Tata Sons Private Limited, the holding company of the Tata group, witnessed a precipitous drop in its net debt to Rs 5,656 crore in the 10 months ended January this year, as its cash reserves burgeoned to Rs 9,516 crore during this period. Eight years ago, in 2015-16, Tata Sons reported a net debt of Rs 5,132 crore; from March 2017 until March 2023, this figure was above the Rs 14,700 mark, peaking at Rs 27,437 crore at the end of March 2019, according to data sourced from Capitaline. The company's gross debt nearly halved to Rs 15,173 crore until January 2024 on a standalone basis, down from a peak of Rs 31,363 crore reported in the financial year ended March 2019.
Management quality and issue price are key concerns for investors; over 60 per cent of the issues this financial year are trading below issue price.
India's financial sector is dominated by large government-owned and private-sector banks.
The new corporate governance norms for listed companies, currently being finalised by the Securities and Exchange Board of India, may also mandate greater disclosures regarding IPOs, sources said.
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
The IPO by J Kumar Infra, which closed on Wednesday, managed to scrape through, with the issue getting bids for 2.7 times. This is in sharp contrast to the recent IPOs, which were getting subscribed many times over.
These include Great Eastern Energy Corporation and Shemaroo Entertainment.
Following the Reserve Bank of India's (RBI's) action against Paytm Payments Bank, participants in the fintech ecosystem have turned their attention to giving priority to compliance with regulatory norms. Fintech industry players say the episode will ensure adherence to such measures. Executives Business Standard spoke to said companies should have clarity on their requirements.
With the Bombay Stock Exchange (BSE) benchmark Sensex racing towards its all-time high, retail and high net worth individual (HNI) investors are flocking towards public issues.
More than half of the total number of IPOs listed on BSE and NSE in the last two years are trading below their offer price, with around one-third of them trading at a discount of 40-60 per cent, Parliament was informed on Tuesday.
Torrent Power (up 19.25 per cent) and GVK Power and Infrastructure (up 12.22 per cent) have seen a dramatic rise in the run up to PGCIL issue.
An alternative way is to make the Asba (Applications supported by blocked amount) facility compulsory for retail investors.
Over three-and-a-half years after receiving draft papers for the proposed IPO of Sahara Prime City Ltd, Sebi has formally closed this file as the company failed to submit clarifications sought by the market regulator.
According to sources, BSE is seeking an offering that would value it at about Rs 4,000-5,000 crore (Rs 40-50 billion).
Future Capital IPO was fully subscribed within four hours of its opening. The company is expected to raise Rs 490 crore through the IPO.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
In other IPOs, the minimum dilution to the public will be 25 per cent, or Rs 400 crore, whichever is lower.
The prospective bidders of Haldiram Snacks Foods (HSFPL), a leading food firm, have sought clarity on the ownership of the brand as it is currently owned by different family factions. The Delhi and Nagpur families have decided to merge their operations and formed a joint venture to sell part of their stake. On the other hand, the Kolkata family runs its separate, independent operations. Bankers said prospective bidders of the company do not want any confusion over the brand in future. They have sought clarity over usage of the brand.
The global IPO market saw a surge in activity in the last quarter of 2003 and early 2004, and is currently showing signs of a rebound, a new survey said.
Investment bankers said retail investors were pulling back, while institutions were being pickier
Gupta's exit comes days after Zomato decided to stop its grocery delivery service from September 17, mainly due to gaps in order fulfilment, leading to poor customer experience.
Share prices of 17 of the 20 companies, which floated their initial public offers (IPOs) during the period, are now trading below their issue price. Twelve issues were listed below their offer price.
IPO grading will answer questions on the fundamentals of the company
In its guidelines for submission of initial public offer applications through a nationwide network of brokers, physically or electronically, market regulator Sebi has made provisions for payment of a commission to such brokers by the IPO-bound companies.
Reserve requirements, mandatory investment in G-secs under Companies Act may slow lending for HNI investment in IPOs.
Bharti Infratel's Rs 4,500-cr share sale to be the largest since Coal India's in 2010.
According to Thomson Financial, India's IPO volumes totalled $7 billion from 74 issues so far this year, surpassing the previous year's (the whole year) IPO volumes. India now ranks the ninth largest IPO market in the world, capturing 3 per cent of the global market share, up from a mere 1.3 per cent share in the year-ago period.
BSE says all requirements complied with.
The initial public offer of Aditya Birla group flagship company Idea Cellular was oversubscribed more than 57 times in the process generating the highest ever demand of Rs 1,21,557 crore
It's not only the Indian markets that command a valuation premium over their global peers; shares of subsidiaries of India-listed multinational companies (MNCs) also trade at rich valuations compared to their parent companies. An analysis of 12-month forward price-to-earnings (P/E) and price-to-book (P/B) multiples of domestically listed MNCs shows that most quotes have a premium ranging from 2.1x to 6x that of their parent. Similarly, P/B, in most cases, is significantly higher in the domestic market.
Tech Mahindra IPO is worth subscribing as it is attractively priced
Reliance Communications, whose board on Tuesday approved the proposal for Reliance Infratel IPO, would also consider fund raising through qualified institutional placement basis at an appropriate time.
Singapore government's sovereign wealth fund Temasek is looking to invest $10 billion in India during the next three years, Ravi Lambah, Temasek's head of India and strategic initiatives, said.
The Securities and Exchange Board of India (SEBI) has cleared Reliance Infratel's draft red herring prospectus for its proposed initial public offering (IPO). Reliance Infratel will offer 10 per cent equity under the proposed IPO.
The Development Credit Bank, an emerging private sector bank in India, would shortly go in for its IPO to raise Rs 300 crore (Rs 3 billion).
