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IndiaMart Successfully Plans An IPO: Offers Millions of Shares

4Jul By Gauri SinghNo Comments

Market

IndiaMart Successfully Plans An IPO: Offers Millions of Shares

Indian e-commerce company ‘IndiaMart’ has confirmed that it is going to issue an initial public offering (IPO) very soon. The company had filed its draft papers recently to SEBI (Securities and Exchange Board of India). The online company will start the process of IPO in the next financial year. It is a Noida-based company and will offer up to 4.28 million shares through its offer for sale. The promoters and investors will also sell a proportion of their stakes in the venture. “We will go for IPO soon. Basically, we are not in need to raise external money but we want to give an exit route to existing investors. Most of the equity sale will happen in secondary market,” said Dinesh Agarwal, Indiamart founder and CEO. According to the reports, the company’s investors will sell 2.07 Mn sh...

Indian Stock Exchange BSE Will Delist 222 Companies Tomorrow

3Jul By AdityaNo Comments

Market

Indian Stock Exchange BSE Will Delist 222 Companies Tomorrow

Mumbai based stock exchange BSE planning to delist as many as 222 companies from tomorrow. The trading of these shares has remained suspended for next six months. The reason behind this move is clamping down on shell companies listed as well as unlisted for being allegedly used as conduits for illicit fund flows. In August last year, Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long. In a circular, the BSE said, "210 companies that have remained suspended for more than six months would be delisted from the platform of the exchange, with effect from July 4, 2018, pursuant to an order of the delisting committee of the exchange". Furth...

28Jun By Press Trust of IndiaNo Comments

Market

HDFC Mutual Fund Gets Sebi Nod For IPO

HDFC Asset Management Company, the country's largest mutual fund firm, has received Sebi's go-ahead to float an initial public offer. The company had filed draft papers with Securities and Exchange Board of India (Sebi) in March and received its "observations" on June 22, as per the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch public issues like a rights issue, initial public offer (IPO) and follow-on public offer (FPO). HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Going by the draft papers, the proposed IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale of 85.92 lakh shares by HDFC and up to 1.68 crore shares b...

SEBI To Bring Easy IPO Norms for Upcoming Issuers

20Jun By Lavina TolaniNo Comments

Market

SEBI To Bring Easy IPO Norms for Upcoming Issuers

Market Regulator, SEBI is gearing up to modify Initial Public Offering (IPO) norms in India making them less arduous for legitimate sellers while putting down on the possible misuse. The revamp includes the inclusion of a broader set of institutional investors such as alternative investment funds (AIF's) for counting promoter's contribution in startups, reducing disclosure price for two days before the issue opens and reducing requirement period for disclosure to three years than five. The panel board is scheduled to meet on June 21 to discuss proposed modifications in ICDR. Prithvi Haldea, Head of the ICDR Committee conducted by SEBI last year said, There are cases of good companies where the promoter capital is not adequate for lock-in in an IPO. Sometimes, alternative investment ...

IndiaMart Files IPO To Raise Up To Rs 600 Crore

16Jun By Gauri SinghNo Comments

Market

IndiaMart Files IPO To Raise Up To Rs 600 Crore

One of the biggest online platforms in India named Indiamart.com will soon raise the company’s valuation to as much as Rs 600 crore through a proposed initial public offering (IPO). The company will soon file draft papers for its initial share sale which is expected to take place next month. According to the reports, investment banks ICICI Securities, Edelweiss Financial Services and a foreign investment bank are a group of advisors for the company in the matter of the initial share sale. “Indiamart is working on an IPO that could see it raise around ₹500-600 crore through a mix of primary and secondary share sale. Some of the investors of the company could sell part of their stakes. The final details of these are yet to be formalized,” stated a source. However, Dinesh Agarwal who is ...

Uber hires ex-Facebook Executive as Driver Product Head

14Jun By Lavina TolaniNo Comments

News

Uber hires ex-Facebook Executive as Driver Product Head

American Cab Aggregator Uber has appointed Daniel Danker, a product director at Facebook who was responsible for video and Facebook live. Under the new role, Danker will work as Senior Director and Head of Driver Product at Uber responsible for handling planning, strategy, and execution. Danker has also been associated with Microsoft before his three-year stint in facebook. Notably, the cab-hailing company had been bereft of a product head since Aaron Schildkrout left in December. Psyched to have @MrDanielDanker join our team so we can continue to improve, innovate and build great experiences for our driver partners! Uber brings on Facebook product director to lead driver product — dara khosrowshahi (@dkhos) June 13, 2018 Uber's Chief Executive Officer Dara Khos...

14Jun By Gauri SinghNo Comments

Market

Danish Brewer Carlsberg Plans India IPO

The popular beer manufacturer Carlsberg is working out on a local initial public offering (IPO) of its Indian business. The Danish brewer is reportedly looking for potential i-bankers for the share sale over the next few weeks. The Carlsberg Group is a Denmark-based company that is one of the leading brewery groups in the world today. The company is mainly known for its large portfolio of beer. It started its operations in India in 2007 but the Indian customers have been consuming its beer much before that. The credit of the success of Carlsberg’s products globally and in India can be given to the quality consciousness and the technological proficiency developed by the breweries. And because of these attributes, Carlsberg has been positioned on the third rank among the world’s largest b...

Railway PSU RITES aims for $550 Mn valuation in IPO

12Jun By Lavina TolaniNo Comments

Market

Railway PSU RITES aims for $550 Mn valuation in IPO

The public sector undertaking (PSU) of Indian Railways, RITES is looking forward to Rs. 3700 crore valuation in its initial public offering slated for June 20-22. RITES, which is a state-owned railway consultant has designated a price band of Rs. 180-185 apiece resulting in an IPO size of Rs 466.20 crore. Additionally, there is a Rs. 6 discount that will be given to retail investors and eligible employees. According to the sources, the proposed IPO will involve a sale of 25.2 million shares by the government which also includes the stock reserved for the employees. Meanwhile, another news is ongoing rounds regarding RITES likely to acquire around 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), the nodal agency for the redevelopment projects. The gover...

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

CHINA

Foxconnn Unit To Raise $4.3 Bn in China Biggest IPO Since 2015

Foxconn Industrial Internet, often known as FII, which is the subsidiary of world's largest contract manufacturer Foxconn has announced to raise 27.1 billion yuan ($4.26 billion), a move that will mark mainland China's biggest IPO in almost three years. The Foxconn unit which is known to make electronic devices, industrial robots and cloud service equipment will offer 1.97 billion shares at 13.77 yuan per share in Shanghai, as per the company's statement filed on the stock exchange. Foxconn is a major Apple Inc supplier and with the proposed listing company wants to wean itself from the heavy dependence of manufacturing smartphones while diversifying into new areas. The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots,...

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...