Out of the 24 IPOs, 20 companies had anchor investors, which collectively subscribed to 31 per cent of the total public issue amount.
IPO-bound market infrastructure institutions like bourses have to ensure that every shareholder is 'fit and proper'.
The Securities and Exchange Board of India has cleared the initial public offer of Jet Airways.
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.
Karvy Computershare Pvt Ltd engaged in fraudulent activities with respect to certain initial public offerings in 2005, market regulator Sebi said.
Looking at the history of IPO success and failure stories, you would be smart to first fully understand the various aspects behind such offerings and makes the right choice to invest or not in IPOs.
High-networth individuals and domestic funds from India are eyeing a slice of the much-touted mega IPO of Chinese e-commerce giant Alibaba, which looking to raise an eye-popping $21.1 billion.
Here are certain fundamental principles to help us find out what suits us right while investing in initial public offerings.
The dull overall scenario in the stock market seems to have hit the initial public offers (IPOs). In a first this year, there are no IPOs lined up for this month.
JM Financial, Axis Bank, and Bank of America have been roped in as the bankers to run the mandate, say sources.
Idea Cellular on Wednesday said it is "seriously evaluating" going for an initial public offering in the domestic market as part of efforts to fund its expansion plans, although a decision on the issue is yet to be taken.
Although the third quarter of financial year (2023-2024) FY24 (Q3FY24) was marginally below expectations, Info Edge (India) is witnessing strong investment trends and hitting new highs. The big driver is optimism about a pickup in the jobs market, which benefits Naukri.com and could mean upgrades in Q4FY24 expectations. The JobSpeak Index, which Naukri.com releases on a monthly basis, is showing a "transformative shift".
The new corporate governance norms for listed companies, currently being finalised by the Securities and Exchange Board of India, may also mandate greater disclosures regarding IPOs, sources said.
These include Great Eastern Energy Corporation and Shemaroo Entertainment.
Management quality and issue price are key concerns for investors; over 60 per cent of the issues this financial year are trading below issue price.
An alternative way is to make the Asba (Applications supported by blocked amount) facility compulsory for retail investors.
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
Over three-and-a-half years after receiving draft papers for the proposed IPO of Sahara Prime City Ltd, Sebi has formally closed this file as the company failed to submit clarifications sought by the market regulator.
The Centre could further moderate its divestment target for 2024-25 (FY25), as it does not expect large receipts from asset sales - except some ongoing strategic ones, including IDBI Bank, which could spill over into next financial year. Also, it may drastically reduce its FY24 divestment target of Rs 51,000 crore. "We are still evaluating the Budget estimates for FY25. "New big-ticket asset sales are unlikely.
The IPO by J Kumar Infra, which closed on Wednesday, managed to scrape through, with the issue getting bids for 2.7 times. This is in sharp contrast to the recent IPOs, which were getting subscribed many times over.
With the Bombay Stock Exchange (BSE) benchmark Sensex racing towards its all-time high, retail and high net worth individual (HNI) investors are flocking towards public issues.
State-owned Life Insurance Corporation of India (LIC), which completes one year of its listing on Tuesday, presents a sorry scorecard as far as its stock market performance goes. Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece. The Sensex, on the other hand, has risen 14 per cent in the past one year.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
The decline in LIC's share price makes it the biggest wealth destroyer among IPOs which hit the market after COVID-19 took hold globally in 2020.
Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
More than half of the total number of IPOs listed on BSE and NSE in the last two years are trading below their offer price, with around one-third of them trading at a discount of 40-60 per cent, Parliament was informed on Tuesday.
Torrent Power (up 19.25 per cent) and GVK Power and Infrastructure (up 12.22 per cent) have seen a dramatic rise in the run up to PGCIL issue.
According to sources, BSE is seeking an offering that would value it at about Rs 4,000-5,000 crore (Rs 40-50 billion).
Among the Sensex firms, Infosys, NTPC, Power Grid, Titan, ITC, Tech Mahindra, Hindustan Unilever, Axis Bank, Tata Consultancy Services, Bajaj Finserv, Reliance Industries and UltraTech Cement were the biggest gainers. In contrast, IndusInd Bank, Kotak Mahindra Bank, Mahindra & Mahindra, JSW Steel, HDFC Bank and Maruti were the major laggards.
Near-term prospects hinge on the progress of the second wave of Covid-19. A lockdown will dent prospects as 60 per cent of revenues come from the dine-in segment.
In other IPOs, the minimum dilution to the public will be 25 per cent, or Rs 400 crore, whichever is lower.
Investment bankers said retail investors were pulling back, while institutions were being pickier
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.
Future Capital IPO was fully subscribed within four hours of its opening. The company is expected to raise Rs 490 crore through the IPO.
BSE says all requirements complied with.
The global IPO market saw a surge in activity in the last quarter of 2003 and early 2004, and is currently showing signs of a rebound, a new survey said.
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