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PSU Garden Reach Shipbuilders Receives SEBI Nod for IPO

29May By Lavina TolaniNo Comments

Market

PSU Garden Reach Shipbuilders Receives SEBI Nod for IPO

While the IPO market is still dormant, Garden Reach Shipbuilders & Engineers has received SEBI's approval to go ahead with its initial public offering. According to the latest update, the warship maker has filed a draft red herring prospectus (DRHP) with market regulator on March 26 and had obtained its observations on May 22. Garden Reach Shipbuilders, abbreviated at GRSE, it is one of the leading shipyards in the country situated in Kolkata, West Bengal. While it builds and repairs commercial and naval vessels, it has recently started building export ships in a mission to expand its business. As per the draft filed, Garden Reach Shipbuilders IPO will account for selling of 20,046,600 equity share which corresponds to 17.5 percent stake in the company. The public issue i...

23May By Lavina TolaniNo Comments

Market

Food Marketplace SaleBhai Files for IPO on BSE

SaleBhai Internet Pvt Ltd, an online marketplace for specialty foods has filed a draft prospectus with the BSE's SME platform to launch initial public offering intending to raise about Rs. 24 crore. The Ahmedabad based company that offers a varied marketplace for specialty food such as snacks, sweets, bakery items, dried syrups, chocolates and confectionery has confirmed to issue 22,59,600 equity shares, offering 26.58 percent of the company's equity in the market while listing on Bombay Stock Exchange. The IPO has been assigned a fixed price of Rs. 105 per share that will result in stake dilution of 26.58%. Interestingly, the company claims to be the very first B2C e-commerce startup firm to have filed for an SME IPO. The e-commerce firm intends to use the funds raised through I...

E2E Networks Stellar IPO Listing May Open Up viable Exit Gate for VC’s

20May By Lavina TolaniNo Comments

Market

E2E Networks Stellar IPO Listing May Open Up viable Exit Gate for VC’s

The spectacular performance of Computing Infrastructure platform E2E Networks Ltd backed by Blume Ventures earlier this week could bring significant opportunity for VC exits through the route, as forecasted by the experts. The company's IPO marked a close on 7 May with over a subscription of 70 times, while it's listing on 15 May witnessed share closure at 56% above issue price of Rs. 57. E2E is involved in the business of cloud infrastructure that includes servers, networking, virtualisation and other open source software pieces. The company's IPO turned out to be magnificent bringing an end to the struggled journey that startup had been walking since it came out. The Cloud Infrastructure provider has reported a 37.5% jump in revenues from operations to Rs 29.3 crore for the year en...

Online Education Company Pluralsight Marks a Debut on Nasdaq

18May By Lavina TolaniNo Comments

Market

Online Education Company Pluralsight Marks a Debut on Nasdaq

Online Education Company Pluralsight marked a debut on Nasdaq on Thursday with its shares trading at an opening price of $20 per share, roughly 34 percent above the $15 price at which the company had priced its initial public offering. Interestingly, the stock marked a close at the same price it had opened. Pluralsight is a publicly held online education company that offers a variety of video training courses for software developers, IT administrators, and creative professionals through its website. The company has raised $310 million in its initial public offering. Pluralsight has first filed for public listing on April 16 while competing against Alphabet's YouTube, Cornerstone OnDemand and Microsoft's LinkedIn Learning. It had initially estimated a price share between $10 and $1...

WeChat Owner Tencent’s Shares Surge Over 5%

17May By Lavina TolaniNo Comments

Market

WeChat Owner Tencent’s Shares Surge Over 5%

Chinese Tech Major, Tencent Holdings shares in Hong Kong surged over 5 percent Thursday after it posted a record quarterly profit for the three months to March. WeChat owner Tencent has its market capitalisation floating at over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. Even Company's online games which are intensely popular like Honour of Kings have boosted revenues by 26%. The company in its official statement said, The growth in our payment solution business was mainly contributed by the rapidly increasing offline commercial transaction volumes and consumer cash withdrawal fees. WeChat which resembles WhatsApp in functionality to a lot of extents has now become China's biggest social network. The messaging app is an important source...

Indostar Capital Finance IPO subscribed two-thirds on Day 2

12May By Lavina TolaniNo Comments

Market

Indostar Capital Finance IPO subscribed two-thirds on Day 2

The Initial Public Offering of a Non-banking financial company backed by Everstone Capital-IndoStar Capital Finance Ltd. was subscribed 69% on the second day of bidding on Thursday. According to stock exchange data, the public issue of 22.57 million shares which excludes the allotment of anchor investors received bids for nearly 46.46 million shares. The category Qualified institutional buyers (QIBs) which was set aside also witnessed a subscription for over 1.80 times non-institutional investors 3% and retail investors 34%. Much ahead of the offering, this Mumbai based firm has successfully raised Rs 553.2 crore from prominent anchor investors including East Bridge Capital and Fidelity among others. The IPO will witness partial exit of promoters as well as co-investors. The of...

7May By Lavina TolaniNo Comments

Market

How IPO’s from Last Six Months Performed in Indian Stock Market

The Stock Market is one dynamic landscape where one can never be sure of what might take shape the very next moment. Last few months have witnessed a large number of IPO's getting SEBI's approval for public listing. But, how have they performed? Surprisingly, more than half of the listed Initial Public Offerings (IPO) stocks in last six months are trading below their issue price indicating that long-term capital chase in primary offers has not been put to good use. Out of 13 long-term IPOs since December 2017, seven of them have investors sitting with losses upto 29%. Investment bankers and Institutional investors believe that there have been many cases where rich valuations were sought in the IPO by promoters citing previous examples. Moreover, the topsy-turvy secondary market to ha...

Apple Shares Reach Record High after Warren Buffet Buys 75Mn Shares

5May By Lavina TolaniNo Comments

Market

Apple Shares Reach Record High after Warren Buffet Buys 75Mn Shares

American multinational conglomerate, Berkshire Hathaway Inc has bought an additional 75 million shares of Apple Inc. in the first quarter while dumping its remaining stake in International Business Machines Corp., Chairman Warren Buffett informed in an interview. Buffet's announcement has come just after Apple had reported its quarterly sales and profit rose higher superseding all analysts estimations in more than two years. The news also did away with fears in Apple shares amidst the concerns that its iPhone flagship was struggling to woe customers in the market. Apple purchase which would otherwise cost between $11 billion and $14 billion, now adds to the almost 170 million shares that Berkshire Hathaway owned at the end of 2017 which was then Buffet's biggest shareholding. The add...

Delhi-based E2E Networks’ IPO crosses one-third mark on First Day

5May By Lavina TolaniNo Comments

Market

Delhi-based E2E Networks’ IPO crosses one-third mark on First Day

Delhi-based Cloud Service Provider, E2E Networks Ltd. which is backed by Blume Venture Advisors witnessed its initial public offering cross the one-third mark on its first day itself. Post the IPO listing, the company is looking forward to entering on National Stock Exchange’s Emerge platform for small and medium enterprises. According to stock exchange data, the IPO received bids for 1.47 million shares against 3.86 million shares on offer. The book which currently does not have an anchor allotment saw 38% subscription at the end of the first day. Holani Consultants Pvt. Ltd, the merchant banker managing the IPO informed that about half of the IPO was reserved under non-institutional category comprising of wealthy individuals and corporate bodies. E2E is promoted by Tarun Dua and...

Xiaomi Files for “World’s Biggest” IPO Application in Four Years

4May By Lavina TolaniNo Comments

Market

Xiaomi Files for “World’s Biggest” IPO Application in Four Years

China's Leading Smartphone and Device Maker Xiaomi has filed for Hong Kong initial public offering on Thursday, which is being considered as one of the largest listings by a Chinese organization in almost four years i.e since 2014. The announcement came right after company's official revenue posting that stood at 114.62 billion yuan (USD 18 billion) in 2017, up from 67.5 percent from 2016. The company also reported a net loss of 43.89 billion yuan in 2016. Xiaomi's IPO will mark the first listing in Hong Kong to happen after new rules (dual-class shares implementation) that will target to garner more tech listings, in the backdrop of a competition ongoing between Hong Kong, New York, and the Chinese Mainland. As per sources obtained from Hong Kong Exchanges & Clearing Limited,...

IndiGo Stocks Witness 3% Fall Ahead of March Quarter Results

2May By Lavina TolaniNo Comments

Market

IndiGo Stocks Witness 3% Fall Ahead of March Quarter Results

Largest Airline Service in India in terms of passenger and fleet size, InterGlobe Aviation( IndiGo) had its shares fell by more than 3 percent today morning. The shares of the company have plunged just ahead of the announcement of its March quarter earnings scheduled to release later today. While the shares of the company opened at Rs 1,420, they were too quick to lose ground and felt low at Rs 1,353, accounting a 3.34 perecnt downgrade against the previous closing price. The Aviation Company witnessed a similar fate on NSE too where the shares that opened at 1,412.80 fell to a low of Rs 1,351, down by 3.69 percent over its previous closing price. Earlier in a regulatory filing, IndiGo had informed about a meeting of the board of directors to be held today to consider the approval...

L&T signs Rs.14000 crore agreement with Schneider

2May By Lavina TolaniNo Comments

Market

L&T signs Rs.14000 crore agreement with Schneider

Engineering and Construction Leader, Larsen & Turbo has signed a definitive agreement with Schneider Electric aimed at strategic divestment of its electrical and automation (E&A) business for an all-cash deal of Rs 14,000 crore. While the deal is subjected to regulatory approvals, the firm has reported a net revenue of Rs. 5,038 crore in last fiscal. Management has said that divestment of E&A business is in-line with L&T’s intent of unlocking value within the existing business portfolio and will fabricate capital and management focus for creating long-term value for stakeholders. The proposed transaction has incorporated all current segments of E&A excluding marine switchgear and Servowatch Systems. AM Naik, Group Chairman, Larsen & Toubro sai...