructure act spurs US electrical steel imports, production
The massive U.S. infrastructure package signed into law in November 2021 has already started to stimulate demand for electrical steel, according to the sole U.S. producer of electrical steel, Cleveland-Cliffs.
➤ Supply chain, regulatory delays temper strong growth outlook for power companies
"[Our] solar business is going to double, based on what we've got," MasTec CEO José Mas said. "The reality is, as crazy as it sounds, if it's not for the supply chain issues, then it would probably triple."
DEALS
* Kinderhook Industries LLC acquired KWI LLC and affiliates and formed a consolidated wire and cable distribution platform that includes Cameron Wire & Cable Inc.
* IGT Solutions Pvt. Ltd., an Indian IT and business process outsourcing company backed by an arm of Apollo Global Management Inc., secured preliminary bids from private equity firms KKR & Co. Inc. and PAG, Bloomberg News reported, citing people familiar with the matter. Apollo affiliate Aion Capital Partners Ltd. is seeking more than $700 million for the business, the news outlet reported.
* Funds managed by Blackstone Infrastructure Partners LP entered into an agreement with Caisse de dépôt et placement du Québec and Invenergy LLC for a $3 billion equity investment in Invenergy Renewables LLC.
FUNDRAISING
* Andreessen Horowitz LLC raised a combined $9 billion of commitments across its venture, growth and bio platforms. The technology investor invests across all stages.
VENTURE CAPITAL
* 65 Equity Partners Holdings Pte. Ltd., Qatar Investment Authority and Seatown Private Capital Master Fund led a $290 million series E funding round for Carsome Sdn. Bhd. The Southeast Asian car e-commerce platform is now valued at approximately $1.7 billion.
* Israel dairy startup Remilk Ltd. secured $120 million in its series B financing round led by Hanaco Venture Capital Ltd., FINSMES reported. Other investors who participated include Precision Capital Advisors LLC, Rage Capital, CPT Capital, Intercap Inc., OurCrowd Ltd., Aliya Capital Partners LLC, Chartered Group, Indorama Ventures, Tal Ventures, Fresh.Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Capital.
* Switzerland-based Nextech Invest Ltd. led the $85 million series A funding round for Ambagon Therapeutics Inc., FINSMES reported. The San Francisco biotechnology company also secured investments during the round from RA Capital Management LP, Droia Ventures, Inkef Capital, AbbVie Ventures Inc., MRL Ventures Fund LLC, Mission BioCapital LP and new investor Surveyor Capital.
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