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Saudi Aramco IPO starts Trading, Gains 10%

11Dec By PriyankaNo Comments

Market

Saudi Aramco IPO starts Trading, Gains 10%

Saudi Arabia's oil company Aramco began trading, gaining 10% in its debut at the Saudi Tadawul stock exchange. The initial launch pushed it's growth 10% valued to USD 1.88 trillion, higher than any other listed company in the world. Trading for Aramco shares began at 10:30 am in Riyadh. The state-owned oil giant started a mammoth USD 25.6 billion IPO that set the record as the biggest ever in history. The company had announced a sale of 1.5 percent of its shares at 32 Saudi riyals a share, or what is $8.53. At a pre-trading auction earlier in the morning, bids for Aramco's shares reached the 10 percent limit on stock price fluctuation allowed by the Tadawul stock exchange. That pushed the price of Aramco shares to 35.2 riyals, or USD 9.39 a share. This makes Aramco more...

Saudi Aramco Launched World’s biggest IPO

5Dec By PriyankaNo Comments

Market

Saudi Aramco Launched World’s biggest IPO

Saudi Oil company Aramco launched its initial public offering (IPO), which will be the biggest in history. Aramco priced its IPO at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba’s record of $25 billion NYSE listing in 2014. However, the IPO valuation is still significantly short of $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman. Aramco has declined to comment on the IPO pricing until the article is going live. Aramco market valuation of $1.7 trillion overtaking Apple as the world’s most valuable listed firm. As per the news, Saudi Arabia relied on domestic and regional investors to sell its 1.5% stake because of climate change concerns, political risk and a lack of corporate transparency put foreign investors off the offeri...

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

18Nov By AdityaNo Comments

Market

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

Saudi Arabia put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of USD 2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth USD 24-25.6 billion, scaling down Saudi Arabia's initial plan to sell up to five percent of the firm. "The base offer size will be 1.5 percent of the company's outstanding shares," the state-owned energy giant said as it began taking bids from investors in a price range of 30-32 Saudi riyals per share (USD 8-8.5). The much-delayed offering, a cornerstone of Prince Mohammed's ambitious plan to diversify the oil-reliant economy, rivals the world's biggest listing -- the USD 25 billion float...

Best Mutual Funds to Invest in India amidst Volatility

22Oct By PriyankaNo Comments

Market

Best Mutual Funds to Invest in India amidst Volatility

While there are many investment platforms online that allow investing in mutual funds within minutes, the question about which mutual fund to invest in persists. To help you decide, we have compiled a reviewed the best mutual funds to invest based on their past performance, that you can consider. Axis Midcap Fund ReviewThe Axis Midcap Fund is rated moderately high risk but has a lower risk compared to the benchmark. The fund has managed huge outperformance relative to the index and the category average as compared to peers. This is due to the fund’s tilt towards large cap and a strong emphasis on quality mid-caps while avoiding small-cap. 1 Year3 Year5 yearAxis Midcap Direct Plan Growth15.0%13.1%13.4%Category Average0.6%6.3%NA Note: As on October 16, 2019; Category...

14Oct By AdityaNo Comments

Market

IRCTC IPO Jumps 101 pc in debut Trade

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) zoomed over 101 percent in debut trade on Monday against its issue price of Rs 320. It listed at Rs 644, reflecting a huge jump of 101.25 percent as compared to the issue price on the BSE. On the NSE, it skyrocketed 95.62 percent to Rs 626 in opening trade. The company's market valuation stood at Rs 10,972 crore in the morning trade. The initial public offering of IRCTC was a huge hit among investors, subscribed 111.91 times earlier this month. The Rs 645-crore IPO was in a price range of Rs 315-320 per share. IRCTC is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

WeWork Delayed IPO Launch by End of 2019

21Sep By AdityaNo Comments

Market

WeWork Delayed IPO Launch by End of 2019

A stock offering from fast-growing office-sharing startup WeWork is being delayed and will likely occur by the end of 2019, the parent company said. The news from The We Company, which had filed paperwork for an expected listing this month, puts off the listing amid concerns about a huge overvaluation of the company. "The We Company is looking forward to our upcoming IPO, which we expect to be completed by the end of the year," a company statement said late Monday. "We want to thank all of our employees, members and partners for their ongoing commitment." The We Company, its parent firm, was thought to be moving forward with listing on the Nasdaq next week. WeWork had been expected to launch its IPO roadshow on Monday to market its shares to potential investors. B...

Aramco could delay IPO after Drone Attacks

17Sep By PriyankaNo Comments

Market, MIDDLE EAST

Aramco could delay IPO after Drone Attacks

New York, Sept 16 (AFP)- Saudi authorities are considering whether to delay an IPO for oil giant Aramco after this weekend's attack on its oil facilities shut down much of its production, people with knowledge of the matter said. "They're in the process of assessing the damage. It's a possibility but it's still very early," said one of the persons who spoke on condition of anonymity. Aramco had planned to debut in November on a local stock market before listing on an international one next year, sources had told AFP last week. The IPO could be the largest ever, with the company's valuation poised to top USD 1 trillion. The company's plans appeared to have accelerated in recent weeks after it chose JPMorgan to lead the initial public offering, sources said. Goldman Sachs and B...

JPMorgan Chase Will Lead Saudi Aramco IPO

11Sep By AdityaNo Comments

Market

JPMorgan Chase Will Lead Saudi Aramco IPO

JPMorgan Chase has been picked as the investment bank to lead Saudi Aramco's initial public offering, which could be the biggest ever, people close to the matter said to Pixr8 News. The US banking giant was notified by the Saudi company of the selection on Tuesday, the sources said, adding that Aramco envisions an offering on a local exchange followed by one on an international exchange that has not yet been picked. Exchanges in New York and Hong Kong are heavily lobbying the Saudi group for the listing, the sources said, adding that Tokyo is not in the running. Aramco has also been chosen Goldman Sachs to work on the offering and other banks are expected to be added at a later date, sources said. Aramco Chief Executive Amin Nasser said earlier Tuesday on the sidelines of an e...

WeWork Files For an IPO, Trade Under “WE” ticker

15Aug By PriyankaNo Comments

Market

WeWork Files For an IPO, Trade Under “WE” ticker

Co-working startup WeWork filed for an IPO after its parent company "We company" proposes it's stock sale, despite losing money amid rapid expansion. The We Company will trade under the "WE" ticker, as per the reports estimated the IPO valuation will be between $3 and $4 billion. The company also reached an agreement with a consortium of large banks including JPMorgan Chase and Goldman Sachs for a $6 billion credit facility that will close with the stock offering. "Not only do we believe our business model mitigates the pressures of an economic recession but we also believe that our model could position us well in a downturn," it said in the filing. "An economic downturn may provide us an opportunity to further scale our platform at more attractive unit economics. The New Yo...

Indiamart posts profit of $4.5 million in Q1, FY’20

1Aug By AdityaNo Comments

Market

Indiamart posts profit of $4.5 million in Q1, FY’20

India based B2B eCommerce platform Indiamart Intermesh posted a consolidated profit of $4.5 million for the quarter ended on June 30, 2019. The company had recorded a loss of $8 million in the same period a year ago. "Our growth is a result of the focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry," Indiamart Intermesh, Managing Director, Dinesh Agarwal said. The total consolidated income of Indiamart increased by 37.5 percent to $23 million during the reported quarter from $16.7 million in the corresponding period of 2018-19. "Consolidated revenue from operations grew by 30 percent on YoY basis...

Tesla reports huge Q2 Loss, Shares plunge 10 percent

25Jul By PriyankaNo Comments

Market

Tesla reports huge Q2 Loss, Shares plunge 10 percent

Tesla shares have plunged as the electric carmaker reported a bigger loss in Q2. Tesla reported a second-quarter loss of $408 million or $1.12 per share compared to the loss of 40 cents forecast by analysts. Shares tumbled 10 percent to USD 238.39 in after-hours trading. Overall revenues jumped 66 percent from a year earlier to $5.2 billion as Tesla reported sharply higher deliveries of its Model 3, the most affordable vehicle in its lineup and the hope for giving the company a wider customer base."We achieved record deliveries of 95,356 vehicles and record production of 87,048 vehicles, surpassing our previous quarterly records," Tesla said in a letter to investors. "This is an important milestone as it represents rapid progress in managing global logistics and delivery operatio...

Angel Broking paid $450,000 to settle case with Sebi

22Jul By NitishNo Comments

Market

Angel Broking paid $450,000 to settle case with Sebi

Stock broker Angel Broking has settled a case of alleged misutilisation and non-settlement of clients' fund with regulator Sebi by paying nearly $450k towards settlement charges. Sebi conducted an inspection of the books of accounts of Angel Broking during September 19-23 and October 19-21 in the year 2016. During the inspection, Sebi observed that the stock broker "met the pay-in obligation of clients having debit balance from the funds of clients having credit balance", Sebi said. Moreover, it was not settling running accounts of the inactive clients periodically, the regulator added. By doing so, Angel Broking allegedly violated code of conduct for stock brokers. Accordingly, adjudicating proceedings were initiated against Angel Broking and a show cause notice was sent on M...