According to sources close to the development, the IPO will provide an easy exit route to the banks and FIs to bring down their respective stakeholding to 5 per cent as required under the new demutualisation guidelines of the Securities and Exchange Board of India (Sebi).
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
Close to three dozen companies will launch their IPOs over the next four-six months.
Benchmark indices--Sensex and Nifty--were 0.7-0.8 per cent higher from the Saturday closing. Among the widely-tracked Nifty 50 stocks, 39 advanced and the rest 11 declined at the opening bell. Among the individual stocks, Cipla, ICICI Bank, Sun Pharma, Power Grid Corp, and Bharti Airtel were the top five gainers, while Asian Paints, Hindustan Unilever, Britania, HDFC Bank, and BPCL the losers, NSE data showed. On Monday, Indian stock exchanges were closed for trading on the occasion of Pran Pratistha of Ram Temple in Ayodhya.
'They have helped stabilise our market by acting as a counterbalance to foreign funds.'
This is the biggest IPO in the Indian market since Bharti Infratel's over Rs 4,000 crore public offer in December 2012.
Bourses ask for okay in the 'permitted to trade' category; brokers and legal experts speak in favour.
Coffee Day Enterprises has already raised over Rs 334 crore from anchor investors.
Nextbillion Technology (Groww), the venture capital-backed broking platform, has dislodged Zerodha Broking as India's largest brokerage in terms of number of active clients. Groww had 6.63 million active clients at the end of September, as against Zerodha's 6.48 million, ending the latter's long run at the top. AngelOne and RKSV Securities (Upstox) were ranked third and fourth with 4.86 million and 2.19 million active clients, according to data available on the National Stock Exchange (NSE).
On the occasion of the National Stock Exchange's (NSE's) silver jubilee celebration, its MD and CEO Vikram Limaye, bottom, left, spoke to Somesh Jha to discuss the way forward and how the exchange plans to deal with the present set of issues.
Bids for the issue, which opens on January 23 and closes on January 25, can be made for a minimum of 18 shares and in multiples of 18 thereafter.
The company's market valuation stood at Rs 10,972 crore in morning trade.
These firms are Avenue Supermarts, owner and operator of supermarket retail chain D-Mart; Music Broadcast Ltd, a Jagran group firm that runs Radio City FM channel; Shankara Building Product; BSE-promoted CDSL; and test-prep player C L Educate.
Investment bankers said retail investors were pulling back, while institutions were being pickier
'The IPO window has been more or less open since the new government in 2014.'
Trading for the scrip of Jet Airways (India), which will be listed on National Stock Exchange on Monday, would be in the normal market segment.
While the BSE's asking valuation is reasonable, compared to peers, there are some factors that long-term investors need to consider before investing.
Multi-Commodity Exchange of India is the only listed bourse in the country
Uniparts India and PNC Infratech are the latest companies to file initial public offer papers.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
In a bid to boost the dormant primary market, regulator Sebi said it is ready to review the mandatory grading of initial public offers.
Proceeds would be used for business expansion, repayment of loans and working capital requirements
A new regulation concerning the disclosure of family arrangements by listed companies is exacerbating rifts between feuding shareholders. The latest example is Bengaluru-based TD Power Systems (TDPS), currently enmeshed in a legal dispute before the Karnataka high court over ownership of its 16 per cent equity. Vijay Kirloskar, who is asserting a claim over the 16 per cent stake held by Mohib Khericha (chairperson of TDPS) and Nikhil Kumar (managing director of TDPS and nephew of Kirloskar), has sent a letter to the market regulator, Securities and Exchange Board of India (Sebi), and stock exchanges. He accuses TDPS of insufficient disclosure concerning shareholder agreements.
BSE has brought in the new technology from Deutsche Bourse.
Indian companies have raised $1 billion so far this year - almost four times what they raised last year.
Shares of Zomato on Friday zoomed nearly 53 per cent in its debut trade against its issue price of Rs 76. The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
India's first-ever listed new-age company, Zomato, has seen a meteoric rise in its stock price in calendar year 2023 (CY23), rising 70.75 per cent during this period as compared to 9.5 per cent rise in the S&P BSE Sensex. From being the second worst hit new-age stock in CY22, crashing 57 per cent on the National Stock Exchange (NSE), the stock hit the Rs 100-mark for the first time since January 2022 in late August. The stellar run in the stock - only after PB Fintech and One97 Communications-owned Paytm, analysts say, may be coming to an end, at least for now.
Making a stellar debut, shares of FSN E-Commerce Ventures, which runs the online marketplace for beauty and wellness products Nykaa, closed with a huge premium of over 96 per cent against the issue price of Rs 1,125 on Wednesday. The stock debuted at Rs 2,001 apiece, reflecting a jump of 77.86 per cent on the BSE. Then, the scrip zoomed 99.83 per cent to Rs 2,248.10 during the day before closing at Rs 2,206.70.
Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
Shares of One97 Communications Ltd, Paytm's parent company, on Thursday made a tepid market debut, listing with a discount of over 9 per cent from the issue price of Rs 2,150.
Department of investment and public asset management secretary Tuhin Kanta Pandey on Tuesday said the weak debut of the country's largest insurer LIC on the bourses was due to unpredictable market conditions and suggested investors to hold on to the stock for long-term value.
The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE. On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share. LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
The government is nudging LIC to tweak its product strategy to maximise profitability in a bid to help the country's largest insurer realise its full growth potential and yield better returns for investors, an official said. Life Insurance Corporation (LIC) has been trading below the issue price of Rs 949 a share ever since it got listed on stock exchanges on May 17. It listed at Rs 872 apiece on NSE. On Tuesday, the scrip settled at Rs 595.50, down 0.72 per cent over the previous close.
India's leading microfinance firm, SKS Microfinance, made a decent debut on the Bombay Stock Exchange at Rs 1.036, up 5.17 per cent over its issue price.
Benchmark equity indices Sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing with gains. During the day, it jumped 1,425.58 points or 2.69 per cent to 54,399.42. The broader NSE Nifty rallied 417 points or 2.63 per cent to finish at 16,259.30 points.
Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. The two issues were discussed at the meeting of Financial Stability Development Council (FSDC), which comprises all the financial sector regulators, Sitharaman told reporters in Mumbai. "It is difficult to say how it (crude prices) will go.
The RBI's financial stability report has on Wednesday highlighted the disconnect between the real economy and equity market yet again. The central bank observed that Indian equities were trading at rich valuations, with several metrics such as price to earnings multiples, price to book ratio, market cap to GDP and the cyclically adjusted P/E ratio, or Shiller P/E, at above historical averages. For instance, as on December 13, the one-year forward P/E ratio for India was 35.1 per cent, above its 10-year average, and one of the highest in the world.
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
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