IPO | Business Upturn

Coal India reduces stake in subsidiary after Rs 172 per share IPO

Business Desk — Mon, 30 Mar 2026 12:04:24 +0000

Coal India Limited has announced a significant reduction in its stake in its subsidiary, Central Mine Planning & Design Institute Limited, following an initial public offering (IPO). The IPO involved the sale of 107,100,000 equity shares at an offer price of ₹172 per share. These shares were offered for sale by Coal India Limited.

As a result of the IPO, Central Mine Planning & Design Institute Limited has been listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) as of 30th March 2026. This development marks a notable change in the ownership structure of the subsidiary.

Prior to the IPO, Coal India Limited held a 100% stake in Central Mine Planning & Design Institute Limited, equivalent to 714,000,000 equity shares. However, following the sale, the company’s shareholding has decreased to 85%, now holding 606,900,000 equity shares of the issued and paid-up equity share capital of the subsidiary.

Despite this reduction in stake, Central Mine Planning & Design Institute Limited will continue to be a subsidiary of Coal India Limited, although it will no longer be a wholly-owned subsidiary.

This move is part of Coal India Limited’s strategy to disseminate material information and comply with regulatory requirements as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Coal India subsidiary CMPDIL files prospectus for IPO of up to 107.1 million shares

Kinjal — Wed, 25 Mar 2026 10:48:55 +0000

Coal India Limited has announced that its wholly owned subsidiary, Central Mine Planning & Design Institute Limited (CMPDIL), has filed its prospectus for an initial public offering (IPO) with the Registrar of Companies, Jharkhand. The filing was completed on 25 March 2026.

The IPO will consist of an offer for sale of up to 107,100,000 equity shares, each with a face value of ₹2. This development follows the filing of the Red Herring Prospectus (RHP) by CMPDIL on 12 March 2026. The move is part of the company’s strategy to disseminate material information and comply with regulatory requirements under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CMPDIL’s IPO is a significant step for Coal India Limited as it seeks to leverage its subsidiary’s potential in the market. The filing of the prospectus marks a crucial milestone in the IPO process, which aims to attract investors and facilitate the sale of shares.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Temasek-backed Manipal Health Enterprises files DRHP for IPO with fresh issue of ₹8,000 crore

Eva Linoj — Tue, 24 Mar 2026 09:37:14 +0000

Manipal Health Enterprises Limited has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering, the company announced on March 24.

The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale of up to 4,32,27,668 equity shares by existing promoters, Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India Private Limited. The equity shares carry a face value of ₹2. Investor shareholders participating in the offer for sale include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments LLC.

The company intends to utilise ₹5,378 crore from the fresh issue proceeds toward repayment or prepayment of outstanding borrowings of its material subsidiary, Manipal Hospitals Private Limited, and ₹574 crore toward acquisition of a minority stake in its stepdown subsidiary, Sahyadri Hospitals Private Limited. The remainder will be used for general corporate purposes. The company may also consider a pre-IPO placement of up to ₹1,600 crore, which, if completed, would reduce the fresh issue size proportionately.

The offer will be made through the book-building process, with not more than 50% allocated to qualified institutional buyers, at least 15% to non-institutional bidders, and at least 35% to retail individual bidders.

As of September 30, 2025, Manipal Health Enterprises operated 38 hospitals on a standalone basis and 48 hospitals on a pro forma basis, with 10,761 licensed beds across 14 states and union territories. The company is the largest pan-India multispecialty hospital network by bed capacity and the second largest by number of hospitals, according to a CRISIL report. Following its acquisition of Sahyadri Hospitals in October 2025, the network expanded to over 12,600 licensed beds as of December 2025.

The company reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore for the six months ended September 30, 2025. For FY25, revenue from operations stood at ₹8,242.2 crore, with a net profit of ₹1,081.6 crore, compared to revenue of ₹4,839.6 crore and a net profit of ₹414.2 crore in FY23.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers for the offering. KFin Technologies is the registrar. The equity shares are proposed to be listed on BSE and NSE.

State Bank of India announces IPO for SBI Funds Management with up to 203 million shares

Kinjal — Thu, 19 Mar 2026 16:02:32 +0000

State Bank of India (SBI) has announced plans for an initial public offering (IPO) of its subsidiary, SBI Funds Management Limited (SBIFML). The offering involves up to 203,709,239 equity shares, representing 10.0013% of SBIFML’s paid-up equity share capital.

The IPO will include an offer for sale of up to 128,334,397 equity shares, equating to 6.3007% of SBIFML’s paid-up equity share capital, by State Bank of India. Additionally, Amundi India Holding will offer up to 75,374,842 equity shares, accounting for 3.7006% of the paid-up equity share capital of SBIFML.

This move comes after a previous announcement on November 6, 2025, regarding the sale of SBI’s stake in SBIFML. The IPO is contingent upon receiving necessary regulatory approvals, favourable market conditions, and other considerations.

The number of equity shares SBI intends to offer has been revised due to an increase in SBIFML’s equity share capital, attributed to the issuance of bonus shares and the exercise of employee stock options (ESOPs). Initially, SBI planned to offer up to 32,060,000 equity shares, but this has been updated to 128,334,397 equity shares, maintaining the 6.3007% stake in SBIFML’s current equity share capital.

The draft red herring prospectus for the IPO was filed with the Securities and Exchange Board of India (SEBI) on March 19, 2026.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Ola Electric Mobility revises IPO proceeds allocation with Rs 575 crore reallocated

Yash Agarwal — Wed, 18 Mar 2026 13:03:39 +0000

Ola Electric Mobility has announced a proposed variation in the allocation of its Initial Public Offering (IPO) proceeds, subject to shareholder approval. The board of directors approved the changes during a meeting held on 18 March 2026.

The company plans to reallocate ₹575 crore from its original Object 3, which was intended for investment into research and product development. This amount will be distributed as ₹100 crore to Object 4, which focuses on expenditure for organic growth initiatives, and ₹475 crore to Object 6, aimed at repayment or prepayment of indebtedness incurred by the company and its subsidiaries.

The original allocation for Object 3 was ₹1,505 crore, with ₹695.10 crore remaining unutilised as of 11 March 2026. Following the proposed variation, the revised allocation for Object 3 will be ₹930 crore, with a balance of ₹120.10 crore remaining.

Object 4’s revised allocation will increase to ₹1,300.64 crore, with a balance of ₹372.46 crore, while Object 6’s allocation will rise to ₹870 crore, with a balance of ₹568.06 crore. The timeline for the utilisation of funds for Objects 4, 5, and 6 remains set for the fiscal year 2026-27.

The total amount raised from the IPO, excluding issue-related expenses, remains at ₹5,275.06 crore, with ₹1,292.86 crore unutilised. Including issue-related expenses, the total IPO proceeds amount to ₹5,500 crore, with ₹1,295.63 crore still unutilised.

Ola Electric Mobility will issue a notice to obtain shareholder approval for the proposed variations, and further details will be provided in the explanatory statement attached to the notice. The board meeting commenced at 5:00 PM IST and concluded at 5:30 PM IST.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

4 IPOs open right now: One giant, one curiosity, one niche bet — and a warning

Markets Desk — Wed, 11 Mar 2026 04:45:41 +0000

Four very different companies are raising money from public markets this week. Here’s what retail investors need to know before the windows close.

The Indian primary market is unusually busy this week, with four IPOs open simultaneously across mainboard and SME segments. The total capital being raised: over ₹6,600 crore. But these four issues couldn’t be more different from each other — and the subscription numbers already tell an interesting story.

The Big One: Raajmarg Infra InvIT (Open till March 13)

The headline issue this week isn’t even an equity IPO. Raajmarg Infra Investment Trust (RIIT) is India’s largest highway InvIT offering ever, backed by NHAI and raising ₹6,000 crore. For context, that’s 91% of all the money being raised across all four issues this week.

The trust holds five operational toll road assets spanning approximately 260 kilometres across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka — forming part of the Golden Quadrilateral network. The price band is ₹99–₹100 per unit, and it lists on March 24.

There’s one critical thing retail investors need to know upfront: this is not a regular equity IPO — it has no retail investor category. Only QIBs and NIIs may participate. Individual investors may apply under the NII category if their total bid exceeds ₹10 lakhs.

For those who qualify, the structure is worth understanding. An InvIT works like a mutual fund, except it holds physical infrastructure assets instead of stocks. SEBI mandates that at least 90% of net distributable cash flow must be paid out to unitholders every six months. Think of it as buying a stake in toll collections on five national highways — you receive regular distributions rather than betting on share price appreciation.

NHAI has also approved 1,500 km of additional roads for potential injection into RIIT over the next three to five years, which means the portfolio could grow significantly if that pipeline materialises. The key risk is straightforward: this is a steady income instrument, not a high-growth compounder. If interest rates rise, InvIT yields become less attractive relative to fixed deposits.

Rajputana Stainless: Decent Business, Lukewarm Response (Closes Today)

Founded in 1991, Rajputana Stainless manufactures long and flat steel products across over 80 grades, catering to industries like automobiles, defence, infrastructure, and oil and gas. The ₹255 crore IPO is priced at ₹116–₹122 per share and closes today, March 11.

The subscription numbers heading into the final day tell a cautious story. As of Day 2, the IPO was subscribed 42%, with the QIB quota at 99% and the NII portion at 94%, while the retail individual investors’ category was subscribed just 11%. Institutions like what they see. Retail doesn’t seem convinced yet.

The fundamentals are genuinely decent. ROCE rose from 25.72% in FY23 to 31.72% in FY25, and repeat customers contributed 93.19% of revenue in FY25 — a strong sign of customer stickiness in a B2B business. About ₹98 crore from the IPO proceeds will go toward repaying borrowings, which should meaningfully improve the balance sheet.

The honest caveat: steel is a commodity business. The company already saw revenue dip from ₹950.7 crore in FY23 to ₹915.5 crore in FY24 before recovering, which shows cycle vulnerability is real. Contingent liabilities of ₹120 crore also deserve attention before applying.

Innovision: Strong Growth, Split Verdict From Brokerages (Closes March 12)

Incorporated in 2007, Innovision Limited provides manpower services, toll plaza management, and skill development training, operating across 23 states and 5 union territories with around 35 offices. The ₹323 crore mainboard IPO is priced at ₹521–₹548 per share.

The subscription data from the screenshot is striking: 0.02x subscribed at the time of writing — which means the issue is barely off the ground. The grey market premium is ₹0.

Brokerages are unusually split on this one. Ventura Securities has given a ‘subscribe’ rating, noting the diversified service portfolio and strong nationwide presence. Swastika Investmart and SBI Securities have both given an ‘avoid’ rating, citing thin margins, a commoditised business, and what they describe as premium valuations.

The financials show impressive top-line growth — revenue grew from ₹257 crore in FY23 to nearly ₹895 crore in FY25 — but the profit margins are wafer-thin at around 3.2%, which is typical for manpower outsourcing. At ₹548, the stock is priced at roughly 35x earnings, which leaves limited room for error if growth slows.

One flag worth noting: the company faces a considerable number of legal and regulatory challenges, along with debarment notices from some clients. Investors should read the RHP carefully before applying.

Apsis Aerocom: The Niche Bet (Opens Today, Closes March 13)

The smallest issue of the week is also arguably the most interesting from a sector perspective. Incorporated in 2022, APSIS Aerocom Limited is engaged in precision engineering and specialises in the manufacture of components for aerospace, defence, and healthcare sectors. The SME IPO raises ₹35.77 crore at a price band of ₹104–₹110.

The aerospace and defence angle is genuinely compelling given India’s push toward domestic manufacturing. The company has an international footprint in the USA, Netherlands, Spain, and Israel — not bad for a three-year-old company with 105 employees. Revenue grew from ₹16.88 crore in FY24 to ₹20.57 crore in FY25, and profit jumped from ₹2.55 crore to ₹6.64 crore — a 160% profit growth on 22% revenue growth suggests improving operating leverage.

The catch is the investment size. The minimum application for retail investors is ₹2,64,000 for 2,400 shares — significantly higher than mainboard IPOs. SME IPOs are also less liquid post-listing. This is a speculative bet on a young company in a high-potential sector, and should be sized accordingly.

The Bottom Line

This week’s IPO slate has something for nearly every type of investor: a government-backed infrastructure yield instrument for the conservative HNI, a cyclical industrial turnaround story, a high-growth services bet with split brokerage opinion, and a high-risk, high-potential SME in a sector India is actively trying to build.

The one thread running through all four: none of them are cheap, and none of them have grey market premiums signalling easy listing gains. In a market that is still digesting recent volatility, that matters.

As always, this is not investment advice. Read the offer documents, understand the risks, and consult a SEBI-registered advisor before applying.

Edelweiss completes ₹375 crore sale of 4.4% stake in EAAA India Alternatives

Business Desk — Mon, 09 Mar 2026 03:36:21 +0000

Edelweiss Financial Services has successfully completed the sale of 4.4% of EAAA India Alternatives’ common equity, raising ₹375 crore. The sale, initially intended to be around 4%, was driven by strong investor demand, leading the company to extend the placement to 4.4%.

The allocation was made to key limited partners and select individual investors who have been long-standing supporters of the platform. This divestment marks a significant milestone in EAAA’s journey towards becoming a listed entity, reflecting strong investor confidence in the platform. EAAA filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) in January 2026, with the approval process currently underway.

EAAA India Alternatives, formerly known as Edelweiss Alternative Asset Advisors, manages assets worth ₹68,175 crore, with fee-paying assets under management (AUM) of ₹41,920 crore. Since FY21, the company has raised ₹46,000 crore, deployed ₹36,000 crore, and realised ₹38,000 crore. EAAA’s strategic rationale for listing includes enhancing transparency, broadening access to capital, and institutionalising the alternatives segment.

As a pioneer in yield strategies within the Indian alternatives market, EAAA aims to channel ‘Patient Capital’ for India’s growth. The company has a diverse investment portfolio, with 55% of its AUM coming from onshore clients and a client base of approximately 5,500, including over 1,000 repeat clients.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aman Shukla before publication.

How is FPO different from IPO? Explained

Aditya Bhagchandani — Sat, 22 Mar 2025 10:05:58 +0000

When a company raises money from the stock market, it can do so through an Initial Public Offering (IPO) or a Follow-on Public Offer (FPO). While both are methods of raising capital, they are different in purpose, timing, and execution. Here’s a clear and detailed explanation of what IPO and FPO mean, how they differ, and why it matters to investors.

What is an IPO?
An Initial Public Offering (IPO) is the process through which a private company offers its shares to the public for the first time and becomes a listed company on a stock exchange. This allows the company to raise capital by issuing new shares to retail and institutional investors.

Example:
Zomato’s IPO in 2021 marked its debut in the public market, where it offered shares to investors and got listed on both the NSE and BSE.

What is an FPO?
A Follow-on Public Offer (FPO) refers to a listed company issuing additional shares to the public after its IPO. FPOs are typically used to raise more funds for expansion, reduce debt, or meet regulatory capital requirements.

Key differences between IPO and FPO

Feature	IPO (Initial Public Offering)	FPO (Follow-on Public Offer)
Stage	First-time share issuance and listing	Issuance of additional shares post listing
Objective	To raise capital and go public	To raise additional capital from the market
Listing status	Company is unlisted before the IPO	Company is already listed
Risk factor	Higher risk, limited financial history	Comparatively lower risk, track record exists
Price mechanism	Fixed price or book-building	Based on current market price
Regulatory process	Full SEBI approval and listing compliance	Simpler regulatory route compared to IPO

In simple terms:
An IPO is a company’s first step into the stock market, offering shares to the public for the first time. On the other hand, an FPO is when a company already listed on the exchange issues more shares to raise additional capital.

Why it matters:
Understanding the difference between IPOs and FPOs is essential for investors. IPOs often involve more speculation and volatility due to the lack of public financial history. FPOs, however, allow investors to evaluate the company’s past performance before making investment decisions.

This knowledge can help investors make informed decisions based on their risk appetite, investment goals, and the financial standing of the company.

SeedWorks International files DRHP for IPO to raise funds through offer-for-sale

Matrika Shukla — Tue, 11 Feb 2025 12:56:02 +0000

SeedWorks International, a leading seed research and development company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO is entirely an Offer-for-Sale (OFS) of up to 5.19 crore equity shares by the company’s promoters and investors, with a face value of ₹2 per share.

The Offer-for-Sale includes shares being sold by key stakeholders: True North Fund V LLP (3.99 crore shares), South Asia Growth Fund II Holdings LLC (1.09 crore shares), Dr. Balalji Manmohan Nukal (10.44 lakh shares), and South Asia EBT Trust (82,055 shares). The IPO will also feature a reservation for eligible employees with a discount offered in the employee reservation portion.

The public issue follows a book-building process, where:

50% of the net offer is allocated to Qualified Institutional Buyers (QIBs),
15% to Non-Institutional Investors (NIIs), and
35% to Retail Individual Investors (RIIs).

Strong Market Position and Expansion Plans

SeedWorks International specializes in hybrid and open-pollinated variety (OPV) seeds for major crops like rice, cotton, pearl millet, mustard, vegetables, and fruits. The company has shown remarkable growth, recording a Compound Annual Growth Rate (CAGR) of 11.98% between FY21 and FY24, making it the second-fastest-growing Indian seed company by revenue.

According to its DRHP, SeedWorks holds a leading market position in India:

Third in cotton seed sales (market share increased from 5.60% in FY21 to 6.45% in FY24).
Fourth in hybrid rice seed sales (market share grew from 7.10% to 7.30%).
Fourth in pearl millet seed sales, with a 4.90% market share within just five years of commercializing the segment.

Beyond India, the company has a strong presence in global markets, ranking:

Fourth in hybrid rice seed sales in the Philippines (12% market share in CY23).
Among the top four in Nepal (26%-29% market share in CY24).
Expanding operations in Kenya, Malawi, Burkina Faso, and Nigeria, focusing on cotton and vegetable crops.

Innovation-Driven Growth Strategy

SeedWorks International prioritizes product development and research, ensuring high-yield, disease-resistant seeds through strategic collaborations with global industry leaders. Notably, it holds licenses for BASF’s ‘Provisia’ and ‘Clearfield’ herbicide-tolerant rice technologies, boosting its ability to develop hybrid rice in India and the Philippines.

To maintain product quality, the company operates:

Six grow-out test locations for seed quality assurance.
A 7,500 sq. ft. advanced quality control lab with cutting-edge testing infrastructure.
Pre-season (PSA), product differentiation (PDA), and off-season (OSA) activities to ensure consistent seed quality and farmer engagement.

Financial Performance

SeedWorks International reported strong financial growth, with revenues rising from ₹488.31 crore in FY23 to ₹522.69 crore in FY24, driven by increased seed sales. For the six months ending September 30, 2024, the company recorded:

Revenue of ₹407.50 crore.
Profit after tax (PAT) of ₹70.25 crore.

IPO Management and Listing Plans

The IPO is being managed by Equirus Capital Private Limited, DAM Capital Advisors Limited, and SBI Capital Markets Limited, with KFin Technologies Limited as the registrar. SeedWorks International’s equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE Limited.

This IPO is expected to help the company fuel its expansion plans, strengthen its research capabilities, and solidify its leadership position in India and key international markets.

Unimech Aerospace IPO: Check latest GMP ahead of listing today

Aditya Bhagchandani — Tue, 31 Dec 2024 02:45:52 +0000

The equity shares of Unimech Aerospace and Manufacturing Ltd, an engineering solutions provider, are set to make their debut on the Indian stock exchanges today, December 31, 2024. The IPO listing will take place on the BSE and NSE, with trading commencing at 10:00 AM following a Special Pre-Open Session (SPOS).

IPO Highlights

Issue Size: ₹500 crore
- Fresh Issue: ₹250 crore (0.32 crore shares)
- Offer for Sale: ₹250 crore (0.32 crore shares)
Price Band: ₹745–₹785 per share
Lot Size: 19 shares
- Minimum Investment (Retail): ₹14,915
- sNII Minimum Investment: ₹2,08,810 (14 lots, 266 shares)
- bNII Minimum Investment: ₹10,14,220 (68 lots, 1,292 shares)
Subscription Period: December 23–26, 2024
Allotment Finalized: December 27, 2024

Grey Market Premium (GMP)

Unimech Aerospace shares have been trending bullish in the grey market, with a hefty GMP of ₹716 per share. This suggests that Unimech Aerospace shares are trading at a 91% premium over the issue price of ₹785.

Estimated Listing Price

Based on the current GMP, the estimated listing price of Unimech Aerospace shares is ₹1,501 apiece. This signals a strong debut, offering nearly double returns to IPO investors.

What to Expect Today

The BSE notice confirms the shares will be listed in the ‘B’ group of securities. Investors and market watchers are keenly observing this listing, which reflects positive sentiment and strong demand in the IPO market.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Senores Pharmaceuticals IPO: Check latest GMP ahead of listing

Aditya Bhagchandani — Sun, 29 Dec 2024 05:47:58 +0000

Senores Pharmaceuticals, a leading drug maker, concluded its IPO on December 24, 2024, with an overwhelming subscription rate of 93.41 times. The basis of allotment is set to be finalized on Thursday, December 26, 2024, with bidders receiving updates on fund debits or IPO mandate revocations by Friday, December 27, 2024.

Key Details of the IPO

Price Band: ₹372 – ₹391 per share
Lot Size: 38 shares
IPO Size: ₹582.11 crore
- Fresh Issue: ₹500 crore
- Offer-for-Sale (OFS): 21,00,000 equity shares

Subscription Status

The IPO received a robust response across investor categories:

Qualified Institutional Buyers (QIBs): 94.66 times
Non-Institutional Investors (NIIs): 96.11 times
Retail Investors: 89.23 times
Employees: 19.92 times

Grey Market Premium (GMP)

As of the latest updates, Senores Pharmaceuticals commands a GMP of ₹284, indicating a 72.63% premium over the upper price band of ₹391. The expected listing price is ₹675 per share, reflecting strong demand in the unofficial market.

Listing Timeline

Allotment Finalization: December 26, 2024
Refunds/Unblocking of Funds: December 27, 2024
Shares Credit to Demat Accounts: December 29, 2024
Listing Date: Expected early next week

Senores Pharma IPO: How to check allotment, latest GMP and other IPO details

Aditya Bhagchandani — Thu, 26 Dec 2024 02:40:46 +0000

The allotment of Senores Pharmaceuticals IPO shares is expected to be finalized today, December 26, 2024, following an overwhelming subscription of 93.41 times on the final day of bidding.

Senores Pharma IPO Details

Issue Size: ₹582.11 crore
Price Band: ₹372-₹391 per share
Total Bids: 79.72 crore shares
Shares Available: 85.34 lakh shares
Retail Subscription: 89.23x
Listing Date: December 30, 2024
Grey Market Premium (GMP): ₹230 (60% premium over issue price)

The strong demand was primarily driven by Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), indicating robust investor confidence in the Ahmedabad-based company.

How to Check Senores Pharma IPO Allotment Status

Via Link Intime (Registrar’s Website)

Visit Link Intime India.
Select Senores Pharma from the dropdown menu.
Enter your PAN, Application Number, or DP Client ID.
Click Submit.
The allotment status will be displayed on the screen.

Via NSE (National Stock Exchange)

Go to the NSE IPO Allotment page: NSE IPO Login.
Sign up or log in with your details.
Select Senores Pharma from the IPO list.
Enter your IPO Application Number.
Click Submit to view your allotment status.

Via BSE (Bombay Stock Exchange)

Visit BSE IPO Allotment.
Click on Investor Services > Status of Issue Application.
Choose Equity in the issue type dropdown.
Select Senores Pharma from the dropdown list.
Enter your PAN or Application Number.
Click Search to view the allotment status.

Senores Pharma IPO GMP Update

Market observers report that the grey market premium for Senores Pharma shares stands at ₹230, reflecting a 58.82% listing gain. This indicates strong market anticipation for a successful debut.

Key Dates

Allotment Finalization: December 26, 2024
Listing Date: December 30, 2024

Investors who applied for the IPO are advised to check their allotment status using the methods mentioned above. Stay tuned for further updates as the listing date approaches.

When will your money be unfrozen for non-allotment in DAM Capital, Transrail Lighting, or Mamata Machinery IPOs? – Check

Aditya Bhagchandani — Wed, 25 Dec 2024 06:18:45 +0000

Investing in IPOs has gained massive popularity among retail and institutional investors. However, not everyone is lucky enough to get an allotment due to overwhelming demand. Here’s what happens to your blocked funds if you don’t receive an IPO allotment.

Three of these IPOs – DAM Capital Advisors, Transrail Lighting IPO, Mamata Machinery IPO have experienced a huge demand as well as some issues were being called out by investors who found difficulty or technical glitch in getting or checking allotment.

When Will the Funds Be Unblocked?

When applying for an IPO, the amount is blocked in your bank account through the ASBA (Application Supported by Blocked Amount) process. If you are not allotted shares, the blocked funds are unblocked and made available in your account. Here’s the timeline:

Refund Initiation Date: The refund process typically begins the day after the basis of allotment is finalized.
For the Current IPOs:
- DAM Capital Advisors IPO: Refunds will begin on December 26, 2024.
- Transrail Lighting IPO: Refunds will begin on December 26, 2024.
- Mamata Machinery IPO: Refunds will begin on December 26, 2024.

How Is the Money Refunded?

ASBA Method:
- The funds are released by the bank automatically.
- Once unblocked, the amount is immediately reflected in your bank account.
UPI-Based Applications:
- If you applied through UPI, the mandate expires automatically if no shares are allotted.
- The blocked amount will then become available in your account.

How Long Does It Take?

Typically, the refund process is completed within 24-48 hours of the refund initiation date.
Factors such as banking holidays or internal processes of the bank may slightly delay the timeline.

How Will You Be Notified?

Bank SMS/Email:
- Banks notify users when funds are unblocked.
- Keep an eye out for SMS or email communication from your bank.
Registrar Updates:
- You can track your refund status through the registrar’s official website. For the ongoing IPOs, all three IPOs are handled by Link Intime:
  - Visit the Link Intime website.
  - Select the IPO name (e.g., DAM Capital Advisors, Transrail Lighting, or Mamata Machinery).
  - Check your application status for refund updates.

Other Points to Note

No Government or Regulatory Approvals Needed: The refund process is entirely automated and governed by SEBI regulations.
Check Mandate Status: For UPI applications, monitor the mandate status in your UPI app to confirm whether funds have been released.
What If Funds Are Delayed?: In rare cases of delays, contact your bank or the IPO registrar for assistance.

While not getting an allotment can be disappointing, the refund process is smooth and adheres to SEBI’s strict timelines. For the IPOs with high subscription rates like Mamata Machinery (194.95x), DAM Capital Advisors (81.88x), and Transrail Lighting (81.98x), refunds are expected to be processed promptly, ensuring your funds are available for future investments. Always keep an eye on your bank notifications and the registrar’s website for updates.

Indo Farm Equipment sets IPO price band at Rs 204-215 per share

Aditya Bhagchandani — Tue, 24 Dec 2024 04:23:45 +0000

Indo Farm Equipment Ltd has announced its Initial Public Offering (IPO) price band at Rs 204–215 per share. The IPO is set to open on December 31, 2024, with the anchor book opening a day earlier on December 30. The issue will close on January 2, 2025, and the company will list its shares on stock exchanges on January 7.

Key Details of the IPO:

IPO Components:
- Fresh issue: Up to 86 lakh shares, valued at Rs 184.90 crore (upper price band).
- Offer for Sale (OFS): Up to 35 lakh shares, valued at Rs 753 crore (upper price band).
Estimated Market Capitalization: Approximately Rs 1,000 crore.
Use of Proceeds:
- Establishment of a dedicated manufacturing unit for Pick & Carry Cranes, with a project cost of Rs 71.13 crore.
- Repayment of outstanding debt, which stood at Rs 270.54 crore as of June 2024.
- Investment in the company’s NBFC arm, Barota Finance, to strengthen its capital base and support growth.

Company Overview:

Incorporated in 1994, Indo Farm Equipment Ltd is a fully integrated manufacturer of tractors and Pick & Carry Cranes. It also produces farm equipment such as Harvester Combines and Rotavators, though these contribute marginally to total revenue.

Facilities: Located in Baddi, Himachal Pradesh, spanning 127,840 square meters, with a production capacity of 12,000 tractors and 1,280 cranes annually.
Product Range:
- Tractors: 16 HP to 110 HP.
- Cranes: 9 tons to 30 tons capacity.

Financial Performance:

FY24 Revenue: Rs 375.23 crore (up from Rs 370.76 crore in FY23).
Net Profit: Rs 15.60 crore (FY24) vs. Rs 15.37 crore (FY23).
Sales:
- FY24: 3,168 tractors and 941 cranes.
- FY23: 3,772 tractors and 681 cranes.
- As of June 2024: 471 tractors and 195 cranes sold.

Important Dates Post-Issue:

Basis of Allotment: January 3, 2025
Refunds/Credit of Shares: January 6, 2025
Listing Date: January 7, 2025

Indo Farm Equipment’s IPO is expected to attract investor attention, given its growth in the crane segment, its diversified manufacturing capabilities, and plans to reduce debt and expand capacity.

SEBI tightens IPO and listing norms for SMEs to enhance transparency and investor protection

Aditya Bhagchandani — Wed, 18 Dec 2024 18:04:41 +0000

The Securities and Exchange Board of India (SEBI) has introduced a series of regulatory reforms to tighten the initial public offering (IPO) and listing norms for small and medium enterprises (SMEs). Announced on December 18, 2024, these changes aim to boost transparency, ensure better governance, and provide stronger protection for investors in the SME segment.

Key Reforms to the SME IPO Framework:

Profitability Threshold for IPOs
- Companies must demonstrate a minimum operating profit (EBITDA) of ₹1 crore for any two out of the last three financial years before filing a draft red herring prospectus (DRHP).
- This ensures only financially stable businesses can access public markets.
Restrictions on Offer for Sale (OFS)
- The OFS component by selling shareholders has been capped at 20% of the total issue size.
- This reduces excessive dilution of ownership and provides greater protection for new investors.
Prohibition of Loan Repayments to Promoters
- SME IPO proceeds can no longer be used to repay loans to promoters or related parties, ensuring funds are utilized for genuine business growth.
Limit on Shareholder Sales
- Selling shareholders are restricted from selling more than 50% of their stake in the SME IPO, retaining alignment with the company’s growth.
Enhanced Lock-In Period for Promoters
- Promoters’ shares exceeding the minimum public shareholding (MPS) requirement will be locked in for one year.
- The remaining shares will be subject to a lock-in period of two years.
Fair Allocation Process for Non-Institutional Investors (NII)
- Allocation of shares in the NII category will now follow a “draw of lots” method, ensuring fairness in the distribution process.

Corporate Fundraising and Related Party Norms:

Cap on General Corporate Purpose Allocation
- The amount allocated for general corporate purposes is capped at 15% of the total amount raised or ₹10 crore, whichever is lower.
Stricter Scrutiny of Related Party Transactions (RPTs)
- For listed SMEs, RPTs will be classified as material if they exceed 10% of annual consolidated turnover or ₹50 crore, whichever is lower. This ensures greater accountability and transparency in dealings.

These reforms aim to safeguard investor interests, reduce risks associated with SME IPOs, and foster a more transparent and credible capital-raising environment for small and medium enterprises. By enforcing stricter norms, SEBI ensures that only well-managed and financially sound businesses can access public funds.

NTPC Green Energy IPO Listing: GMP falls on market debut day, Know More

Aditya Bhagchandani — Wed, 27 Nov 2024 02:37:18 +0000

The shares of NTPC Green Energy Ltd. are set to make their debut on Wednesday, November 27, after the initial public offering (IPO) closed for bidding from November 19 to November 22. Priced within a fixed band of ₹102-108 per share, the ₹10,000-crore IPO saw decent subscription figures but is likely to witness a subdued listing.

Grey Market Premium (GMP) Update

As of today, NTPC Green’s shares are trading at a GMP of ₹1, indicating a modest 0.93% premium over the issue price. This muted grey market activity suggests a lackluster opening on Dalal Street.

Key Highlights:

Issue Price Band: ₹102-108 per share
Total IPO Size: ₹10,000 crore
Subscription Figures: Decent overall participation during the three-day bidding process.
Ranking: Third-largest IPO of 2024, trailing Hyundai Motor India (₹27,870 crore) and Swiggy (₹11,300 crore).

Investor Sentiment

The grey market activity hints at a tepid start for NTPC Green Energy shares, with market trends reflecting cautious optimism among investors.

Grid Equipments to sell 8.38% stake in GE Vernova T&D India via OFS

Matrika Shukla — Mon, 25 Nov 2024 11:41:07 +0000

Grid Equipments Private Limited has announced the launch of an offer for sale (OFS) through the Stock Exchange Mechanism, which will involve the sale of up to 14,000,000 equity shares of GE Vernova T&D India Limited. The shares, with a face value of INR 2 each, will be offered at a floor price of INR 1,550 per share.

The offer will be open in two phases:

For Non-Retail Investors: The offer will open on November 26, 2024, at 9:15 a.m. and close on the same day at 3:30 p.m.
For Retail Investors: The offer for retail investors will open on November 27, 2024, at 9:15 a.m. and close at 3:30 p.m. on the same day.

Both offerings will take place through a separate window of the Stock Exchanges. The shares will be sold at the floor price of INR 1,550, which is set at the minimum price for the sale. The entire offer will be executed in accordance with the regulations of the Stock Exchanges and the Securities and Exchange Board of India (SEBI).

This move is expected to provide liquidity for Grid Equipments, while allowing institutional and retail investors to participate in the sale of the equity shares of GE Vernova T&D India Limited, a key player in the transmission and distribution sector.

NTPC Green Energy IPO fully subscribed on final day with strong retail demand

Aditya Bhagchandani — Fri, 22 Nov 2024 05:34:47 +0000

The NTPC Green Energy IPO subscription stands at 1x as of the third and final day of bidding, indicating that the issue has been fully subscribed. The details of category-wise subscription rates are as follows:

Qualified Institutional Buyers (QIBs): 0.75x subscribed
Non-Institutional Investors (NIIs): 0.39x subscribed
Retail Individual Investors (RIIs): 2.63x subscribed
Employee Reserved: 0.49x subscribed
Shareholders: 1.12x subscribed

The IPO opened on November 19, 2024, and will close today, November 22, 2024. The IPO price band is set at ₹108 per share.

Subscription Highlights

Retail Investors: Strong demand with over 2.5x subscription, showcasing significant retail participation.
QIBs and NIIs: Underwhelming response from institutional buyers as both categories remained undersubscribed.
Employee Category: Marginal participation with less than half the allocated shares subscribed.
Shareholder Category: Fully subscribed with a modest demand above allocation.

Broker and Analyst Insights

Fair Pricing: Analysts, including Geojit, note that the IPO is fairly priced at a P/Bv of 4.9x (FY25E), making it an attractive proposition for investors with a long-term perspective.

Key Takeaways

On Day 2, the IPO had reached a 93% subscription rate, indicating steady interest from investors.
The company is a state-owned subsidiary of NTPC Ltd., focusing on renewable energy, making it a significant player in India’s green energy transition.

NTPC Green Energy IPO: Subscribed 93% on Day 2, led by retail investors

Aditya Bhagchandani — Thu, 21 Nov 2024 12:19:46 +0000

The initial public offering (IPO) of NTPC Green Energy Limited garnered a 93% subscription on the second day of the offer, with bids received for 54.96 crore shares against 59.31 crore shares on offer.

Key Subscription Details

Retail Individual Investors (RIIs): The retail segment was oversubscribed by 2.38 times, indicating strong demand.
Non-Institutional Investors (NIIs): Subscribed 34%, reflecting moderate interest.
Qualified Institutional Buyers (QIBs): Witnessed a 75% subscription.

Anchor Investments

NTPC Green Energy raised ₹3,960 crore from anchor investors before the IPO launch, boosting market confidence.

IPO Details

Issue Size: ₹10,000 crore, entirely a fresh issue with no Offer-for-Sale (OFS) component.
Price Band: ₹102-108 per share.
Subscription Period: November 19 to November 22.
Use of Proceeds:
- ₹7,500 crore to repay or prepay loans of NTPC Renewable Energy Ltd. (NREL).
- Remaining funds for general corporate purposes.

Grey Market Premium (GMP)

Despite the decent subscription figures, the grey market premium (GMP) remained flat, hinting at subdued listing gains for the IPO.

Timeline

Allotment Date: November 25.
Listing Date: November 27.

Outlook

While retail investors have shown robust enthusiasm, subdued demand from NIIs and flat GMP suggest tempered expectations for listing day gains. The IPO proceeds will significantly reduce NREL’s debt, supporting NTPC Green Energy’s renewable energy expansion and strengthening its financial position.

Disclaimer: The above content is for informational purposes only. Consult a certified financial advisor before making investment decisions.

NTPC Green Energy IPO: Should you subscribe as retail investors show strong interest?

Aditya Bhagchandani — Wed, 20 Nov 2024 06:17:15 +0000

The NTPC Green Energy IPO witnessed a promising start, garnering a 33% subscription rate on its opening day, November 19. A total of 19.48 crore shares were bid for out of the 59.3 crore shares available. Retail investors showed robust interest, subscribing to 133% of their allocated 8.6 crore shares.

Subscription Details

Retail Individual Investors (RIIs): Oversubscribed by 133%.
Non-Institutional Investors (NIIs): Subscribed to 2 crore shares against an allocation of 12.9 crore.
Qualified Institutional Buyers (QIBs): Subscribed to just 87,906 shares out of 25.9 crore earmarked for them.
Employee Category: Subscribed 17%.

The IPO, aimed at raising Rs 10,000 crore, offers shares in a price band of Rs 102-108. Retail investors can apply with a minimum lot size of 138 shares, requiring an investment of Rs 14,904. Subscriptions close on November 22, with allotment expected on November 25 and listing tentatively set for November 27 on the BSE and NSE.

Purpose of the IPO

The funds raised will primarily support NTPC Green Energy’s investment in its subsidiary, NTPC Renewable Energy Ltd, for debt repayment and general corporate purposes.

Key Highlights

NTPC Green Energy raised Rs 3,960 crore through its anchor book on November 18, with participation from marquee global investors like Goldman Sachs, Morgan Stanley, and the Government of Singapore.
The company, incorporated in April 2022, focuses on renewable energy projects and aims to lead India’s clean energy transition.

Should You Subscribe?

The IPO has seen strong interest from retail investors, but the muted response from QIBs may raise some concerns. Investors looking to participate should evaluate the company’s growth potential in renewable energy and its strategic role in India’s energy transition.

Disclaimer: The information provided is for informational purposes only and should not be considered financial advice. Consult a certified expert before making investment decisions.

NTPC Green Energy IPO opens for public subscription; LIC emerges as biggest anchor investor

Aditya Bhagchandani — Tue, 19 Nov 2024 03:35:41 +0000

The much-anticipated ₹10,000-crore IPO of NTPC Green Energy commenced today, offering shares at a price band of ₹102-108 per share. The IPO, entirely a fresh issue, marks a significant step for the largest renewable energy public sector enterprise, aiming to strengthen its position in the renewable energy sector.

Key Details of the IPO:

Issue Size: 92.59 crore equity shares.
Price Band: ₹102-108 per share.
Bid Lot: 138 equity shares and multiples thereof.
IPO Closing Date: November 22, 2024.
Allocation:
- 75% reserved for Qualified Institutional Buyers (QIBs).
- 15% for Non-Institutional Investors (NIIs).
- 10% for Retail Investors.
- ₹200 crore worth of shares reserved for employees (at a ₹5 discount per share).
- ₹1,000 crore reserved for NTPC shareholders.

Anchor Book Allocation:

On Monday, NTPC Green Energy raised ₹3,960 crore via anchor investors, with Life Insurance Corporation of India (LIC) emerging as the largest investor, investing ₹500 crore.

Anchor Investors:
- LIC received 12.63% of the anchor allocation.
- Other marquee investors include Goldman Sachs, Morgan Stanley, Government of Singapore, and Abu Dhabi Investment Authority.
- Domestic institutional investors include ICICI Prudential MF, SBI Life Insurance, HDFC Life Insurance, and Kotak AMC, among others.
- Out of 36.67 crore equity shares allocated, 14.53 crore shares were allocated to domestic mutual funds across 72 schemes.

Fund Utilization:

₹7,500 crore will be used to repay debt of NTPC Renewable Energy, a subsidiary.
Remaining proceeds will be allocated for debt prepayment and general corporate purposes.

Business Overview:

NTPC Green Energy, a Maharatna central public sector enterprise, is one of India’s leading renewable energy players:

Operational Capacity (as of August 2024):
- 3,071 MW from solar projects.
- 100 MW from wind projects.
Future Goals:
- 60 GW renewable energy capacity by 2032.
- Currently, 3.5 GW installed capacity with over 28 GW in progress.
- Expanding focus on green hydrogen, green chemicals, and storage solutions.

Merchant Bankers:

The IPO is managed by IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management.

This IPO is one of the final major public offerings of 2024, representing a significant milestone in India’s renewable energy journey. Investors will closely monitor subscription trends and the company’s future potential in the renewable sector.

ACME Solar Holdings IPO Listing Today: Check latest GMP

Aditya Bhagchandani — Wed, 13 Nov 2024 03:22:07 +0000

The shares of ACME Solar Holdings will make their debut on the NSE and BSE today, November 13, at 10 a.m. Despite a strong subscription rate of 2.89 times, the company’s shares were trading with a discounted grey market premium (GMP) of ₹-4 ahead of listing, indicating a negative premium over the issue price. Based on the upper price band of ₹289, this discount suggests a cautious sentiment among investors.

IPO Details and Objectives: ACME Solar, headquartered in Gurugram, aimed to raise ₹2,900 crore through its IPO, comprising a fresh issue of ₹2,395 crore and an offer-for-sale (OFS) of ₹505 crore. The company intends to use ₹1,795 crore of the funds raised for debt repayment, with the remainder allocated for general corporate purposes.

Financial Performance: For FY24, ACME Solar reported a revenue of ₹1,319 crore, up from ₹1,294 crore in the previous fiscal year, and a net profit of ₹698 crore, reversing a net loss of ₹3.17 crore in FY23. In FY22, the company posted a net profit of ₹1,487 crore with a revenue of ₹62 crore. ACME Solar specializes in building, operating, and maintaining utility-scale renewable energy projects, generating revenue by selling electricity to various off-takers, including government-backed entities.

With today’s listing, investors will closely watch how ACME Solar performs on its debut given the subdued sentiment reflected by the GMP.

Swiggy IPO Allotment Finalized: How to check allotment status online and important listing dates

Aditya Bhagchandani — Tue, 12 Nov 2024 02:37:19 +0000

Swiggy IPO allotment status has been finalized, and investors can now check the status online on the registrar Link Intime India’s website, as well as on NSE and BSE platforms. The IPO saw strong interest from investors, with an oversubscription rate of 3.59 times. Qualified Institutional Buyers (QIBs) led the demand with a subscription of 6.02 times, while retail investors subscribed 1.14 times and Non-Institutional Investors (NIIs) subscribed 41%.

How to Check Swiggy IPO Allotment Status Online

On Link Intime India:

Visit the Link Intime India IPO page: Link Intime IPO Status.
Select “Swiggy Ltd” from the ‘Select Company’ dropdown.
Enter your PAN, IPO application number, or Demat account number.
Click on “Submit” to view the allotment status.

On NSE:

Open the NSE allotment status portal: NSE IPO Allotment.
Register if you are a new user or log in if you are an existing user.
Select “Swiggy Ltd” from the list of companies.
Enter your PAN and IPO application number.
Click on “Submit” to view the allotment status.

Shares Credit and Listing Date

Credit to Demat Accounts: Shares will be credited to the allottees’ Demat accounts by Tuesday, November 12.
Refunds for Unsuccessful Investors: Refunds will be initiated on the same day for investors who did not receive shares.
Listing Date: Swiggy shares are expected to list on the NSE and BSE on Wednesday, November 13, at 10 am.

IPO Details

The Swiggy IPO, with a price band of ₹371-₹390 per share, aimed to raise ₹11,327 crore. This includes ₹4,499 crore through fresh equity and ₹6,828 crore through an offer for sale.

Investors are advised to keep an eye on the listing date for potential trading opportunities, as Swiggy’s IPO marks a significant entry into the public market.

Niva Bupa Health Insurance IPO Allotment Today: How to check status and latest updates on GMP and listing

Aditya Bhagchandani — Tue, 12 Nov 2024 02:34:15 +0000

The allotment status for the Niva Bupa Health Insurance IPO is set to be finalized today, November 12, 2024. Investors who applied for the IPO can check their application status through the BSE, NSE, or KFin Technologies’ website. This public offering was priced in the range of ₹70 to ₹74 per share, with a target to raise ₹2,200 crore. The IPO received a decent response, with a subscription of 1.90 times by the close of bidding on November 11, driven by retail and institutional investors.

How to Check Niva Bupa IPO Allotment Status Online:

On KFin Technologies:
- Visit KFinTech IPO Status Page.
- Select “IPO” and choose “Niva Bupa Health Insurance.”
- Enter Application No., Demat Account, or PAN, then submit to view your allotment status.
On BSE:
- Go to BSE IPO Allotment Check.
- Select “Equity” under Issue Type and “Niva Bupa Health Insurance” as the Issue Name.
- Enter Application No. or PAN and click “Search” to check the status.
On NSE:
- Visit NSE IPO Allotment Check.
- Register using PAN details for a one-time registration, then log in to view allotment status.

GMP Update and Listing Expectations: As of the latest updates, the Grey Market Premium (GMP) for Niva Bupa Health Insurance IPO stands at ₹0, suggesting a flat listing around its issue price of ₹74. The shares are expected to list on the BSE and NSE on November 14, 2024.

Niva Bupa Health Insurance Overview: Formerly known as Max Bupa, Niva Bupa Health Insurance is a joint venture between the UK-based Bupa Group and Fettle Tone LLP, a True North-controlled entity. The company benefits from Bupa’s extensive experience in healthcare, serving over 50 million customers worldwide.

Swiggy IPO subscribed 3.59 times on final day of bidding, QIB portion subscribed over 6 times

Markets Desk — Fri, 08 Nov 2024 11:36:02 +0000

Swiggy’s initial public offering (IPO), which opened for subscription on November 6 and closed on November 8, witnessed a robust response, especially from Qualified Institutional Buyers (QIBs). The IPO, aiming to raise approximately Rs 11,300 crore, included a fresh issue of Rs 4,500 crore and an Offer for Sale (OFS) of Rs 6,800 crore, with the price band set at Rs 371-390 per share.

Final Subscription Figures:

Qualified Institutional Buyers (QIBs): The QIB category saw overwhelming interest, with 52.31 crore shares bid against the offered 8.69 crore, resulting in a subscription of 6.02 times.
Non-Institutional Investors (NIIs): This segment, which includes high-net-worth individuals, was subscribed 0.41 times, with bids for 1.78 crore shares against the reserved 4.34 crore shares.
Retail Individual Investors (RIIs): The retail category was oversubscribed at 1.14 times, with 3.30 crore shares bid against the available 2.89 crore shares.
Employee Reserved Category: Swiggy employees also showed a favorable response, with this segment subscribed 1.65 times, with bids for 12.36 lakh shares against the reserved 7.50 lakh shares.
Overall Subscription: The IPO received a total of 57.52 crore bids for 16.01 crore shares, marking an overall subscription rate of 3.59 times.

Swiggy’s IPO marks a significant move in the food and grocery delivery sector, drawing strong institutional interest while retail and employee participation also remained steady. The allocation for each category will be finalized soon, with the company expected to list on stock exchanges shortly.

Swiggy IPO GMP: Sharp decline in GMP ahead of issue opening, Rs 14 upside expected as of current GMP

Markets Desk — Wed, 30 Oct 2024 13:00:57 +0000

Swiggy, the popular food and grocery delivery platform, has seen a significant drop in its grey market premium (GMP) as it prepares to launch its initial public offering (IPO) next week. The company aims to raise Rs 11,300 crore through this IPO, which will open for public subscription on November 6 and close on November 8.

According to market platforms that track grey market activities, Swiggy’s shares are currently trading at a GMP of just Rs 14, indicating a premium of over 3 percent over the expected issue price. This marks a notable decline from October 28-29, when the shares were trading at a premium of around Rs 130, reflecting a drop from nearly 32 percent to slightly over 3 percent.

On October 29, Swiggy announced the price band for the IPO, set at Rs 371-390 per share. The offering consists of a fresh issue of shares worth Rs 4,500 crore, with an additional offer for sale (OFS) component valued at Rs 6,800 crore.

The decline in Swiggy’s GMP has garnered attention among investors, reflecting cautious sentiment as the IPO approaches. The listing outcome will be closely watched, especially given the volatility in its grey market premium.

Deepak Builders & Engineers IPO Allotment Likely Today; Check Allotment Status and GMP

Aditya Bhagchandani — Thu, 24 Oct 2024 05:26:15 +0000

The highly anticipated IPO allotment of Deepak Builders & Engineers is expected to be finalized today, Thursday, October 24, 2024. The ₹260 crore IPO, which was open for subscription from October 21 to 23, was a massive success, with a total subscription of 41.54 times. The IPO attracted strong demand, especially from non-institutional investors (NIIs), who oversubscribed their portion by 82.47 times.

Key Highlights of Deepak Builders & Engineers IPO:

Total Subscription: 41.54 times
Retail Portion Subscription: 39.79 times
QIB Portion Subscription: 13.91 times
NII Portion Subscription: 82.47 times
IPO Price Band: ₹199-₹203 per share

Allotment & Listing Dates:

Successful bidders can expect the shares to be credited to their demat accounts by Friday, October 25, 2024, while refunds to unsuccessful bidders will also be initiated on the same day. The shares are expected to be listed on both the NSE and BSE on Monday, October 28, 2024.

How to Check Deepak Builders & Engineers IPO Allotment Status Online?

Investors who participated in the IPO can check their allotment status online through the registrar’s website, KFin Technologies Limited, or the official BSE and NSE websites.

Steps to Check Allotment on the Registrar’s Website:

Visit the registrar’s website: KFintech IPO Allotment Status
Select ‘Deepak Builders & Engineers IPO’ from the drop-down menu.
Enter your Application No., Demat Account, or PAN details.
Verify using Captcha and click on ‘Submit.’

Steps to Check Allotment on BSE:

Visit the BSE website: BSE IPO Allotment Status
Select ‘Equity’ under the issue type.
Choose ‘Deepak Builders & Engineers’ from the drop-down list.
Enter your Application No. or PAN.
Click on ‘I’m not a robot’ and then click ‘Search.’

Steps to Check Allotment on NSE:

Visit NSE’s IPO section: NSE IPO Allotment Status
Register by clicking on ‘Click here to sign up’ and enter your PAN.
Provide your username, password, and captcha code.
Verify your IPO allotment status on the next page.

Deepak Builders & Engineers IPO GMP Today:

According to market observers, the latest Grey Market Premium (GMP) for Deepak Builders & Engineers stands at ₹51. With the upper price band of ₹203, the estimated listing price is ₹254, reflecting a premium of 25.12% over the issue price.

Conclusion:

Investors who participated in the Deepak Builders & Engineers IPO eagerly await the final allotment announcement today, with many optimistic about its listing performance. The company’s strong subscription numbers and promising GMP suggest positive prospects for its debut on the stock exchanges next week.

Ahead of listing today, Nomura initiates Buy call on Hyundai India, sets target price for stock at Rs 2472

Markets Desk — Tue, 22 Oct 2024 02:01:32 +0000

Nomura has initiated coverage on Hyundai India (HMI) with a ‘Buy’ rating and a target price of ₹2472, ahead of the company’s listing today. The brokerage firm is optimistic about Hyundai India’s prospects, driven by its strategic focus on style and technology, as well as the ongoing premiumization in the Indian car market.

Key Highlights from Nomura’s Report:
Growth Potential: Nomura estimates that Hyundai India will deliver an 8% volume compound annual growth rate (CAGR) over FY25-27, supported by the launch of 7-8 new models, including facelifts.

Market Penetration: The Indian car market has significant growth potential with current penetration at only 36 cars per 1,000 people, suggesting a long runway for expansion.

EBITDA Margins: Hyundai India’s EBITDA margins are expected to improve to 14% by FY27 from 13.1% in FY24. This improvement will be driven by a better product mix, cost reduction initiatives, and operating leverage.

Earnings Growth: Nomura anticipates a 17% earnings CAGR for Hyundai India over FY25-27, reflecting the company’s strategic initiatives and market positioning.

Nomura’s positive outlook on Hyundai India is rooted in the company’s ability to adapt to market demands and leverage its strengths in style and technology to drive high-quality growth. The firm’s analysis underscores the potential for Hyundai India to capitalize on the under-penetrated Indian car market and enhance its profitability through strategic initiatives.

Hyundai Motor Group Chair meets PM Modi ahead of Hyundai Motor India IPO launch

Aditya Bhagchandani — Tue, 22 Oct 2024 01:45:54 +0000

Hyundai Motor Group Executive Chair, Mr. Euisun Chung, met with the Prime Minister of India, Mr. Narendra Modi, ahead of the much-anticipated Hyundai Motor India IPO launch. During their meeting, they discussed the future of mobility and Hyundai’s commitment to playing a key role in India’s automotive industry.

Hyundai places significant importance on India, a market known for its diversity and reformist policies. Mr. Chung highlighted Hyundai’s close collaboration with India and emphasized the company’s long-term vision for the country’s mobility landscape.

In a significant move, Mr. Chung extended an invitation to the Prime Minister for the opening of Hyundai’s new plant in Pune, Maharashtra. This new investment is poised to be a game changer for Hyundai Motor India Limited (HMIL). He also expressed gratitude to both the Government of India and the Government of Maharashtra for their continued support in making this project a reality.

As India continues to progress toward its “Viksit Bharat 2047” vision, HMIL reaffirmed its commitment to the “Make in India” initiative, pledging to remain a trusted partner in India’s journey toward becoming a developed nation.

Hyundai Motor IPO GMP turns positive – Know More

Aditya Bhagchandani — Mon, 21 Oct 2024 02:49:22 +0000

The Hyundai Motor IPO has been making waves in the market, and the Grey Market Premium (GMP) has been a key focus for investors tracking the stock’s performance ahead of its listing. Initially, the GMP surged to an impressive ₹1,000, indicating strong demand and market confidence in the offering. However, the premium saw significant volatility, dipping as low as -₹80 during a brief downturn.

In a positive turn of events, market observers now report that the Hyundai Motor IPO GMP has bounced back to ₹125/-, signaling renewed optimism among investors. The recovery in GMP indicates a favorable outlook for Hyundai Motor’s shares as the IPO approaches its listing date, despite earlier concerns in the grey market.

Key Insights:

Initial GMP: ₹250, then peaked at ₹1,000.
Lowest GMP: Dipped to -₹80.
Current GMP: Recovered to ₹125, suggesting an improved sentiment in the market.

The fluctuating GMP reflects broader market conditions and investor sentiment leading up to the listing. As always, it’s important for investors to keep track of both the official listing and market trends to gauge the performance of the stock post-IPO.

Stay tuned for more updates as the Hyundai Motor IPO nears its listing date!

IPO Listings This Week: Hyundai Motor, Lakshya Powertech, and Freshara Agro exports

Aditya Bhagchandani — Mon, 21 Oct 2024 02:45:34 +0000

This week will see the listing of several key IPOs in the Indian stock market, with companies like Hyundai Motor, Lakshya Powertech, and Freshara Agro Exports making their market debut. Here are the details:

Hyundai Motor IPO
Listing Date: October 22, 2024
Market: BSE, NSE
Allotment Finalized: October 18, 2024
The South Korean auto giant is set to list its shares in India, marking a significant milestone in the Indian automotive sector.
Lakshya Powertech IPO
Listing Date: October 23, 2024
Market: NSE SME
Allotment Finalized: October 21, 2024
Lakshya Powertech, a key player in the electrical solutions sector, will be making its debut on the NSE SME platform.
Freshara Agro Exports IPO
Listing Date: October 24, 2024
Market: NSE SME
Allotment Finalized: October 22, 2024
Freshara Agro Exports, involved in the agricultural exports sector, will list its shares later this week.

These IPO listings are part of the continuous surge in activity within India’s primary markets, with investors closely watching for performance post-listing. Stay tuned for more updates on how these stocks perform after their listing!

Godavari Biorefineries IPO opens on October 23: Know GMP, Price Band, IPO Size and more

Aditya Bhagchandani — Sun, 20 Oct 2024 17:47:45 +0000

Godavari Biorefineries Limited is gearing up for its IPO, set to open for subscription on October 23, 2024. The ethanol-based chemicals manufacturer plans to raise approximately ₹555 crore through a combination of a fresh issue and an offer-for-sale (OFS). Here’s what you need to know about this IPO:

Offer Details:

IPO Size: ₹554.75 crore, with a fresh issue of 92 lakh shares worth ₹325 crore and an OFS of 65 lakh shares worth ₹229.75 crore.
Price Band: ₹334 to ₹352 per share.
Lot Size:
- Retail Investors: Minimum bid size of 42 shares, aggregating to an investment of ₹14,784.
- Small Non-Institutional Investors (sNII): 14 lots (588 shares), amounting to ₹2,06,976.
- Big Non-Institutional Investors (bNIIs): 68 lots (2,856 shares), totaling ₹10,05,312.

IPO Timeline:

Open Date: October 23, 2024
Close Date: October 25, 2024
Allotment Finalisation: October 28, 2024
Refund Initiation: October 29, 2024
Listing on NSE and BSE: Tentative listing date is October 30, 2024.

Financials:

For Q1 FY25, Godavari Biorefineries posted a revenue of ₹525.27 crore, with a net loss of ₹26.11 crore. For FY24, its revenue fell by 16% to ₹1,686 crore, while profit declined 37% to ₹12.3 crore.

Key Competitors:

Alkyl Amines Chemicals Limited
Jubilant Ingrevia Limited
Laxmi Organic Industries Limited
EID Parry (India) Limited
Triveni Engineering and Industries Limited
Balrampur Chini Mills Limited
Dalmia Bharat Sugar and Industries Limited
Dhampur Sugar Mills Limited
Dwarikesh Sugar Industries Limited

Purpose of the IPO:

The proceeds will be used to repay or prepay outstanding loans, and a portion will be allocated for general corporate purposes.

This IPO presents an opportunity to invest in one of India’s leading ethanol-based chemical manufacturers, with a diverse product portfolio and a strong research and development team.

Godavari Biorefineries IPO: Price band set at ₹334-₹352 per share

Aditya Bhagchandani — Fri, 18 Oct 2024 01:53:40 +0000

Godavari Biorefineries Ltd has announced a price band of ₹334 to ₹352 per share for its upcoming initial public offering (IPO) worth ₹555 crore. The IPO will be open for subscription from October 23 to October 25, with anchor bidding beginning on October 22. The basis of allotment is set for October 28, and refunds and credit of equity shares to demat accounts will occur on October 29. The stock is expected to list on exchanges on October 30.

The IPO comprises a fresh issue of ₹325 crore and an offer-for-sale (OFS) of up to 6.53 million shares by existing shareholders and promoters. Mandala Capital AG, a private equity firm, will exit by selling its entire stake of 49,26,983 equity shares, with an acquisition cost of ₹188.91 per share, making it the largest seller in the OFS. Other sellers include Somaiya Agencies, Samir Shantilal Somaiya, and Lakshmiwadi Mines and Minerals, among others.

Proceeds from the fresh issue will be used to repay ₹240 crore of debt, with the remaining funds allocated for general corporate purposes. As of June 2024, the company had consolidated debt amounting to ₹748.9 crore.

Godavari Biorefineries is one of India’s largest ethanol producers by volume, with a bio-refinery that has an installed capacity of 570 KLPD for ethanol manufacturing. Its product portfolio includes bio-based chemicals, sugar, ethanol, and power, which are supplied to various industries such as food, beverages, pharmaceuticals, and personal care.

In response to government initiatives promoting ethanol blending in fuel, the company plans to expand its distillery capacity from 600 KLPD to 1,000 KLPD. Key clients include Hershey India, Hindustan Coca-Cola Beverages, and LANXESS India, among others.

Financially, the company has faced challenges. It recorded a profit of ₹12.3 crore for the year ended March 2024, down from ₹19.6 crore in the previous year. Revenue also declined, from ₹2,014.7 crore to ₹1,686.7 crore during the same period. In the June 2024 quarter, the company posted a loss of ₹26.1 crore on revenue of ₹522.5 crore.

The IPO is being managed by Equirus Capital and SBI Capital Markets, with Link Intime India acting as the registrar to the offer.

Hyundai Motor IPO subscribed 18% till end of Day 1

Aditya Bhagchandani — Tue, 15 Oct 2024 11:59:31 +0000

Hyundai Motor India’s Initial Public Offering (IPO), the largest in India’s history, witnessed an 18% subscription on its first day. According to the latest data, the subscription figures show strong interest from retail individual investors and employees, with an overall significant participation across investor categories.

Key subscription highlights for Day 1:

Qualified Institutional Buyers (QIBs): Subscribed 0.05 times
Non-Institutional Investors (NIIs): Subscribed 0.13 times
Retail Individual Investors (RIIs): Subscribed 0.26 times
Employee Reserved Category: Subscribed 0.80 times

The IPO opened for public subscription on October 15, 2024, and will continue until October 17, 2024. Hyundai is offering shares in the price band of ₹1,865 to ₹1,960 per share with a minimum bid lot size of 7 shares.

With a total issue size of ₹27,856 crore, this IPO has garnered significant attention from retail and institutional investors alike, making it one of the most anticipated offerings of the year. The allotment will be finalized on October 18, 2024, with listing on the exchanges slated for October 22, 2024.

Hyundai Motor India, a leading player in the Indian automotive industry, has established itself as a key contributor to the market with its diverse range of vehicles and strong market presence.

Hyundai Motor India IPO Opens Today: 10 key things to know before subscribing

Aditya Bhagchandani — Tue, 15 Oct 2024 02:28:18 +0000

Hyundai Motor India, owned by Hyundai Motor Company, is launching one of the biggest IPOs in India this week, following the Life Insurance Corporation’s ₹21,000 crore public issue in 2022. Here are 10 key points to know before subscribing to the IPO:

1) IPO Date

The IPO will remain open for subscription from October 15 to October 17, 2024. The anchor book details were disclosed on October 14.

2) Price Band

The price band for the IPO is set at ₹1,865-1,960 per share.

3) IPO Size

The IPO is an offer-for-sale of 14.2 crore equity shares by the parent firm, Hyundai Motor Company, targeting ₹27,870.2 crore at the upper price band. Additionally, 7,78,400 shares have been reserved for employees, available at a discount of ₹186 per share.

4) Objectives of the IPO

As it is an offer-for-sale, all IPO funds, excluding issue expenses, will go to the parent company. The primary objective is to complete the offer-for-sale and gain the benefits of listing on the stock exchanges.

5) Reservation of Shares

The IPO has reserved:

50% for qualified institutional buyers (QIBs)
15% for non-institutional investors
35% for retail investors

Retail investors can bid for a minimum of 7 shares, amounting to ₹13,720 at the upper price band, with a maximum investment of ₹1,92,080.

6) Company Profile

Hyundai Motor India is the second-largest auto OEM in the Indian passenger vehicle market, holding a 15% market share. It operates a manufacturing plant in Chennai, with a capacity of 8,24,000 units annually, and acquired a plant in Talegaon, Maharashtra in 2023. When fully operational, the company’s total annual production capacity is expected to rise to 10,74,000 units.

7) Financial Performance

FY24 Net Profit: ₹6,060 crore (up 28.7% YoY)
FY24 Revenue: ₹69,829 crore (up 15.8% YoY)
EBITDA FY24: ₹9,132.6 crore (up 21% YoY), with an EBITDA margin of 13.08%.
For Q1 FY25, profit stood at ₹1,489.6 crore (up 12.1% YoY), and revenue was ₹17,344.2 crore (up 4.3% YoY).

8) Promoter and Dividend Payout

Hyundai Motor Company holds 100% of Hyundai Motor India. The company paid ₹10,782.4 crore in dividends in FY24, which significantly reduced its cash balance to ₹9,017.3 crore by the end of FY24.

9) Risk Factors

Potential risks include:

Increased competition from both listed and unlisted players like Kia Motors, Honda, and Skoda.
Dependence on SUVs, which make up 67% of the company’s volume.
Possible conflicts of interest with Kia Corporation and Kia India, also part of the Hyundai group.
Increases in parts prices or disruptions in the supply chain could impact operations.

10) Allotment and Listing Dates

The IPO allotment will be finalized by October 18, with shares credited to successful investors’ demat accounts by October 21. The listing will take place on the BSE and NSE on October 22. The shares are currently trading at a 2-3% premium in the grey market.

Lead Managers

The IPO is being managed by Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities, JP Morgan India, and Morgan Stanley India. KFin Technologies is the registrar for the offer.

BSE shares surge 4% following SEBI’s approval for NSDL IPO

Aditya Bhagchandani — Tue, 08 Oct 2024 04:57:23 +0000

Shares of BSE Ltd witnessed a notable surge of nearly 4% on October 8 following SEBI’s approval of the much-anticipated ₹3,000 crore initial public offering (IPO) of National Securities Depository Limited (NSDL). The IPO, which had been delayed due to regulatory concerns, will consist entirely of an offer for sale (OFS), with significant investors such as NSE, IDBI Bank, and SBI planning to offload their shares.

The offering will see the sale of approximately 57.2 million shares, including 22.2 million from IDBI Bank and 18 million from NSE. SEBI issued its observation letter for the IPO on September 30, 2024, signaling a green light for the issue.

The approval has bolstered investor sentiment surrounding market infrastructure companies, leading to a rise in BSE’s share price. The listing of NSDL is expected to drive further market activity and solidify its position in the depository space, following in the footsteps of Central Depository Services Limited (CDSL), the only other publicly traded depository company in India.

SEBI approves NSDL’s ₹3,000 crore IPO

Aditya Bhagchandani — Tue, 08 Oct 2024 04:53:08 +0000

The Securities and Exchange Board of India (SEBI) has given its approval for the highly anticipated initial public offering (IPO) of National Securities Depository Limited (NSDL). The ₹3,000 crore IPO will consist of an offer for sale (OFS) with key investors such as NSE, IDBI Bank, and SBI planning to offload their shares.

The IPO will see the sale of 57.2 million shares, including 22.2 million shares from IDBI Bank and 18 million from NSE. This IPO had been delayed earlier due to regulatory concerns but has now received SEBI’s green light, with the observation letter issued on September 30, 2024.

Once listed, NSDL will become the second depository company to be publicly traded after Central Depository Services Limited (CDSL).

Hero Motors withdraws DRHP for IPO

Aditya Bhagchandani — Mon, 07 Oct 2024 10:59:34 +0000

Hero Motors has officially withdrawn its Draft Red Herring Prospectus (DRHP) for a proposed Initial Public Offering (IPO). The company’s draft papers for an estimated ₹900 crore IPO have been withdrawn as of October 5, 2024.

According to the Securities and Exchange Board of India (SEBI), the DRHP was initially submitted on August 28, 2024. However, the company decided not to proceed with the listing. The IPO aimed to include both a fresh issue of shares and an offer for sale (OFS), coordinated by ICICI Securities Limited. The reasons for the withdrawal of the DRHP have not been disclosed.

This move indicates a shift in Hero Motors’ financing or strategic plans, but further details are awaited. The development is a significant update for market observers and stakeholders who were anticipating the company’s public offering.

Garuda Construction and Engineering IPO to open on October 8: IPO size, price band, lot size and more

Aditya Bhagchandani — Sun, 06 Oct 2024 08:32:03 +0000

Garuda Construction and Engineering Ltd, a civil construction company, is set to open its initial public offering (IPO) on October 8, 2024. The IPO will close on October 10, 2024, with a price band fixed between ₹92 and ₹95 per share. The company aims to raise ₹264.10 crore through this offering.

Key IPO Details

Price Band: ₹92 to ₹95 per equity share
Issue Size: ₹264.10 crore, with a fresh issue of up to 1.83 crore shares amounting to ₹173.85 crore and an offer for sale of 95 lakh shares aggregating up to ₹90.25 crore.
Lot Size: Investors can bid for a minimum of 157 equity shares in one lot, and multiples thereof.
Allocation: 50% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs).

Utilization of Proceeds

The net proceeds from the fresh issue will be used for the following purposes:

₹100 crore towards working capital requirements.
The remaining balance will go towards general corporate purposes, including unidentified inorganic acquisitions.

Business Overview

Garuda Construction and Engineering is involved in civil construction projects, providing end-to-end solutions for residential, commercial, industrial, and infrastructure projects. The company also provides additional services such as operations and maintenance (O&M), Mechanical, Electrical, and Plumbing (MEP), and finishing works as part of its offerings.

Financial Performance

The company has shown consistent financial growth over the years:

Revenue: Increased from ₹77 crore in FY 2022 to ₹154 crore in FY 2024, at a CAGR of 26.03%.
Profit After Tax: Grew from ₹18.78 crore in FY 2022 to ₹36 crore in FY 2024, at a CAGR of 24.72%.
For the month ended April 2024, revenue stood at ₹11.87 crore, with profit after tax at ₹3.50 crore.

IPO Timeline

Allotment Date: Expected to be finalized on October 11, 2024.
Listing Date: Tentatively set for October 15, 2024, on both BSE and NSE.

Other Details

Grey Market Premium (GMP): Currently nil, indicating no premium in the unlisted market. However, GMP is subject to fluctuations and is an informal indicator.
Lead Manager & Registrar: Corpwis Advisors is the sole book-running lead manager, while Link Intime India is the registrar for the IPO.

Garuda Construction and Engineering’s IPO offers investors an opportunity to invest in a growing civil construction business with a diverse project portfolio and consistent financial performance.

Upcoming IPOs: Two to open for subscription, six listings scheduled next week

Aditya Bhagchandani — Sat, 05 Oct 2024 19:38:04 +0000

The primary markets in India continue to stay active, with several Initial Public Offerings (IPOs) making their way to investors in 2024. For the upcoming week from October 7 to 11, two IPOs will open for subscription while six others are set to be listed on the exchanges. Here’s a rundown of the IPO activity to look out for in the upcoming week.

Key IPOs Opening for Subscription

1. Garuda Construction and Engineering IPO

Garuda Construction and Engineering is the only mainboard IPO opening for subscription next week. The IPO window will be open from October 8 to October 10, with the company aiming to raise ₹264.10 crore. This includes a fresh issue of 1.83 crore shares worth ₹173.85 crore and an offer for sale of 95 lakh shares valued at ₹90.25 crore. The price band for this IPO has been set at ₹92 to ₹95 per share, with retail investors required to apply for a minimum of 157 shares, amounting to an investment of ₹14,915 at the upper price band.

The share allotment for Garuda Construction’s IPO is expected to be finalized on October 11, and the company’s shares will tentatively be listed on the BSE and NSE on October 15. The proceeds from the IPO will be used for working capital needs and general corporate purposes, with a portion of funds earmarked for potential future acquisitions.

2. Shiv Texchem Limited IPO

Shiv Texchem Limited’s IPO will also open next week, from October 8 to October 10, under the BSE SME category. The company is looking to raise ₹101.35 crore through a fresh issue of 61.06 lakh shares. The price band for this IPO is set at ₹158 to ₹166 per share. A minimum lot size of 800 shares is required for retail investors, translating into an investment of ₹1,32,800. The funds raised will be directed toward long-term working capital requirements and general corporate purposes.

Six IPOs Scheduled for Listing Next Week

Several companies that recently closed their subscription windows are set to make their market debut next week:

HVAX Technologies Limited will be listed on the NSE SME platform Emerge on October 7. The IPO, open from September 27 to October 1, was oversubscribed 34.25 times and raised ₹33.53 crore.
Saj Hotels Limited will also list its shares on the NSE SME platform on October 7. The IPO, open during the same period as HVAX, raised ₹27.63 crore with a subscription of over 5.4 times.
Subam Papers Limited will be listed on the BSE SME on October 8. The ₹93.70 crore IPO, open from September 27 to October 3, was heavily oversubscribed, closing at 92.9 times the offering.
Paramount Dye Tec Limited shares will make their debut on October 8 as well. The IPO, which saw strong demand from non-institutional investors, was open from September 30 to October 3 and was oversubscribed 50 times.
NeoPolitan Pizza and Foods will be listed on the BSE SME on October 9. This ₹12 crore IPO consisted of a fresh issue of 60 lakh shares priced at ₹20 each.
Khyati Global Ventures Limited will see its shares listed on the NSE SME platform Emerge on October 11. The IPO worth ₹18.30 crore was open from October 4 to October 8.

Key IPOs to Look Forward to in October

Several high-profile IPOs are expected later in the month. Hyundai Motor India is set to open its IPO on October 14, aiming to raise ₹25,000 crore through an Offer for Sale (OFS) of over 142 million shares. This IPO could potentially be the largest public offering in India.

In addition, Afcons Infrastructure Limited, a part of the Shapoorji Pallonji Group, is planning to raise ₹7,000 crore, with the IPO consisting of both fresh shares and an OFS by the promoter company. The dates and price band are yet to be announced.

Lastly, Swiggy has also filed its updated draft papers for an IPO with SEBI, aiming to raise over ₹11,000 crore. The dates for this much-anticipated public offering are yet to be disclosed.

NLC India expects IPO of renewable energy arm by Q1 FY26

Aditya Bhagchandani — Thu, 03 Oct 2024 04:33:10 +0000

NLC India Ltd (NLCIL), a Navratna Public Sector Enterprise under the Ministry of Coal, recently announced its expectation to float the IPO of its renewable energy arm by the end of FY25 or the beginning of FY26. This development was shared during an interview with CNBC, indicating NLCIL’s plans to expand its renewable energy capacity significantly in the coming years.

Expansion in Renewable Energy

NLC India is planning to quadruple its renewable energy capacity, currently at 1.4 GW, targeting 10 GW by 2030. This ambitious expansion is part of the company’s strategic push towards sustainable and green energy. The company had marked its entry into renewable energy with a 10 MW solar photovoltaic power plant commissioned in Neyveli in 2015. Since then, NLCIL has steadily grown its renewable portfolio, with major projects planned in Tamil Nadu, Rajasthan, Gujarat, and Assam.

NLC India’s Renewable Journey

The company has positioned itself as a pioneer among Central Public Sector Enterprises (CPSEs) by becoming the first to achieve 1 GW of renewable energy generation. NLCIL currently operates 1,380 MW of solar power plants and 51 MW of wind power plants. The company has successfully generated 1,234 crore units of green energy, effectively offsetting around 1 crore tonnes of carbon dioxide emissions.

Target for 2030 and Sustainable Ventures

NLCIL’s corporate strategy envisions achieving 10,000 MW of renewable energy capacity by 2030. Besides solar and wind energy, the company is also exploring other areas of sustainability, including:

Energy Storage Systems (ESS)
Green hydrogen production
Pumped storage hydro projects
Lignite to methanol conversion
Mine overburden to sand
Exploration of critical minerals for sustainability

About NLC India

NLC India Limited has been a key player in India’s energy sector for over six decades and is a major contributor to the country’s thermal and renewable energy needs. It primarily operates in two segments: lignite mining and power generation. The company was initially incorporated as Neyveli Lignite Corporation Limited in 1956 and became a public limited company in 1986.

As of January 2024, NLC India’s market capitalization stood at over ₹32,000 crore. The stock has seen impressive growth, with the share price surging over 330% in the last three years.

Manba Finance lists with 21% gains, debuts at Rs 145 on NSE

Aditya Bhagchandani — Mon, 30 Sep 2024 04:30:07 +0000

Manba Finance Limited made its stock market debut today, September 30, with a strong start, listing at ₹145 on the NSE, reflecting a 20.8% increase over its issue price of ₹120 per share. On the BSE, shares opened at ₹150, marking a 25% gain. The IPO received an overwhelming response, with the issue being subscribed over 224 times, driven by significant demand from Non-Institutional Investors (NIIs).

Listing Details and Market Performance
The shares of Manba Finance were trading at a grey market premium (GMP) of ₹38-40 before listing, suggesting potential gains of up to 35%. However, on its first day of bidding, the shares were priced around ₹64-65. Despite market volatility impacting the listing prospects, Manba Finance managed to achieve strong initial gains, indicating a positive reception.

About Manba Finance and IPO Details
Established in 1998, Manba Finance is a non-banking finance company (NBFC) offering a variety of financial solutions, including loans for new and electric two-wheelers (2Ws and EV2Ws), three-wheelers (3Ws and EV3Ws), used cars, small business financing, and personal loans. The IPO issue size was ₹150.84 crore, composed entirely of a fresh issue, with the funds raised aimed at expanding the capital base to meet future financial requirements.

Company Highlights and Financial Strength

Extensive Dealer Network: Manba Finance has strong relationships with 1,100 dealers, which serve as key points of sale for its business.
Presence Across India: The company operates across 66 locations in 6 states, with the ability to expand into underpenetrated regions.
Asset Quality: In FY24, the company reported a gross NPA of 3.95% and a net NPA of 3.16%.
Funding and Operations: It has access to cost-effective long-term borrowing options, including Private Term Credit (PTC), and the issuance of privately placed listed and unlisted Non-Convertible Debentures (NCDs).
Technology-Driven Model: Manba Finance operates with a scalable, technology-driven model designed for a quick turnaround time (TAT) in loan processing.

IPO Response and Fund Utilization
The Manba Finance IPO garnered bids worth over ₹23,000 crore against the issue size of ₹150.84 crore, showcasing robust investor interest. The funds raised from the IPO will be utilized to strengthen the company’s capital base to support future growth and capital needs.

Overall, Manba Finance’s strong debut reflects investor confidence in its business model and growth prospects, positioning it well for future expansion.

Sahasra Electronic Solutions IPO Day 1: Check GMP, subscription status, review and other

Aditya Bhagchandani — Thu, 26 Sep 2024 07:57:04 +0000

Sahasra Electronic Solutions Limited has opened its initial public offering (IPO) today, aiming to raise ₹186.16 crore. The IPO will be open for bidding until September 30, 2024. The price band is set between ₹269 and ₹283 per equity share, with a grey market premium of ₹190. By 12:18 pm on day one, the IPO had been subscribed 0.94 times, showing a decent response. The IPO consists of fresh shares worth ₹172.01 crore and ₹14.15 crore via the Offer for Sale (OFS) route. The shares are expected to be listed on NSE SME Emerge platform on October 4, 2024.

he IPO of Sahasra Electronic Solutions Limited opened today for public bidding and will remain available until September 30, 2024. Here are the key details:

Price Band: The IPO is priced between ₹269 and ₹283 per share.
Objective: The electronics company aims to raise ₹186.16 crore, of which ₹172.01 crore is from fresh shares and ₹14.15 crore from Offer for Sale (OFS).
Subscription Status: As of 12:18 pm on day one, the IPO was subscribed 0.94 times, showing a strong start.
Grey Market Premium (GMP): Currently trading at a premium of ₹190 in the grey market.
IPO Lot Size: Bidders can apply in lots of 400 shares each.
Registrar & Listing Details: Bigshare Services Private Limited is the IPO’s registrar. The shares are proposed to be listed on the NSE SME Emerge platform, with the likely listing date on October 4, 2024.
Allotment Date: The probable date for share allocation is October 1, 2024.
Financial Performance: In FY24, Sahasra’s revenue increased by over 850%, with its Profit After Tax (PAT) rising by more than 1300%, showing significant growth.

THIS Rs 342 crore IPO got fully subscribed within 20 minutes of opening

Aditya Bhagchandani — Wed, 25 Sep 2024 05:14:41 +0000

The KRN Heat Exchanger IPO, aiming to raise ₹342 crore, opened for subscription on Wednesday, September 25, and was fully subscribed within 20 minutes. Ahead of the IPO, the company raised ₹100.10 crore from 10 anchor investors, allocating 45.5 lakh equity shares at ₹220 per share. The IPO, a fresh issue of 1.55 crore shares with no offer for sale (OFS) component, will remain open until Friday, September 27.

By 10:30 am on the first day, the IPO had been subscribed 2.37 times overall, with the retail portion subscribed 2.37 times and non-institutional investors subscribing 4.86 times. The Qualified Institutional Buyer (QIB) category had not yet seen any subscriptions.

The price band for the IPO is set at ₹209-220 per share, with a minimum lot size of 65 shares, requiring retail investors to bid at least ₹14,300. The company expects to use the proceeds to invest in its subsidiary KRN HVAC Products to establish a manufacturing facility in Neemrana, Rajasthan, with additional funds allocated for general corporate purposes.

KRN Heat Exchanger, which manufactures components for the HVAC and refrigeration industries, has shown strong financial growth, with profits rising from ₹11 crore in FY22 to ₹39 crore in FY24. The company’s shares are expected to list on the BSE and NSE on Thursday, October 3.

Arkade Developers makes debut with 37% gains, opens at Rs 175

Aditya Bhagchandani — Tue, 24 Sep 2024 04:29:05 +0000

Arkade Developers made a strong debut on the stock market, listing at ₹175 per share, a 36.72% jump from its issue price. The company had sold its IPO in a price range of ₹121-128 per share, with a lot size of 110 shares. The IPO, open for bidding between September 16 and 19, aimed to raise around ₹410 crore through a fresh issue of 3.20 crore equity shares.

The IPO received an overwhelming response, being subscribed 106.83 times overall. Qualified institutional buyers (QIBs) and non-institutional investors (NIIs) led the charge, with their portions subscribed 163.16 times and 163.02 times, respectively. Retail investors and employees also showed strong interest, with their quotas subscribed 51.39 and 50.49 times.

Arkade Developers, a Mumbai-based real estate company, focuses on high-end residential developments and redevelopment projects. The company has gained significant traction for its luxury lifestyle proj

Northern Arc Capital IPO Allotment Today: How to check allotment status, latest GMP, and listing date

Aditya Bhagchandani — Fri, 20 Sep 2024 05:30:05 +0000

The Northern Arc Capital IPO share allotment is set to be finalized today, Friday, September 20, 2024. Investors who applied for shares in the ₹777 crore IPO can check their allotment status through the registrar’s portal, Kfin Technologies Ltd, or on the BSE and NSE websites. The IPO, which was open for subscription from September 16 to September 19, saw overwhelming demand, being subscribed 110.91 times overall.

The IPO received strong interest from qualified institutional buyers (QIBs), who subscribed 240.79 times, non-institutional investors (NIIs) with 142.41 times, and retail investors with 31.08 times.

How to Check Northern Arc Capital IPO Allotment Status?

You can check the status of your Northern Arc Capital IPO allotment through the following steps:

Via KFin Technologies (Registrar’s Website):

Visit the Kfin Technologies website: KFintech IPO Status Page
Select “Northern Arc Capital IPO” from the drop-down menu.
You can check your status via:
- Application Number: Enter your application number and the captcha code, then click “Submit.”
- Demat Account: Enter your Demat details along with the captcha code, then click “Submit.”
- PAN Number: Enter your PAN number and captcha code, then click “Submit.”

Via BSE Website:

Go to the BSE allotment page: BSE IPO Status Page
Select “Equity” under the “Issue Type.”
Choose “Northern Arc Capital IPO” from the “Issue Name” drop-down menu.
Enter your application number or PAN, along with the captcha code, then click “Submit.”

Via NSE Website:

Visit the NSE IPO page: NSE IPO Status Page
Register with your PAN by clicking on “Click here to sign up.”
Enter your login details and check the status of your IPO allocation.

Refunds and Listing:

If shares are not allotted to you, the refund process will begin by September 23, 2024. Allotted shares will be credited to investors’ demat accounts on the same day. The listing of Northern Arc Capital IPO shares is scheduled for September 24, 2024, on both BSE and NSE.

Northern Arc Capital IPO GMP Update:

As of today, the grey market premium (GMP) for Northern Arc Capital stands at ₹128, indicating a potential listing price of ₹391 per share. This is approximately 49% higher than the issue price of ₹263, suggesting a robust listing.

NTPC shares surge 4% as NTPC Green Energy files for ₹10,000-crore IPO

Aditya Bhagchandani — Thu, 19 Sep 2024 04:22:55 +0000

NTPC shares rose by 4% on Wednesday after its subsidiary, NTPC Green Energy, filed draft papers for a ₹10,000 crore Initial Public Offering (IPO). The IPO will consist solely of a fresh issue, with no offer-for-sale component, and is expected to support India’s renewable energy goals.

The IPO aligns with the government’s aim to increase the country’s renewable energy capacity to 500 GW by 2030, from the current 200 GW.

As of 9:48 am, NTPC shares were trading 3.49% higher at ₹428.60 on the NSE.

Key IPO Details

The IPO size is targeted at ₹10,000 crore, entirely raised through a fresh issuance of equity shares with a face value of ₹10 each. A 10% portion will be reserved for retail investors, and there will also be a shareholders’ quota for NTPC Limited shareholders. Eligibility for the shareholders’ quota will be determined by the filing date of the Red Herring Prospectus (RHP).

Details	Amount/Information
Total IPO Size	₹10,000 crore (Fresh Issue)
Face Value of Each Equity Share	₹10
Retail Portion	10%
Shareholders Quota	Yes
Parent Company	NTPC Limited
Shareholders Eligibility Date	Date of filing RHP
Listing Exchanges	BSE and NSE
IPO Lead Managers	IDBI Capital, HDFC Bank, IIFL Securities, Nuvama Wealth Management
Expected Contribution to India’s Renewable Energy Capacity by 2030	500 GW (non-fossil fuel energy capacity)

IPO Management

The Book Running Lead Managers (BRLMs) for the issue include IDBI Capital Markets, HDFC Bank, IIFL Securities, and Nuvama Wealth Management. KFin Technologies Limited has been appointed as the registrar for the issue. The shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

NTPC Green Energy’s IPO is expected to play a crucial role in India’s renewable energy landscape, further strengthening the government’s goal of achieving 500 GW of non-fossil fuel energy capacity by 2030.

Manba Finance’s IPO set to open on September 23, 2024, price band at ₹114-₹120 per share

Aditya Bhagchandani — Wed, 18 Sep 2024 05:02:48 +0000

Manba Finance Limited, a Mumbai-based non-banking financial company (NBFC), is set to launch its Initial Public Offering (IPO) on Monday, September 23, 2024. The price band for the IPO has been set between ₹114 and ₹120 per equity share, with the offering closing on Wednesday, September 25, 2024. Investors can bid for a minimum of 125 shares and in multiples thereafter.

The IPO is entirely a fresh issue of up to 1.25 crore equity shares, with no offer for sale component. The proceeds from the IPO will be used to strengthen the company’s capital base and support future growth.

Manba Finance, founded in 1998, offers a variety of financial products, including loans for new and electric two-wheelers, three-wheelers, used cars, small businesses, and personal loans. The company operates across six states and has 66 locations, servicing both urban and rural areas.

As of FY24, Manba Finance had assets under management (AUM) of ₹936.85 crore, a 37.46% CAGR growth since FY22. The company posted a profit of ₹31.41 crore in FY24, marking an 89.50% increase compared to the previous year.

Hem Securities Limited is the lead manager for the issue, and Link Intime India Private Limited is the registrar.

Bajaj Housing Finance IPO crosses ₹2 lakh crore in subscription

Aditya Bhagchandani — Wed, 11 Sep 2024 10:12:03 +0000

Bajaj Housing Finance has made a strong debut with its initial public offering (IPO), becoming the first company to surpass ₹2 lakh crore in subscription value. The IPO, launched on September 9, has seen tremendous interest, with the issue being subscribed 59 times by the end of the bidding period.

The company aimed to raise ₹6,560 crore through the offering, with a price band set between ₹66-70 per share. By the end of Day 1, the IPO had been subscribed 2.26 times, and by Day 2, it had surged to 8.08 times.

The IPO consists of a fresh issue of shares worth ₹3,560 crore, with the remaining ₹3,000 crore coming from an offer for sale. The funds raised will be used to strengthen Bajaj Housing Finance’s capital base to support its lending operations.

Retail investors had the opportunity to apply with a minimum investment of ₹14,980 for 214 shares. Allocation of shares is expected to be finalized on September 12, 2024, with the listing on the BSE and NSE likely on September 16, 2024.

Mainboard IPOs Closing Today: Key details on Bajaj Housing Finance, Kross, and Tolins Tyres

Aditya Bhagchandani — Wed, 11 Sep 2024 08:21:58 +0000

Several high-profile Mainboard IPOs are closing for subscription today, attracting strong investor interest across various categories. Here’s a quick rundown of the three major IPOs set to conclude:

Kross Ltd IPO

Kross Ltd’s IPO, which opened on September 9, is set to close today. The issue has seen significant interest, with subscriptions reaching 2.73 times by the end of Day 2. The retail portion was particularly strong, being subscribed 4.15 times, while the non-institutional investor (NII) category was subscribed 3.03 times. However, the Qualified Institutional Buyer (QIB) portion saw minimal interest with just 0.03 times subscription.

The ₹500 crore IPO includes an offer for sale of 1.04 crore shares, worth ₹250 crore, and a fresh issue of 1.04 crore shares, also valued at ₹250 crore. The Kross IPO allocation is expected on Thursday, September 12, with the tentative listing on the BSE and NSE slated for Monday, September 16. The IPO’s Grey Market Premium (GMP) stands at ₹50, suggesting a possible listing price of ₹290, a 20.83% premium over the issue price of ₹240.

Bajaj Housing Finance Ltd IPO

Bajaj Housing Finance Ltd’s ₹6,560 crore IPO, which opened on September 9, also concludes today. The price band is set between ₹66-70 per share. The IPO saw strong demand, with subscriptions hitting 8.08 times by the end of Day 2.

The offering consists of a fresh issue of ₹3,560 crore and an offer for sale of ₹3,000 crore. The proceeds from the fresh issue will bolster the company’s capital for future lending operations. Retail investors can apply for a minimum lot size of 214 shares, amounting to an investment of ₹14,980. The allotment is expected to be finalized on September 12, with a listing on September 16.

Tolins Tyres Ltd IPO

Tolins Tyres Ltd, a Kerala-based tyre manufacturer, has also garnered significant interest, with the IPO being subscribed 10.75 times by 1:15 PM on September 11. The retail portion saw a subscription of 14.63 times, while the NII portion was subscribed 13.36 times. The QIB segment lagged slightly, with a subscription rate of 2 times.

The company aims to raise ₹230 crore, which includes a fresh issue of ₹200 crore and an offer for sale of 13.27 lakh shares. Tolins Tyres is known for providing tyre retreading solutions and exporting to over 40 countries. The company’s GMP currently stands at ₹39-40 per share, indicating a potential listing gain of around 18%.

Investors should carefully consider the details before making any last-minute bids, as all three IPOs close today.