IPO Financial News

BENGALURU , NEW DELHI : Top leaders of Ola Electric and Firstcry stand to make a windfall in their companies’ upcoming public listing, an analysis of their draft red herring prospectus (DRHP) by Mint showed. The top 10 executives of Bhavish Aggarwal-led e-scooter manufacturer Ola Electric are sitting on a potential cash value of ₹16,792 crore, of which Aggarwal’s stake alone is worth a little more than ₹16,000 crore. The rest of the executives were granted stock options over the years, through the company’s employee stock ownership plan (Esop) policy.

Jyoti CNC Automation has raised Rs 448 crore from anchor investors ahead of the IPO opening on Tuesday. The company has allocated about 1.35 crore shares to various marquee investors at Rs 331 apiece, which is the upper price band for the offer. In the anchor round, leading funds including Goldman Sachs, Nomura HSBC, Edelweiss, Axis MF, Kota MF, Nippon MF, Canara Robeco MF, Invesco India among others participated. Jyoti CNC Automation is one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India accounting for approximately 10% market share in FY23. With an expertise built over 2 decades and R&D capabilities, it delivers customised solutions to industries including aerospace and defense, auto and auto components, general engineering, EMS, dies and moulds, and others. Also Read: VC fund Stellaris Ventures sells part stake in Mamaearth for Rs 140 crore via bulk deal The company has a robust order book of Rs 3,300 crore, that will be executed over the span of next few years. Its other strengths include diversified product portfolio and customer base, strong global outreach and the ability to use technology to good effect to capture growing market opportunities. The CNC machine market is likely to clock a 10% CAGR over CY23-27. This growth is expected to be propelled by the growth in the manufacturing industries due to factors such as industrial automation, and integration of computer-aided manufacturing. The company posted a revenue and EBITDA CAGR of 27% and 75%, respectively over FY21-23. From a net loss of Rs 70 crore in FY21, it posted a profit of Rs 15 crore in FY23.

₹700 crore through its IPO. The company has scaled back its IPO from ₹1,900 crore.

₹4,000 crore, with shares priced at ₹10,000 each, on January 8,. This represents a premium of 43 percent compared to the last closing price.

₹487.44 per share, marking the highest rate for a secondary share sale in December, Maheshwari's divested shares would amount to a valuation exceeding ₹300 crore. Notably, the CEO of FirstCry has included himself as a selling shareholder in the upcoming public issue.

IPO, which will be launched later this month. The SME IPO will include a fresh equity issue of 41 lakh shares. Beeline Capital Advisors is the book-running lead manager, and Skyline Financial Services is the registrar of the issue. The Mumbai-headquartered EPC contractor specialises in delivering full-scale project management, procurement support and comprehensive engineering services for various electrical infrastructure, instrumentation, and automation projects across India and abroad. Its services are applicable in several manufacturing industries, such as oil & gas, refinery, steel, cement, pharmaceuticals, textiles, hospitals, and health care, both domestically and internationally. Konstelec Engineers has a strong order book of over 50 major projects worth around Rs 565 crore in order value that are in various phases of implementation. The company’s ongoing projects include electrical, construction power work and instrumentation work for leading corporates such as JSW Vijayanagar Metallics Ltd, Rajasthan Refinery Project, HRRL Pachpadra, Mangalore Terminal Expansion Project, Karnataka State and Benue Cement Plant in Nigeria. The company counts leading corporate conglomerates, including Reliance Industries, Engineers India, JSW Steel, Indian Oil, BPCL, among others as its clientele. Majority of the funds raised will be used to meet the working capital expenses for procuring high-quality products for its long-term projects and to provide collateral security to various clients. «Our robust order book and long-standing client relationships demonstrate our dedication to delivering high-quality, safe and innovative solutions,» said Biharilal Ravilal Shah, chairman and managing director of Konstelec Engineers. In

Supam Maheshwari, cofounder and CEO of mother and child care e-commerce platform FirstCry has reportedly offloaded 6.2 million shares prior to filing for the company's initial public offer (IPO). According to a MoneyControl report, Maheshwari's offloaded shareholding would be over Rs 300 crore.

Ashish Kacholia portfolio: Shares of Basilic Fly Studio Limited witnessed huge buying interest during morning deals on Monday and hit a new lifetime high of ₹440 apiece on NSE. The SME stock that was listed on the NSE SME Emerge platform in September 2023 at a whopping 180 per cent premium against its upper price band of ₹97 per equity share, is one of the multibagger IPOs that the Indian stock market has delivered in 2023.

Also Read: MSCI EM Index: India surges to second place; weightage likely to cross 20% by mid-2024 CLSA believes that Nifty is trading at earnings multiples that have historically led to reversals. “India is now the most expensive of the world’s largest markets and the only one trading in the top decile of its historical trading range. In fact, 15 out of the top 19 global markets are trading below their historical average valuations.

Year 2023 had a series of cases in which founders locked horns with the Board of Directors, bringing corporate governance standards into sharp focus. Byju Raveendran of Byju’s, Bharatpe’s Ashneer Grover and Housing.com founder Rahul Yadav (in his new startup avtar), were all in the news with regard to issues pertaining to their style of functioning. Former Infosys Board member and co-founder of Aarin Capital Partners, TV Mohandas Pai, talks about the importance of having a high-quality Board with capable independent directors that can guide and propel a startup. Mohandas Pai who is on Byju’s advisory council, declined to talk specifically about the edtech company. Excerpts from an interview: A Board can function well only if it has a good chairman.

₹1. The offer for sale comprises of up to 1,14,59,840 equity shares by AceVector Limited (formerly known as Snapdeal Limited) (“Promoter Selling Shareholder"); up to 22,10,406 equity shares by B2 Capital Partners and up to 1,61,70,240 equity shares by SB Investment Holdings (UK) Limited (“Investor Selling Shareholder"). Also read: IPOs next week: One mainboard, 3 SME public issues and one listing to keep primary market busy The public issue will not comprise any fresh issue of equity shares.

₹2,000 in markets such as Haryana. Currently, nearly all of the company’s sales come from brown spirits. It has been looking to expand its presence in the premium spirits market and has created a vertical called PremBrands for this.

Market ahead: Q3 results, Red Sea crisis, inflation, FII activity among key market triggers to watch next week Nevertheless, analysts anticipate that the public offering by Jyoti CNC Automation will mark the commencement of a potentially active period in the initial share sale market. This momentum is expected to persist for a few months before a temporary hiatus coinciding with general elections. “CY2023 turned out to be an eventful year for the Indian primary market.

Weekend Wrap: From Vodafone Idea to Yes Bank, top news and market movers this week The broader market continued to demonstrate strong performance for the second consecutive week, with the Nifty Midcap 100 recording a gain of 2.5 percent and the Nifty Smallcap 100 showing a 1.9 percent increase. Nevertheless, analysts caution investors to exercise prudence in light of the upcoming results season and ongoing uncertainties in the Red Sea region.

SaaS firm Unicommerce Esolutions Ltd has filed a draft red herring prospectus (DRHP) for its initial public offering (IPO). Through the offering, its shareholders – AceVector Group, B2 Capital and SoftBank — are together offloading 29.8 million shares. Unicommerce Esolutions is not raising any fresh capital through the IPO.

Upcoming IPO: Ahead of filing the Red herring prospectus (RHP), BLS E-Services — a subsidiary of BLS International Services — has mobilised ₹13.75 crore. As per the company's notice to investors, a total of 17 bought 11 lakh shares of the company in the pre-IPO phase. Prominent names as per the notice issued by the BLS E-Services include Sandeep Srivastava, Satnam Singh Takkar, Vijay Kumar Agarwal, Shaurya Vardhan Sonthalia, Rajya Vardhan Sonthalia, and Tarun Chandmal Jain.

Buyback of shares: Shares of Bajaj Auto and Chambal Fertilisers and Chemicals will be in focus when Indian stock market opens next week. The board of directors of these companies is going to consider and approve the buyback of shares in their meeting scheduled next week.

Jyoti CNC Automation IPO: The initial public offering (IPO) of Jyoti CNC Automation Ltd is going to hit the primary market on 9th January 2024 i.e. on Tuesday next week. The CNC machines maker company has fixed the Jyoti CNC Automation IPO price band at ₹315 to ₹331 per equity share.

MobiKwik IPO: 7 crucial things to know from DRHP Nevertheless, India faces substantial risks in the form of prolonged elevated commodity or oil prices and unfavorable election results. On a global scale, the potential scenarios of either a scenario with no economic downturn (characterized by robust growth, persistent inflation, and higher yields) or a hard landing (marked by sharp declines in growth, inflation, and yields) may lead to increased risk premiums and diminished valuations.

Suzlon Energy witnessed a surge of over 4.4 percent on January 5 to ₹40.60 per share on NSE, propelled by the company securing a new contract for the development of a 225-MW wind power project from Everrenew Energy Private Ltd. The project entails the installation of 75 wind turbine generators (WTGs) featuring a Hybrid Lattice Tubular (HLT) tower, each boasting a rated capacity of 3 MW.

₹62 to ₹66 apiece, as per primary market expert. New Swan Multitech IPO will open for subscription Thursday, January 11, and will close on Monday, January 15.