India's Byju's to list unit Aakash Education by mid-2024
Tuesday, 6 June 2023
BENGALURU, June 5 (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Apparel retailer Fabindia, and skincare startup Mamaearth, among others, have withdrawn their IPO plans in the last six months, mostly blaming volatile stock markets.