Real estate giant DLF, which revived its process of entering the capital market last month to raise Rs 13,600 crore (Rs 136 billion) through its Initial Public Offer, said on Tuesday its IPO plan is on track.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Currently, Sebi regulations require the bidding period to be completed in a minimum of three working days and a maximum of 10, including the extension given pursuant to a revision in price band by the issuer.
DLF has received approval from market regulator Securities and Exchange Board of India for its initial public offer, through which it is expected to raise a record Rs 13,600 crore (Rs 136 billion). "
Industry sources peg the IPO figure at $50-80 million (Rs 230-370 crore).
IPOs offer opportunities for making quick money which few other forms of investment can hope to match, particularly during the market's bull phase.
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.
India will miss its revised divestment target for the second time in the past eight years by a wide margin, as the government may not be able to raise an expected over Rs 60,000 crore from the IPO of insurance behemoth LIC in 2021-22. Since the Modi government came to power in 2014, it was only in the financial year 2019-20 that it failed to achieve the revised CPSE divestment target of Rs 65,000 crore. The mop-up during the year was only Rs 50,304 crore. In the ongoing financial year 2021-22, the government was all set to go ahead with the share sale of Life Insurance Corporation (LIC) this month and draft papers for the same were also filed with markets regulator Sebi.
Amitabh Bachchan Corporation Ltd has become debt free and has started preparations to tap the capital market through an initial public offer.
According to leading deal tracking firm Dealogic, Global IPO volume stood at $5.6 billion till January 21, 2010, up from just $72 million in the same period last year.
Petronet's IPO of 261 million shares will hit markets on March 1, 2004. The IPO has been put in a price band of Rs 13-15 a share.
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Tough market conditions are also throwing challenges before the companies to get good investments, while weakness in primary market is also making the exit difficult for pre-IPO investors, Sebi Chairman U K Sinha said.
The Securities Appellate Tribunal has adjourned the first hearing of National Securities Depository Ltd's appeal against Sebi's interim order on the IPO scam as the market regulator could not hire a senior counsel to argue its case.
Riding on robust Asian market recovery, twenty Indian companies raised a whopping $1.2 billion through initial share sale offers in the first three months of 2010, a period when global IPOs were worth over $53 billion, says a report.
For being listed on the index a scrip must have the minimum free-float market capitalisation of Rs 100 crore.
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The broader markets also ended lower in line with the benchmark indices
Rebalance your portfolio in case it has become overweight on equities vis-a-vis your strategic asset allocation.
While the BSE's asking valuation is reasonable, compared to peers, there are some factors that long-term investors need to consider before investing.
A negative net worth implies the company's liabilities are more than its assets
Future Capital will be the first company to hit capital market as it is set to release its IPO at a fixed price band of Rs 700-765 per share.
Real estate major DLF Universal has withdrawn the draft red herring prospectus for its initial public offer and called off its $3 billion IPO.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
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.
Industry players credit Sebi's first woman chairperson with putting special emphasis on cyber security, use of tech and data, areas where Sebi is trying to 'stay ahead of the curve'.
The shutdown of capital markets is causing a major headache for private equity firms, hedge funds and investment banks that piled in to Chinese and Indian companies ahead of expected stock market listings.
As part of this drive, the Ministry of Company Affairs has directed the Registrar of Companies to "keep under watch" the IPOs that hit the market since 2004, garnering an estimated Rs 25,000 crore (Rs 250 billion).
There has been a lull in the primary market scenario across the world, with the global IPO value registering a decline of 95 per cent at $1.6 billion so far this year.
Companies will not be able to access the capital market for at least one year if their IPO documents are rejected by market regulator Sebi, while managers of such public issues would also face penal action.
Top no-frills carrier IndiGo on Tuesday approached capital markets regulator Sebi with Initial Public Offer.
Tata Consultancy Services (TCS) has weathered the pandemic very well, and has earned tremendous goodwill from customers, which enhanced the firm's standing in the market, N Chandrasekaran, chairman, said in his virtual address of the 26th Annual General Meeting on Thursday. He said TCS shareholders received over 3,000 per cent return on their investments since the company was listed in 2004.
Primary markets may see banks using electronic clearance systems (ECS) to clear cheques in order to reduce the gap between the time an issue closes and its listing on the bourses.The primary market advisory committee of the Securities and Exchange Board of India (Sebi) met on Friday to iron out some of the logistical difficulties involved in making the IPO process faster.
The public issue was aimed at raising funds to augment production capacity, enhance the research and development facilities and to strengthen the market presence of V-Guard products across the country.
Coal India Ltd's Rs 15,000 crore (Rs 150 billion) mega issue, which opens on Monday for public subscription, has garnered a bullish endorsement from most of the market experts who believe it would be the star attraction of this week for all, including retail investors.
Court gives Sebi two weeks to explain why it rejected a report on IPO scam.
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer. The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
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