Tag: initial public offer (IPO)

Key things to know as an investor in Ola Electric’s IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ola Electric, the pureplay electric scooter manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday evening (December 22). This move follows the earlier CNBC-TV18 newsbreak, anticipating the filing.

Fundraising details: Ola Electric aims to raise funds through a combination of a fresh issue of equity shares, aggregating up to ₹5,500 crore, and an offer for sale (OFS) of up to 9.52 crore shares. Notably, Bhavish Aggarwal, the promoter, plans to sell 4.7 crore shares, constituting 50% of the total OFS.

Other entities divesting stakes: Apart from Bhavish Aggarwal, entities like Indus Trust, Kaha Wave Ventures, Alpine Opportunity Fund, DIG Investment Internet Fund, MacRitchie Investments, Matrix Partners India Investments, SVF II Ostrich, and Tekne Private Ventures XV are also divesting stakes in the IPO.

Regulatory compliance: Ola Electric disclosed that it paid a penalty of ₹15 lakh to the Ministry of Road Transport and Highways (MoRTH) after one of its S1 scooters caught fire in Pune in March 2022.

Rise in borrowings and debt: The company notes that it may continue to incur operating losses in the near term as it invests in business and expands its product portfolio.

Utilisation of IPO proceeds: Ola Electric plans to utilise the IPO proceeds for various purposes, including the expansion of its electric vehicle (EV) portfolio, investment in a gigafactory, and boosting sales.

Potential operating losses: Acknowledging the possibility of operating losses in the near term, Ola Electric signals its dedication to investing in business expansion and portfolio diversification. An estimated ₹1,600 crore is earmarked for Research and Development (R&D) over the next three years.

Sales performance: Ola Electric reported its highest-ever sales in November 2023, with 30,000 units sold, securing a market share of 35%. Since its launch in December 2021, the company has sold over 300,000 electric vehicles. In December alone, the firm sold 9,841 e-scooters, contributing to the total FY24 sales of over 1.8 lakh vehicles.

Impressive revenue growth: The company’s revenue has seen a substantial increase, reaching ₹2,630.93 crore in FY24, compared to ₹373.42 crore in FY23, showcasing robust financial performance.

Investors interested in subscribing to Ola Electric’s IPO are encouraged to closely review the DRHP and stay updated on market developments. The IPO promises to be a key event in the evolving landscape of electric mobility and investment opportunities in India.

More details on the IPO here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Alibaba to spin off Cainiao Logistics unit for Hong Kong IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alibaba Group Holding Ltd. said it will spin off Cainiao Smart Logistics Network Ltd., the logistics arm of its e-commerce empire, through an initial public offering in Hong Kong. 

The Cainiao IPO would be among the first of Alibaba’s units to go public after a dramatic breakup of the tech giant unveiled earlier this year. The first-time share sale could raise at least $1 billion, and banks including Citic Securities Co., Citigroup Inc. and JPMorgan Chase & Co. have been working on the deal, Bloomberg News reported earlier. 

Alibaba co-founded Cainiao in 2013, using it as the delivery backbone for its Chinese online marketplaces. The unit followed Alibaba’s footsteps into the global e-commerce arena, handling parcels for millions of merchants and brands on platforms like AliExpress and Southeast Asia’s Lazada.

Cainiao, which means rookie or amateur in Chinese, promises to deliver packages in China within 24 hours and anywhere else in the world in 72 hours, according to its website. It operates over 300 international routes partnering with more than 3,000 logistics partners.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Senco Gold announces IPO subscription dates, aims to raise Rs 405 crore in offering

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jewellery retail chain Senco Gold Ltd’s initial public offering (IPO) will open for subscription on July 4 and close on July 6. The price band is fixed at Rs 301-317 per share and the company plans to raise Rs 405-crore. The anchor investor bidding will take place on July 3.

The new offer of Rs 405 crore consists of a fresh issue of equity shares worth Rs 270 crore and an offer for sale of shares worth Rs 135 crore from selling shareholder SAIF Partners IV Limited.

The company plans to use Rs 196 crore of the net proceeds from the fresh issue towards funding working capital requirements and the rest towards general corporate purposes.

The retailer has 136 showrooms of which 75 are company-operated showrooms and rest are franchisee showrooms. It has presence in 96 cities and towns across 13 states in India. It is also among the largest organised jewellery retail player in the eastern region of India based on number of stores.

The retailer’s offerings include gold, silver and diamond jewellery. It also sells platinum and precious and semi-precious stones and other metals, along with costume jewellery, gold and silver coins and utensils made of silver. The products are sold under the “Senco Gold & Diamonds” tradename, through multiple channels.

The revenue from operations of Senco Gold in FY23 stood at Rs 4,077 crore, compared with Rs 3,535 crore in FY22. This is to be compared with peers Kalyan Jewellers and Titan at Rs 14,071 crore and Rs 40,575 crore in FY23.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nexus Select Trust raises Rs 1,440 cr from anchor investors; to hit market with Rs 3,200 cr REIT IPO on Tuesday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Blackstone-sponsored Nexus Select Trust, which will hit the capital market on Tuesday, has raised Rs 1,440 crore from anchor investors.

Nexus Select Trust will launch India’s first REIT (Real Estate Investment Trust) Initial Public Offer (IPO) backed by rent yielding retail real estate assets. At present, there are three listed REITs on stock exchanges but all are backed by office assets.

The company will hit the capital market on Tuesday to raise up to Rs 3,200 crore through its retail REIT maiden public offer, and this includes fresh issue of units worth up to Rs 1,400 crore and an Offer For Sale (OFS) of up to Rs 1,800 crore.

The company has fixed the price band at Rs 95 per unit to Rs 100 per unit for the proposed issue scheduled to close on May 11.

Also read: Improving infra, MSMEs are top demands of business leaders ahead of Karnataka elections

As per the regulatory filing on Monday, Nexus Select Trust has raised Rs 1,440 crore from anchor investors, which included many mutual fund and insurance companies.

The anchor investors who have been allocated units are — HDFC Mutual Fund (MF), SBI MF, HDFC Life Insurance, SBI Life Insurance, Prusik, Morgan Stanley Asia (Singapore) Pte and Tata Investment Corporation, among others, according to a circular uploaded on the BSE website on Monday. Nexus Select Trust has a portfolio of 17 operational shopping malls, including Delhi’s premium Select City Walk, across 14 major cities covering a 9.8 million square feet area. It operates two hotels with 354 keys, and also office spaces as part of mixed use development.

There are around 3,000 stores across 17 shopping malls while the number of brands is nearly 1,100. The average rental of its retail portfolio is Rs 123 per square feet per month, with a maximum rent at nearly Rs 500 per square feet at Select City Walk in Saket, South Delhi.

The company’s total Net Operating Income (NOI) is projected to grow organically by 17 percent to Rs 1,897.1 crore in 2025-26 from Rs 1,619.8 crore in 2023-24. In the first nine-month of the last fiscal, the NOI stood at about Rs 1,050 crore.

Also read: Groyyo turns profitable on EBITDA, clocks Rs 1600 crore revenue run rate in FY23

In November last year, Nexus Select Trust filed the Draft Red Herring Prospectus (DRHP) with Sebi to launch its retail REIT public issue.

Earlier, the company had planned to raise up to Rs 4,000 crore from its proposed REIT public issue. It has reduced the size as units are being issued at a discount in the public issue as against the net asset value of Rs 127 per unit.

Post-IPO, the shareholding of Blackstone in Nexus Select Trust will come down to 43 percent from 60 per cent. Select City Walk promoters stake will reduce slightly to 24.3 percent from 25 percent.

REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enables the participation of retail investors.

At present, there are three listed REITs — Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust — on Indian stock exchanges, but all of these are leased office assets.

This will be the third REIT sponsored by Blackstone. It launched India’s first REIT Embassy Office Parks and then Mindspace Business Parks REIT.

Also read: IOL Chemicals gets nod to export paracetamol in European market

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sah Polymers’ Rs 66 crore IPO nearing full subscription on second day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offering (IPO) of Sah Polymers Ltd. neared full subscription on the first day of bidding on December 30. The issue will close on January 4.

Sah Polymers received bids for 48.04 lakh shares against the IPO size of 56.1 lakh shares on its first day on December 30, accounting for a subscription rate of 86 percent.

As per the details given by the company, the public issue consists of only a fresh issue of 1.02 crore equity shares, with no offer-for-sale (OFS) component and with a price band at Rs 61-65 per share. This public issue will fetch Rs 62.22 crore at the lower end of the price band and Rs 66.3 crore at the upper end of the price band.

Investors can bid in multiples of 230 equity shares with the minimum investment by retail investors at the upper end of the price band being Rs 14,950 for one lot, while the maximum would be Rs 1,94,350 for 13 lots.

The company said that it will finalise the IPO share allotment by January 9, and credit refunds to unsuccessful investors by the next day. The equity shares will debut on the stock exchanges on January 12.

Also Read:Last listing of 2022 fails to cheer Street, debuts at a discount to IPO price

Sah Polymers earlier said that it will use these funds to up a new manufacturing facility for producing a new variant of Flexible Intermediate Bulk Containers (FIBC), repayment of borrowings, and also fund the working capital requirements.

The Udaipur-based company is primarily engaged in the manufacturing of high-density polyethylene (HDPE) FIBC bags, polypropylene (PP), woven sacks, and woven polymer-based products among others. In India, the company has a presence in six states and a union territory. Apart from this, Sah Polymers has marked its presence in six regions across the world.

The company is 100 percent owned by the promoters with Sat Industries holding 91.79 percent shares and Sat Invest having the rest.

Also Read:Mamaearth parent files for IPO, investors and shareholders to sell stake

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Harsha Engineers IPO share allotment today: How to check status online

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Share allotment of Harsha Engineers International Ltd’s initial public offering (IPO) is expected to be announced today. The public issue worth Rs 755 crore was subscribed 74.70 times on the last day after receiving bids for 125.96 crore shares against 1.68 crore shares on offer, according to  BSE data .

Buoyed by demand from retail investors, their portion was subscribed 17.66 times. The portion for qualified institutional buyers was subscribed 178.26 times. The price band of the IPO was Rs 314 to Rs 330 per share.

Those who have applied for the public issue can check Harsha Engineers IPO  allotment status online by logging into the BSE website or on the website of official registrar of the IPO after the announcement of share allotment. For this public issue, Link Intime Private Limited is the official registrar and its official website is https://linkintime.co.in/.

How to check IPO allotment status via Link Intime

Bidders can log in to the direct Link Intime website to check the IPO allotment status of Harsha Engineers International.

• They can go to https://linkintime.co.in/MIPO/Ipoallotment.html
• Bidders will then have to select Harsha Engineers IPO.
• They will be asked to enter their PAN details.
• On clicking on the ‘Search’ option, the bidder’s Harsha Engineers IPO allotment status will be displayed on the computer monitor or on the smartphone screen.

How to check via BSE

• To check the Harsha Engineers IPO allotment status via BSE, bidders can log in to the direct BSE link — https://www.bseindia.com/investors/appli_check.aspx.
• They need to select ‘Equity’ when asked for ‘Issue Type’.
• Next the bidders will have to select the ‘Issue Name’, which is Harsha Engineers IPO.
• They will be asked to enter their application number or PAN details.
• Bidders will then have to click on ‘I’m not a robot’ and submit the details.
• The Harsha Engineers IPO allotment status will appear on the screen.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tamilnad Mercantile Bank IPO: All you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tamilnad Mercantile Bank’s ~Rs 800 crore Initial Public Offer (IPO) opens for subscription today. One of India’s oldest private lender is embroiled in a host of controversies. In an instance not witnessed often, the bank will see a new MD & CEO take charge on the day its IPO opens.

Krishnan Sankarasubramaniam has taken over as the bank’s MD & CEO for a period of three years. He was earlier the MD & CEO of Punjab & Sind Bank. He will succeed KV Rama Moorthy for a period of three years.

The IPO comes at a time when the euphoria of 2021, when as many as 63 companies went public, raising over Rs 1 lakh crore, is missing.

About The Bank

One of India’s oldest private sector lenders, Tamilnad Mercantile Bank was incorporated in May 1921 under the name Nadar Bank Ltd in Thoothukudi, Tamil Nadu and commenced its business in November of that year. It adopted its current name in November 1962 and received its license to deal in foreign exchange in 1999.

The bank offers banking and financial services to retail and MSME customers. It has a strong portfolio of advances and deposits from a diversified base including retail, agricultural and MSME customers. As of the financial year ending March this year, the bank has a network of 509 branches and a customer base of 50.8 lakh. Nearly 73 percent or 369 out of its 509 branches are located in Tamil Nadu. The remaining branches are spread across 15 states and four union territories.

As many as 353 branches of the bank are present in rural and semi-urban areas which allows it to focus on agricultural farmers. Under the bank’s TMB Dhall Mill and TMB Rice Mill schemes, it has disbursed around Rs 400 crore to set up or acquire mills. The bank’s agricultural loan portfolio has increased from Rs 699 crore in FY20 to Rs 1,000 crore in FY22.

Growth Prospects

The Tamil Nadu-based lender believes that the Indian banking sector is significantly under-penetrated which provides an immense growth opportunity for banks and other financial institutions. The domestic bank credit-to-private sector as a percentage of GDP in India was only 55 percent in 2020, even lower than countries like Brazil (70 percent) and Vietnam (117 percent). The number in countries like the US and Japan is near 200 percent.

Led by the government’s financial inclusion policies, the number of deposit accounts in India has grown from 90.3 crore in FY12 to 225.5 crore in FY22. Rating agency CRISIL also expects deposits to grow between 9-11 percent in FY23, driven by an expected hike in policy rates, which in turn will be transmitted to depositors in the form of higher deposit rates. CRISIL also sees credit growth of 10-11 percent in 2023.

Asset Quality

As of March 31, the bank restructured advances to around 3,000 borrowers for an outstanding amount of Rs 67.57 crore. Out of these borrowers, 435 of them, with dues of Rs 13 crore were MSMEs. For such accounts, the bank has made provisions of Rs 76.66 crore as of March 2022.

After the Supreme Court order of September 2020, the bank could not classify loans worth Rs 1,015.8 crore as NPA. When these restrictions were lifted in March last year, the bank classified Rs 545.8 crore as NPA while the remaining dues were recovered and the accounts are maintained as standard accounts.

As of March 2022, the bank’s gross NPA stood at 1.69 percent from 3.44 percent in March 2021 and 3.62 percent in March 2020. Net NPA stood at 0.95 percent in March this year, compared to 1.98 percent in March last year and 1.80 percent in 2020.

Shareholding Pattern

A professionally managed bank, the Tamilnad Mercantile Bank does not have a promoter or members that form part of a promoter group. Additionally, it also does not have any shareholder who individually or as a group controls voting rights of 15 percent or more in the bank.

Risk Factors

The bank has highlighted the top 10 risk factors to its business:

1. 37.7 percent of paid-up share capital is subject to outstanding legal proceedings which have been initiated by agencies like the RBI, and Enforcement Directorate.
2. Business, reputation and financial results can be impacted by adverse results in legal proceedings.
3. Have received and may receive in the future, multiple anonymous whistle-blower complaints.
4. A former director has filed a writ petition before the Madras High Court to prevent the IPO
5. Regional concentration in South India, Tamil Nadu in particular.
6. Subject to stringent regulatory requirements.
7. Contingent liabilities are in excess of the bank’s net worth.
8. The pandemic has and may continue to impact business operations.
9. Susceptible to operational risks, including fraud, petty theft, negligence and embezzlement by our employees or our customers
10. Have had negative cash flows in the past and may continue to have them in the future.

IPO Timeline

The bank will offer shares of the face value of Rs 10 each. The IPO will open on September 5 and close on September 7 this year. Shares will be sold in a price band of Rs 500 to Rs 525 per share. The entire issue is a fresh issue and no part of it will be offer for sale.

• IPO Opens: September 5, 2022
• IPO Closes: September 7, 2022
• Lot Size: 28 Shares
• Price Band: Rs 500 – Rs 525 per share
• Listing: September 15, 2022

Also Read: Tamilnad Mercantile Bank garners Rs 363.53 crore from anchor investors ahead of IPO

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aether Industries IPO gets 33% subscription on first day of offer: NSE

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial share sale of speciality chemicals company Aether Industries received 33 percent subscription on the first day of offer on Tuesday. Aether’s Initial Public Offer (IPO) got bids for 30,41,635 shares against 93,56,193 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) was subscribed 42 percent, while Qualified Institutional Buyers (QIBs) got 36 percent subscription and non-institutional investors 5 percent. The IPO has a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.

Price range for the offer is at Rs 610-642 per share. On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors ahead of its initial share sale.

Also read: Aether Industries raises Rs 240 crore from anchor investors ahead of its IPO

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

HDFC Bank and Kotak Mahindra Capital Company are the managers to the offer.

Also read: eMudhra IPO subscribed 2.72 times on final day

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

eMudhra IPO subscribed 2.72 times on final day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offer (IPO) of digital signature certificate provider eMudhra was subscribed 2.72 times on the last day of subscription on Tuesday. The Rs 412.79 crore IPO got bids for 3,09,02,516 shares against 1,13,64,784 shares on offer, according to NSE data.

The portion meant for Qualified Institutional Buyers (QIBs) received 4.05 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 2.61 times and non-institutional investors 1.28 times. The IPO had a fresh issue of up to Rs 161 crore and offer for sale of up to 98,35,394 equity shares.

Price range for the offer was at Rs 243-256 per share. On May 19, eMudhra Ltd raised Rs 124 crore from anchor investors.

Also Read: Exclusive | Pepperfry likely to raise Rs 2,500 crore through IPO, may file DRHP in July 2022

Proceeds from the fresh issue will be utilised to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre proposed to be set up in India and overseas locations, develop products, investment in eMudhra INC and for general corporate purposes. IIFL Securities, YES Securities (India) and Indorient Financial Services were the managers to the offer.

eMudhra is the largest licensed certifying authority in India with a market share of 37.9 percent in the digital signature certificates market space in the 2021 financial year, having grown from 36.5 percent in FY20. The company has been engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations.

Also Read: Delhivery makes decent Dalal Street debut as shares list at premium over issue price

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aether Industries IPO to open on May 24, price band fixed at Rs610-Rs642 per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Speciality chemicals company Aether Industries on Thursday said it has fixed a price band of Rs 610-642 for its Rs 808 crore Initial Public Offering (IPO). The initial share-sale will open for public subscription on May 24 and conclude on May 26. The bidding for anchor investors will open on May 23, the company announced.

The company has cut the size of the fresh issue of equity shares to Rs 627 crore from Rs 757 crore planned earlier, following the pre-IPO placement. Apart from the fresh issue, there will be an offer-for-sale (OFS) of up to 28.2 lakh equity shares by the promoter. At the upper-end of the price band, the public issue is expected to fetch Rs 808 crore.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for the proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Also Read: Ethos IPO opens and brokerage firms say subscribe for long term

Half of the issue size has been reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors. Investors can bid for a minimum of 23 equity shares and in multiples of 23 thereafter.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.

The company’s operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20. HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue.

Also Read: eMudhra IPO to open for public subscription on May 20

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow