Business News Highlights: Yatra Online IPO Subscribed 1.61 Times On Final Day Of Offer
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Indian equity market remained shut on September 19 on the occasion of Ganesh Chaturthi. In the previous trade, Sensex and Nifty ended their winning run after opening in red and spent the trading day trying to narrow the losses. The S&P BSE Sensex closed 241 points lower to 67,596.84. On the other hand, the Nifty50 settled almost 60 points lower at 20,133.30.
This profit-taking was in line with expectations due to the substantial rally witnessed since the beginning of the current month, according to a Moneycontrol report on Tuesday. It further said that analysts anticipate this period of consolidation will persist, with support levels around 20,000-19,900. Should the index regain strength following this consolidation phase and move beyond 20,200, it could potentially ascend to the 20,500 level, as per expert opinions.
Apart from the technical view, market analysts expect the outcome of the US Federal Reserve (US Fed) meeting to make an impact on the market. Global markets remained focused on the US Fed’s meeting starting Tuesday. The two-day meeting will be chaired by Federal Reserve Chairmen Jerome Powell. Fed policymakers will announce their interest rate decision on Wednesday.
The US Federal Reserve has been gradually increasing interest rates since March 2022, and it appears that there is a strong likelihood of the Fed maintaining last meetings pause for the second time. While a pause is highly probable, the chances of a rate cut at this point are extremely slim.
In other news, wires and cables manufacturer R R Kabel is set to become the first company to debut on the stock market within two days of the issue closing. Following the subscription, RR Kabel's shares are set to list on stock exchanges on Wednesday. Under the new SEBI listing timeframe, IPO firms are required to complete their listing process within three working days (T+3) from the conclusion of the IPO.
R R Kabel's Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 180 crore and an offer-for-sale (OFS) segment comprising up to 1.72 crore equity shares. The IPO, valued at Rs 1,964 crore, garnered a subscription rate of 18.69 times. It was open for subscription from September 13 to September 15, with a price range of Rs 983 to Rs 1,035 per share.
Edtech Giant Byju's Promotes Arjun Mohan to India CEO Role, Mrinal Mohit Departs
Byju's has appointed Arjun Mohan, a long-time company executive, as the new CEO of its India business. Mohan is replacing Mrinal Mohit, how departing from the company due to personal aspirations, as per the company statement, reported Moneycontrol.
It's worth noting that Mohit had been overseeing Byju's India operations since May of the previous year, when Byju Raveendran, the company's co-founder and CEO, shifted his focus to the company's international endeavors, the report said. The edtech major is also looking to strengthen its senior leadership and streamline operations as it grapples with financial and operational issues.
“Arjun's return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global edtech landscape," the company Co-founder Byju Raveendran said in a statement, as per the report.
Govt To Sell 4.92% Stake In SJVN Via OFS, Expected To Fetch Rs 650 Crore
The government will sell 4.92 per cent stake in SJVN at a floor price of Rs 69 per share through a two-day offer for sale (OFS). The sale of a 4.92 per cent stake, equivalent to over 9.66 crore shares, is expected to yield more than Rs 650 crore.
"Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 4.92 per cent equity including a Green Shoe option of 2.46 per cent," DIPAM Secretary Tuhin Kanta Pandey said X.
Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 4.92% equity including a Green Shoe option of 2.46%. pic.twitter.com/n4p1QKV9HI
— Secretary, DIPAM (@SecyDIPAM) September 20, 2023
On Wednesday, SJVN shares surged by 9.31 per cent, reaching a 52-week high of Rs 83.69. The stock ultimately closed at Rs 81.75 per share on the BSE, marking a gain of 6.78 per cent.
Digikore Studios IPO To Open For Bidding On September 25
Visual effects (VFX) studio Digikore Studios Ltd has announced a price range of Rs 168-171 per share for its upcoming Initial Public Offering (IPO), reported PTI. The IPO is scheduled to open on September 25 and will close bidding on September 27,
The public issue includes a fresh issue of 12.6 lakh equity shares and an Offer for Sale (OFS) of 5.21 lakh equity shares. The funds raised through the fresh issue will be utilised to enhance the company's operations, expand its capabilities, and support its growth trajectory.
Founded in 2000 by Abhishek More, Digikore Studios is among a select few VFX studios in the country to have worked on over 200 Hollywood films and TV series, including 'Thor: Love and Thunder', 'Black Panther: Wakanda Forever', 'Deadpool', 'Star Trek', 'Jumanji', 'Stranger Things and Game of Thrones'.
Venture Capital, Private Equity Investments Rise To $5.2 Billion In August: Report
Venture capital and private equity funds' investments surged to $5.2 billion across 67 deals in August, according to an EY report published on Wednesday. This marks a increase from the $2.3 billion recorded in August 2022, despite a decrease in the number of transactions compared to the 32 deals in the same period last year, the report said.
A monthly report jointly published by the Indian Private Equity and Venture Capital Association (IVCA) and consulting firm EY said that in August, there were 13 large deals exceeding $100 million each, totaling $4.5 billion, marking a 416 per cent increase from the last year. Growth investments also saw a significant rise, with 14 deals amounting to $2.4 billion compared to $176 million in nine deals in August 2022.
However, investments in startups declined by 62 per cent to $387 million across 27 deals in August 2023, down from $1 billion across 63 deals in August 2022.
Yatra Online IPO Subscribed 1.61 Times On Final Day Of Offer
Yatra Online IPO was subscribed 1.61 times on the last day of subscription on Wednesday. The initial share sale, valued at Rs 775 crore, garnered bids for 4,98,92,325 shares against allocated 3,09,42,356 shares, according to NSE data, reported PTI.
Among the different categories, Retail Individual Investors (RIIs) subscribed at a rate of 2.11 times, while Qualified Institutional Buyers (QIBs) achieved a subscription rate of 2.05 times. Non-institutional investors subscribed to 42 per cent of their allotted portion.
The IPO consisted of a fresh issue of up to Rs 602 crore and an offer for sale of up to 1.21 crore equity shares. The price range for the offer was Rs 135-142 a share.
On September 14, Yatra Online said it had mobilised Rs 348.75 crore from anchor investors.
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