Edtech major BYJU's is in talks with bankers to list its offline coaching chain Aakash, in the beginning of 2023, people in the know of the matter told MoneyControl.com.
“Aakash is profitable and is a strong brand that is better understood in India. Investors were of the view that it should be listed here,” the website stated, quoting sources.
The sources also added that BYJUs has ambitions of a US listing, however it may happen after its subsidiary Aakash is listed.
The initial public offering's (IPO) size could be in the range of a billion dollars, which would value Aakash to around $3.5-$4 billion. The company expects to file the papers in January and list by the first half of FY24.
BYJU's has delayed its own IPO due to uncertain macroeconomic conditions that led to public shareholders dumping their shares of loss-making firms.
Shares of loss-making tech firms such as Paytm, Zomato have been down over 50 percent from the beginning of this year.
BYJU's also reported a 20x rise in its loss for the 2020-21 fiscal year at Rs 4,589 crore and a revenue of Rs 2,428 crore.
First Published: Nov 2, 2022 7:26 PM IST
