The special privileges granted to private equity (PE) investors by listed companies are set to go through shareholders' test. Under new rules introduced by the Securities and Exchange Board of India (Sebi), all such arrangements will require shareholders' nod by way of special resolutions. Legal experts say arrangements that are unfair to other public shareholders may not pass the muster.
The social network's bumpy ride since its listing highlights the dangers of investing in buzz and hype.
The Sebi order clears the hurdles ahead of the mega IPO of $2.5 billion to $3 billion, which is expected to hit the markets early next year.
Sebi takes 6 merchant bankers to task for lapses in IPO
Volatility in the secondary markets has forced some initial public offers to revise their price bands as markets continue to be plagued by liquidity problems.
Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
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'.
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.
C S Ghosh, founder of Bandhan Bank, believes his unique business model is not comparable to any financial institution in India -- neither small finance banks, nor big private sector banks -- and hence the valuations are justified.
'The domestic scenario is much better than earlier, demonstrated in the March quarter earnings.'
The Securities and Exchange Board of India on Thursday said it has unearthed yet another IPO scam in the public issue of shares of Infrastructure Development Finance Company Ltd.
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.
A public interest litigation filed in the Bombay high court has demanded a probe into the way some companies lure investors into subscribing to their IPOs by giving false information about their financial position and prospects.
Godrej Properties, part of the Godrej group, may float an initial public offer of about Rs 500 crore (Rs 5 billion) in the next three months, said a banker close to the development. The company plans to sell 9.4 million equity shares in the IPO, which will constitute 13.5 per cent paid up capital of the company, the draft red herring prospectus filed by it showed. The company also plans a pre-IPO placement of 2.4 million shares with investors, the company said.
The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
Deepak Satwalekar, managing director and CEO, HDFC Standard Life Insurance, confirmed that the company would be hitting the capital market very soon. Satwalekar said that the company was planning an IPO and its nitty gritty was yet to be sorted out.
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.
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.
'Waiting for a market correction and optimising entry time in the markets will be akin to missing the woods for the trees.'
Telecom R&D outsourcing company Sasken Communication Technologies Ltd will hit the capital market with an initial public offer on August 11 for raising upto Rs 130 crore
Atherstone Capital Markets has come up with India IPO Index, which is an index of companies listed on the stock exchanges.
Mergers & acquisitions started off on a strong footing, hitting a four-year high at $30.3 billion in the first quarter of 2022, bucking the global trend where deal-making fell sharply, says a report. Deal activity grew by 5.6 per cent in value terms in January-March 2022 compared to the first quarter of 2021, making it the highest first-quarter period since 2018 when it was $31.1 billion. In volume terms, the M&A activity grew 29.6 per cent in the first quarter of 2022, making it the best-ever quarterly number, according to the M&A numbers collated by Refinitiv, an LSEG business, which is among the world's largest providers of financial markets data and infrastructure. M&As involving domestic companies stood at $23.7 billion, down 8.3 per cent on year.
The trading has come to a halt on speculations that the company's IPO is unlikely to hit the market by the second week of December.
Considering the disvestment mop-up target of Rs 30,000 crore (Rs 300 billion) for financial year 2012-13, the government is thinking of optimising the collection from stake sales in central public sector enterprises (CPSEs).
Market regulator Sebi on Friday said that shares owned by ex-employees, allotted through ESOPs (Employee Stock Options), cannot be sold for a period of one year pursuant to an IPO by the company.
The final guidelines should be there in 3-4 months.
State-owned Telcommunications Consultants India Ltd is planning to go for an initial public offering for offloading 25 per cent stake in domestic market, subject to government nod.
The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.
It is not the job of regulators to ensure that users make profits. It is not the job of regulators to prevent people from making losses. It is not the job of regulators to prevent people from doing stupid things, argues Ajay Shah.
Grey market deals, which are viewed as a sign of market prosperity by investors, are done on the expectation that the shares will outperform the IPO process when they list on the market.
Rebalance your portfolio in case it has become overweight on equities vis-a-vis your strategic asset allocation.
Yes Bank is likely to hit the market in the second week of May with its Initial Public Offer of 7 crore (70 million) shares to raise up to Rs 300 crore (Rs 3 billion).
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