Sebi takes 6 merchant bankers to task for lapses in IPO
The initial public offering (IPO) market has seen some momentum of late with robust responses to recent issues. However, only some have been able to ride the wave. So far in 2023, 23 companies have let their approval granted by the markets regulator - the Securities and Exchange Board of India (Sebi) - lapse.
Ghanchakkar stops being funny somewhere through the second half, writes Raja Sen.
It is also considering to mop-up Rs 50 crore through a pre-IPO placement.
Oravel Stays Limited, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said. OYO has filed preliminary documents for a Rs 8,430 crore initial public offering (IPO). The offering will consist of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore.
The company has withdrawn the draft red herring prospectus (DHRP) for a follow-on public offering (FPO) filed with the Securities and Exchange Board of India in September for the disinvestment of the government's five per cent stake in the company.
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.
Kishore Biyani-promoted Future group's venture capital arm, Future Ventures, has revived its plans to hit the capital market and will be initiating listing formalities by filing a prospectus with market regulator Sebi on Wednesday.
Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around $500 million (about Rs 4,000 crore), sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet of area valued at around $3 billion. As per the sources, Nexus Select Trust has on Thursday filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of the 2023 calendar year.
Incensed over the "planting of articles" and wrongful advertisements in the run up to a company's public offer, market regulator Sebi on Friday pulled up merchant bankers and said it is considering coming out with revised norms on IPO advertisements.
The Union cabinet had approved Coal India's IPO last month, to divest 10 per cent of the government's stake in the Navratna PSU.
Companies such as SAIL, ONGC, IOC and Hindustan Copper are waiting to hit the markets.
The high court also said that Kejriwal's absence cannot allow students to go through the first term without free text books, writing material and uniform in schools under the Municipal Corporation of Delhi.
The Multi Commodity Exchange has filed its draft red herring prospectus with the Securities and Exchange Board of India for the company's public offer. It will list only on the Bombay Stock Exchange (BSE).
Indian depository receipts (IDR) are set to get going after a long gestation period of six years with Standard Chartered Bank filing a red herring prospectus to raise up to $750 million.
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.
Last month, the Union Cabinet had cleared the proposal to divest 10 per cent of the government's stake in the world's largest coal miner through an IPO.
State-run Steel Authority of India on Tuesday said it will file the red herring prospectus in May for its forthcoming follow-on public offer, which is expected to hit the market in the first quarter of the next fiscal.
Hospitality firm OYO is planning to raise up to $1.2 billion (around Rs 8,000 crore) through an initial public offering and is expected to file the draft red herring prospectus with Sebi next week, sources told PTI on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained at the time of filing the story. The proposed initial public offer (IPO) plan of the hospitality firm follows the spectacular success of Zomato's IPO that ended with a bumper oversubscription on July 16, and was biggest since March 2020.
Infrastructure company Jaypee Infratech Ltd, a part of Jaypee Group, has planned to go public with a Rs 2,600-crore IPO in the next two months. The company has filed the Draft Red Herring Prospectus with the Security Exchange Board of India. Confirming the development, sources close to the development said, "While the price band is yet to be decided, the IPO size is estimated to be around Rs 2,600 crore."
India Inc could set a new fund-raising record in 2010. Even before the year starts, companies have lined up equity raising plans of Rs 1,50,000 crore, close to two-and-a-half times of what they raised through share sales this year.
SAIL had offered the bankers -- JP Morgan, Deutsche Bank, SBI Capital, Enam Securities, Kotak Mahindra Capital and HSBC, to manage its FPO.
When markets are topsy-turvy, everyone -- including the companies' management, merchant bankers, retail and institutional investors -- chickens out.
The Delhi High Court has issued notices to Escorts Ltd and chairman Rajan Nanda on a contempt petition filed by his estranged brother Anil Nanda.
The state-run mining giant NMDC on Monday filed the draft prospectus with the market regulator Sebi for its follow-on public offer, through which the government expects to mop up Rs 20,000 crore (Rs 200 billion).
'The success of one or two IPOs does not dictate whether the upcoming IPOs will be successful or not, but it certainly indicates that the markets and investors are enthusiastic about startup IPOs.'
The company plans to sell 92,65,275 equity shares of Rs 10 each for cash at a price to be decided entirely through a book-building process. The issue would constitute 11 per cent of the fully diluted post-issue paid up capital of the company. Club Mahindra Holidays plans to raise Rs 400-450 crore (Rs 4-4.5 billion) from the IPO, sources said.
Last month saw 30 companies filing their draft red herring prospectuses with the market regulator for initial public offers , a sharp increase from six in August and three in July this year. The Securities and Exchange Board of India received eight filings in September last year, the month the Lehman Brothers meltdown brought the world economy to its knees.
Food delivery platform Zomato has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,250 crore through an initial share-sale.
GEECL plans to dilute 10 per cent equity through the public issue. The London-listed company has filed a Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India and is in the final stages of getting necessary approvals.
In its draft red herring prospectus, the company had sought to raise Rs 2,200 crore, but sources said the issue size could be raised to Rs 3,000 crore, making it the first big issue after the Reliance Power IPO in February last year.
Making the best of the boom in the stock market, five leading textile companies are set to raise about Rs 1000 crore (Rs 10 billion) through IPOs.
Reliance group adopted a new name, Reliance Infratel, before filing DRHP for its IPO.
Kishore Biyani-promoted Future Capital Holdings has received the regulatory go-ahead from Sebi for its initial public offer, estimated to raise between Rs 400-500 crore (Rs 4-5 billion).
Muthalik's done for panties what bra-burning did for lingerie sales.
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