Companies such as SAIL, ONGC, IOC and Hindustan Copper are waiting to hit the markets.
The filing of offer documents with the capital markets regulator - Securities and Exchange Board of India - has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market. So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
Met with lukewarm response from a volatile market, Wockhardt Hospitals withdrew its IPO. It received bids only for 19.5%.
Billionaire money manager George Soros reported a nearly 2 percent stake in Manchester United Plc on Monday, in one of the first revelations of investors in the British soccer club's controversial initial public offering earlier this month.
Life Insurance Corporation of India (LIC) has increased the size of its shareholders' fund to Rs 6,600 crore from Rs 100 crore in a bid to accommodate a larger shareholder base ahead of its public listing. The size of the fund has been enhanced by retaining two years' of dividend and issuing fresh capital, said an official. Increasing the size of the shareholders' fund will help boost the number of shares for allotment in the insurer's initial public offering (IPO). The corpus represents the amount of equity in a company that belongs to its shareholders.
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
With the stock markets growing in size, this rule, which was framed eight years back, needs revision to allow such nominal dilution only if the IPOs are worth Rs 500 crore (Rs 5 billion) or above, according to experts. The rules require promoters to shed at least 25 per cent if the IPOs are less than Rs 100 crore (Rs 1 billion). The promoter holding in 500 listed companies has gone up to 58 per cent during the July-September quarter from 54 per cent in the April-June quarter.
Public sector carriers Air-India and Indian Airlines would not offload more than 20 per cent of their equity in their proposed initial public offer slated to be announced within this fiscal.
Adani Wilmar (AWL) joined the elite group of companies with market capitalisation (m-cap) of Rs 1 trillion after the stock of Gautam Adani-led edible oil company hit a new high of Rs 802.80, up 5 per cent on the BSE in Tuesday's trade.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
The Securities and Exchange Board of India (Sebi) has withdrawn a major irritant for life insurance companies wanting to hit the capital market with initial public offers.
The PSU had earlier this week filed the draft papers for its initial public offering, billed to be India's biggest issue, through which the government expects to raise up to Rs 15,000 crore (Rs 150 billion).
Officially confirming the change in tack for the first time after months of speculation, Kuldeep Goyal, BSNL's chairman and managing director, told Business Standard, "Foreign partners definitely bring in some expertise that will help the company improve its performance."
IPO market hopes to come out of slump in festive season, reports Sundar Sethuraman.
With the Russia-Ukraine war roiling financial markets globally, the government may defer the mega IPO of LIC and wait for an opportune time to get the maximum value of its holding in the state-owned insurance behemoth, sources said. "It's a full blown war now so we will have to assess the situation for going ahead with the LIC IPO," a government source said. Finance Minister Nirmala Sitharaman, too, had indicated review of the IPO in view of the evolving geopolitical situation.
The company is against strong competition, which has deep pockets. This adds uncertainty to the success of the operations of its subsidiaries abroad.
On the day of Facebook's market debut, trading glitches by the Nasdaq postponed the start of trading in the company by 30 minutes.
Aggressive pricing and poor advice by investment bankers are the causes behind the IPO disaster of last month.
The initial public offer of NHPC Ltd, the state-run hydropower producer, was subscribed 3.54 times what was on offer on Friday, the opening day.
The initial public offer of Adani Power, which closed today, got subscribed over 14 times with most of the bids coming in from institutional investors.
The move signals a strong demand from investors.
Tata-controlled CMC Ltd has filed a draft prospectus with Securities and Exchange Board of India for its proposed initial public offering to divest Centre's 26.25 per cent stake in the software firm.
On June 26, for the likes of me, the music died. Any impression of potential change held forth by the outcome of the 2024 general election, was vaporised, reveals Shyam G Menon.
The initial public offer of Mahindra Holidays & Resorts got over-subscribed nearly four times on the final day of offer today till 1300 hrs, with most of the bids coming in from institutional investors.
The initial public offer of Mahindra Holidays & Resorts, through which it is expecting to raise up to Rs 301 crore (Rs 3.01 billion), got fully subscribed on the final day of offer on Friday.
Investors including units of Morgan Stanley and Citigroup have agreed to buy 28.3 million shares of Bharti Infratel at Rs 230 apiece.
While some bankers said that responses to the Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are 'routine' clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with Sebi, clarifications are currently awaited from lead managers in relation to 20 IPOs.
Vanishing companies are those firms, which cease to file their statements of return or where, after raising capital, whereabouts of their registered office or directors are not known.
The company commands a market valuation of Rs 31,702.37 crore (Rs 317.02 billion).
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.
Securities Transaction Tax (STT) reduced on cash delivery transactions by 20 per cent from 0.125 per cent to 0.1 per cent on cash delivery transactions.
State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) says it expects to increase its visibility in the domestic and international markets, besides improving company performance, as a fallout of the proposed initial public offering (IPO) of equity.
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
Since 11 months, Sebi has not been able to make these companies deposit the required money in an escrow account.
Goenka is hoping Spencer's will break even by the second quarter of 2013-14.
Bumble began in 2014 as a dating platform for women to start discussions with potential male partners. The company is aiming to promote newer functions, Bumble BFF and Bumble Bizz, which help women find friends and build business networks, alongside dating.
The Chicago Board Options Exchange, the last major private exchange in the US, has filed for an initial public offering with the Securities and Exchange Commission, to raise up to $300 million.
Vodafone's assessment is that the controversy over the spectrum allocation case is not over.
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