IPO Financial News

Brainbees Solutions, parent of omnichannel retailer FirstCry, has filed its draft red herring prospectus (DRHP) to raise Rs 1,816 crore issuing fresh shares besides an offer for sale of more than 54 million shares. This is the second Indian vertical ecommerce company to have filed for going public after Nykaa listed on the local bourses in 2021.

Interim Budget: India's fiscal deficit might surpass the government's 5.9% target for FY24 due to escalated revenue expenses and a lower-than-expected nominal GDP, according to India Ratings and Research. The agency predicts that despite increased tax and non-tax revenue, an anticipated second supplementary demand for grants could escalate the deficit to 6% of GDP, slightly exceeding the budgeted limit. “Higher-than-budgeted revenue expenditure triggered through the first and likely second supplementary demand for grants in combination with lower-than-budgeted nominal GDP will push the fiscal deficit to 6.0% of GDP, 10bp higher than budgeted 5.9%,” said Ind-Ra researchers. While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman said India aims to narrow the fiscal gap to 5.9% of gross domestic product from 6.4% in the last financial year. There are mushrooming speculations that the Narendra Modi-led government will soon have to unleash various fiscal measures and particularly so as to rein in galloping inflation rate. India's fiscal deficit for the first seven months of this fiscal year through October stood at 8.037 lakh crore rupees, or 45% of annual estimates, government data showed today. The fiscal deficit marginally narrowed from 45.6% reported in the comparable year-earlier period.

BSE SME IPO index (black line) has multiplied by about 26 times over the previous 5 years, generating a return of 2,495%. Compare this with the BSE Sensex (orange line), where the corresponding numbers are a relatively boring 2 times, and 99%. The BSE Smallcap index (blue line) has slightly better figures—2.9 times, making for a return of 187%.

₹720 apiece on the National Stock Exchange (NSE), a premium of 37.40% to the issue price of ₹524 per share. On BSE, Azad Engineering shares began trading at ₹710.00 apiece, witnessing a premium of 35.50% to the issue price. Azad Engineering IPO received strong demand from investors across all categories as the public issue was subscribed 83.04 times in total.

Buy or sell stocks for today: Following strong global market sentiments, Indian stock market extended its rally for fourth straight session on Wednesday. Nifty 50 index touched a new high of 21,675 and hit its highest-ever closing levels of 21,654. BSE Sensex surged around 1 per cent and closed at 72,038 levels while Bank Nifty index gained 1.17 per cent and closed at 48,282 mark after touching a new peak of 48,347 levels.

Azad Engineering will debut on the exchanges today. Ahead of the listing, the company's shares are trading with a premium of Rs 172 in the unlisted market. The company's shares are likely to list at a premium of 33%.

ALSO READ: Year 2024: What lies ahead for India's leading family-owned conglomerates There he learned trading, accounting, and other business skills. But, in 1958, he returned to India and settled in Bombay – now Mumbai. 1) In the 1950s, Dhirubhai began a business trading in spices and called his venture Reliance Commercial Corporation.

BSE and NSE. The investors can check Innova Captab IPO allotment status on the portal of IPO registrar and also on the websites of stock exchanges BSE and NSE. Innova Captab IPO registrar is Kfin Technologies Ltd.

2023 in review: For Indian tech startups, an unrelenting funding winter However, experts believe that despite these challenges, the Indian startup ecosystem remains resilient, supported by government initiatives and a renewed focus on sustainable, long-term success. The government has introduced several initiatives to support startups including Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme for Startups.

ChrysCapital is in final discussions to acquire a significant minority stake in New Delhi's Centre For Sight, valuing the eye hospitals chain at Rs 1,600 crore, said people aware of the development. Delhi-based ChrysCapital's proposed investment of Rs 800-1,000 crore (about $100 million) will give an exit to Mahindra Partners, the PE arm of Mahindra & Mahindra, which owns about 32% stake in the chain, they said.

On Wednesday, Nifty closed at 21,654 (Sensex 72,038), both lifetime highs, no doubt engendering a feeling of wellness among investors. Markets have been on a tear in India following BJP's victory in the latest round of assembly elections, and the anticipation of a thumping victory in the 2024 general elections, coupled with a growing recognition of India's long-term potential. The exuberance of the markets is well-timed when it comes to confidence, the all-important ingredient of economic growth.

online retailer Zulily is closing down, surprising customers and laying off hundreds of workers after efforts to salvage the business failed. The Seattle-based company said in a notice on its website that it had tried to fill all pending orders and expected to manage that within the coming two weeks. Zulily said it was trying to ensure that orders that could not be filled were cancelled and refunded and offered a contact for customers who did not get their orders or refunds.

BSE platform or visit the registrar's website. Trident Techlabs GMP today or grey market premium is ₹45. This indicates Trident Techlabs share price were trading at a premium of ₹45 in the grey market on Wednesday, according to investorgain.com.

Shri Balaji Valve Components IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Shri Balaji Valve Components Limited received mixed response from investors on Wednesday, December 27, as the issue was subscribed 2.62 times on the first day of bidding. Shri Balaji Valve Components opened for subscription on December 27 and closes on Friday, December 29.

1) Company Overview Kay Cee Energy & Infra is an engineering, procurement and construction (EPC) company providing specialized services of commissioning EHV power transmission lines to various government authorities and private entities. 2) Industry Overview India is the world's third-largest producer and second-largest user of energy. The installed power capacity in India has increased from 356 GW in fiscal 2019 to 416 GW in FY23.

Canara Bank, on Wednesday, announced its in-principle approval to initiate the procedural steps to launch initial public offering (IPO) for its mutual fund subsidiary, Canara Robeco Asset Management Company. “We wish to inform you that Canara Bank has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the stock exchanges by way of Initial Public Offer (IPO), subject to following the due diligence, laid down procedures, opportune time, regulatory approvals etc.," said the company in an exchange filing.

Rahul Bhuskute, CIO & EVP, Bharti AXA Life Insurance, says: “Given a relatively stable rupee, given inflation, which is sub-6%, given core inflation around the 5% handle, the probabilities of interest rate cuts in India going forward are going to increase and the market should definitely get a tailwind because of that. Have the markets harvested all the tailwinds and front ended all the earnings of all those potential interest rate cuts? We do not believe. So, there is some more to come around that factor.” Markets seem to be in very good shape right now but are the markets ignoring risks on valuation front or are you of the camp that earnings quality of corporate India, the corporate earnings to GDP ratio is actually improving and hence the decline will be cushioned by earnings. Which side of the camp are you? Rahul Bhuskute: I guess clearly markets are at a high and we do believe there are reasons for the markets to do so. First of all, globally the interest rate cycle has peaked out. There is an expectation that interest rates will start coming off. Definitely, in India, we have clearly passed the point of highest rate and therefore the opportunity cost for an equity investor is low and we do expect that to be a continued tailwind for the market going forward.

RBZ Jewellers made a flat listing on the exchanges on Wednesday. However, post the listing, the stock jumped 5% and was locked in the upper circuit. The debut was in line with the subdued grey market trend, reflecting cautious investor sentiment towards the company despite its strengths. While RBZ Jewellers possesses strong fundamentals and a fair valuation on the surface, the significant risks cannot be overlooked, analysts said. «The flat listing serves as a stark reminder of the potential pitfalls associated with gold price volatility, client concentration, informal artisan arrangements, and intense competition.

Rohit Srivastava, Founder, Indiacharts.com, says “there is some level of caution in chasing the same parts of the market that have been doing well. But that is where you would want to participate, see if there is a correction in the market, you would want to be in the PSUs or the realty sector and even the metals that have started to pick up now. It is just that the current levels and setup tell us that we should not get carried away by the FOMO effect of markets.” We are at lifetime high yet again. Bulls are charging again. What do you think about the levels going forward for the Nifty as well as the Bank Nifty? Rohit Srivastava: Remember this is the year-end holiday period.

NSE SME platform with a mild premium of 7.5% on Wednesday. Post the listing, there was heavy buying interest with the shares locked in a 5% upper circuit at Rs 105. The issue was priced at Rs 93 per share with a face value of Rs 10 each. The IPO was completely a fresh equity issue of 86.74 lakh shares and the company raised Rs 81 crore through the public offer.

₹486 crore from ₹79 crore in FY22, reports said. The company’s revenue from operations during the financial year 2022-2023 increased 135% to ₹5,633 crore from ₹2,401 crore in FY22 led by strong demand. Its ROCE stood at -7%, while EBITDA margin was at -2%.