Carlyle IPO, Zepto raise, PhonePe losses, India’s big money moves

Carlyle is preparing a $500 million IPO for Highway Roop Precision Technologies, its newly formed auto‑components platform, appointing Goldman Sachs, Nomura and Axis as lead managers. The offer‑for‑sale could value the merged company at roughly $2 billion, giving Carlyle a clear exit path for its stake.

More than twelve companies are set to list next month, collectively targeting over Rs 25,000 cr. Zepto tops the pack with a potential Rs 8,010 cr issue, while Shiprocket and others add sizable raises. Strong investor sentiment keeps India’s primary market buoyant, with analysts forecasting roughly $20 bn in IPO proceeds this year.

PhonePe reported FY26 consolidated revenue of ₹7,920 crore, an 11.5% year‑on‑year rise, but its total net loss ballooned to ₹2,792 crore, up from ₹1,727 crore. The growth shows the fintech’s top‑line resilience, yet widening losses raise questions on profitability as it eyes an IPO.

The lender posted a record Rs1,075 crore net profit for Q1 FY27, up 132% YoY, driven by a 21% rise in net interest income and a 25‑basis‑point lift in net interest margin. Loan advances expanded 20.6% to Rs3.05 lakh crore, while provision ratios fell, sharpening the bank’s ROA to 1.06%.

Net profit rose 37% YoY to Rs 796 crore, driven by a 30% rise in loan book and a 32% jump in net interest income to Rs 2,695 crore. Gross NPA fell to 2.1%, underscoring tighter credit quality. The results highlight the bank’s resilience and expanding retail focus amid a soft macro backdrop.

Ukrainian strikes on Novorossiysk have stalled Russian crude loadings, leaving Indian refiners facing higher freight and reduced discounts for August shipments. A parallel threat from Houthi attacks on the Bab el‑Mandeb could further inflate costs, forcing India to source pricier cargoes or endure longer voyages.

Crude’s brief surge above $100 a barrel revived energy‑inflation fears just as the Fed, BoE and BoJ announce decisions. Even with softer US CPI, policymakers are hinting at hawkish holds and a September hike, while global bond yields spike. The move underscores how commodity shocks can steer monetary policy.

The Bloomberg Agriculture Spot Index climbed to its strongest level since July 2023 as scorching European heat and renewed Russia‑Ukraine attacks disrupt grain shipments. Wheat, corn and soybean futures rose sharply, warning of higher staple costs and broader food‑price inflation.