Tag: initial public offering (IPO)

Swiggy IPO: A ‘confidential’ filing is already on SEBI’s table

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

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Indian food and grocery delivery giant Swiggy filed for its much-awaited initial public offering (IPO) through the confidential route more than two weeks ago.

Norwest Venture, one of the investors in Swiggy, confirmed the filing in an interview with CNBC-TV18.

The Bengaluru-based startup has the shareholder approval to raise ₹10,414 crore ($1.2 billion), of which shares worth ₹3,750 crore will be fresh issue and the remaining ₹6,664 crore will be stake sale by existing investors.

The ten-year-old startup is now awaiting the approval from the market regulator i.e. the Securities and Exchange Board of India (SEBI).

🚨 @Swiggy files its #IPO papers with Sebi via confidential route. The move took place two weeks ago, sources confirmed to @CNBCTV18News. #Swiggy in April received the approval from shareholders for a $1.2Bn IPO, according RoC filings. pic.twitter.com/aB6MO6mJJn

— Young Turks (@CNBCYoungTurks) May 15, 2024

Swiggy’s last reported valuation was $12.7 billion in April 2024. ” It is an anticipated IPO, and it’s a household name. I am waiting for this blockbuster to come out,” Niren Shah, Managing Director and India Head at Norwest Venture Partners, told CNBC-TV18.

You can watch the interview here:

Sriharsha Majety, Nandan Reddy and Rahul Jaimini, who started Swiggy on August 1, 2014, hold 4%, 1.6% and 1.2% stake, respectively, according to data from Tracxn. It took nearly a decade years for the company’s first venture, the food delivery unit, to turn profitable.

The decacorn reported ₹8,265 crore in revenue in FY23. More than 82% of the revenue came from food delivery and the remaining from the quick commerce venture called Instamart.

These are some of Swiggy’s biggest shareholders: 

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Indegene IPO allotment expected on May 9: Follow these steps to check share allocation online

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

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Indegene IPO share allotment status is expected to be finalised on Thursday, May 9, after the public issue closed with a bumper subscription.

The ₹1,841.76-crore initial public offering (IPO) of Indegene Limited was open for subscription from May 6 to May 8. The public issue was booked 69 times with biddings for over 201.13 crore shares against 2.88 crore shares on offer for, according to the stock exchange data.

Indegene Limited IPO shares are tentatively scheduled to get listed on the stock exchanges, the NSE and BSE, on May 13.

Ahead of the listing of the shares, the investors are awaiting the finalisation of the IPO shares allotment status. Once the company finalises the share allocation, the bidders will be able to check the allotment status on the official website of the registrar of the IPO, Link InTime Pvt Ltd.

Indegene IPO allotment status can be checked online through NSE and BSE websites.

Steps to check Indegene IPO allotment status on BSE website

· Go to the link: https://www.bseindia.com/investors/appli_check.aspx

· Choose the issue type as ‘Equity’.

· Select the ‘Indegene’ from the drop down menu for ‘Issue Name’

· Type your IPO application number or PAN number

· Click on ‘Search’.

The allotment details will be shown on your screen.

Steps to check allotment status on registrar’s website

· Go to registrar’s website – https://linkintime.co.in/initial_offer/public-issues.html

· Select ‘Indegene’ from the drop down menu

· Choose any of these- PAN, Application number, DP/Client ID or Account No/IFSC

· Enter the details of the credentials

The allotment status and details of the allotment will be shown on your screen. It’s important to note that the share allocation details can be checked by the bidders only after the company finalises the share allocation status.

Indegene IPO comprised a fresh issue of 1.68 crore shares worth ₹760 crores and an Offer-for-Sale (OFS) of 2.39 crore shares worth ₹1,081.76 crore. The IPO price band was fixed at ₹430 to ₹452 per share. The minimum lot size for retail investors was 33 shares, aggregating to an investment of ₹14,916.

About Indegene Ltd

Indegene Limited is a 25-year-old company engaged in providing digital services for the life sciences industry. The company assists with drug development, clinical trials, regulatory submissions and other such functions.

The company plans to use the money raised via the IPO for the repayment or prepayment of the debts of its subsidiary ILSL Holdings, Inc. The proceeds will also be used towards the funding of capital expenditure requirements of the company and for one of its subsidiaries.

The company also plans to use the proceeds for serving general corporate purposes and funding inorganic growth.

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This $763-million IPO got sold out within an hour

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

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Investors snapped up all shares on offer in a Saudi hospital group shortly after books opened on the deal that’s shaping up to be the largest listing in the kingdom so far this year.

Dr. Soliman Abdul Kader Fakeeh Hospital and its shareholders are seeking to raise as much as 2.86 billion riyals ($763.4 million) in the Riyadh initial public offering. Books were covered throughout the price range of 53 riyals to 57.5 riyals per share, according to terms of the deal seen by Bloomberg News.

Abu Dhabi Investment Authority committed to buying 1.04 million shares in the deal, according to a statement, marking the first instance of the wealth fund participating in a Saudi IPO as a cornerstone investor, Olayan Saudi Investment Co.—the other cornerstone investor—will buy 1.95 million shares. The two funds will subscribe for a total of 173 million riyals.

The company is selling 30 million new shares and the founding family will offer 19.8 million shares in the IPO. The top end of the range implies a market capitalization of 13.3 billion riyals.

Bookbuilding for institutional investors runs until May 8, while the retail offering opens on May 21 for two days. The final price is expected to be announced on May 14.

IPO pipeline

Fakeeh Care Group is among three Saudi companies that have announced their intentions to go public in the last few weeks. The kingdom’s listings market has picked up despite a flaring up of tensions in the Middle East last month after Israel and Iran openly struck each other for the first time.

Water treatment firm Miahona Co. closes institutional order books for its IPO of as much as 555.2 million riyals on Thursday, while Saudi Manpower Solutions Co. announced its listing plans earlier this week.

Just under $697 million has been raised through Saudi IPOs so far this year, with the largest share sale being the $314 million listing of Modern Mills Co. in March. It’s still a large year-on-year increase after the kingdom’s IPOs ground to a halt in the first half of 2023 because of a decline in its stock market.

Financing growth

Fakeeh Care Group was founded in 1978 in Jeddah, and now has 835 beds across four hospitals and five medical centers. It plans to expand to seven hospitals with 1,675 beds and nine medical centers by 2028 to capitalize on the kingdom’s growing population, which is expected to hit about 40 million by 2030. The company plans to use the proceeds from the sale of new shares to finance its growth strategy.

The group reported 2023 revenue of 2.3 billion riyals, up from 1.7 billion riyals in 2020. Its profit for last year was 232 million riyals.

HSBC Holdings Plc is acting as sole financial adviser and joint bookrunner together with anb capital and EFG Hermes. Moelis & Co. is advising the selling shareholders.

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Solar cell maker Premier Energies files for a ₹1,500 crore IPO

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

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Premier Energies Ltd has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), initiating plans to raise funds through an initial public offering (IPO) at the face value of ₹1. The Premier Energies IPO comprises a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 2.82 crore shares.

The offer for sale encompasses shares from various entities, including up to 2.38 crore shares from South Asia Growth Fund II Holding Llc, up to 42 lakh shares from Chiranjeev Singh Saluja, and up to 153,600 shares from South Asia EBT Trust.

The solar cell manufacturer will use the proceeds from the fresh issue primarily towards investments in its arm, Premier Energies Global Environment Pvt Ltd and for general corporate purposes. The subsidiary investment aims to partially finance the establishment of a 4 GW solar photovoltaic TOPCon cell and 4 GW solar PV TOPCon module manufacturing facility in Telangana.

Premier Energies stands as India’s second-largest integrated solar cell and solar module manufacturer, boasting annual installed capacities of 2 GW and 3.36 GW, respectively, as of March end.

The company posted a consolidated loss of ₹13.3 crore for the financial year ended March 2023 against a loss of ₹14.4 crore in the preceding fiscal, as per a Moneycontrol report. The firm turned into black for the nine-month period ended December FY24, with a profit of ₹127.4 crore on revenue of ₹2,017.2 crore, the report added.

Kotak Mahindra Capital Company, JP Morgan India, and ICICI Securities are the book-running lead managers for the issue. The shares will be listed on both the BSE and the National Stock Exchange (NSE).

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Good Glamm Group introduces new agile organisational framework Ahead of IPO

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

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The Good Glamm Group, a leader in South Asia’s direct-to-consumer beauty and personal care industry, on Thursday, unveiled its new Agile Organisational Framework. This announcement comes as the group prepares for its highly anticipated initial public offering (IPO) during Diwali 2025.

The introduction of the new framework is expected to boost the company’s organisational structure and enhance operational efficiency.

The newly introduced framework is designed to maximise customer value (internal and external) and streamline the processes across departments. This involves enhancing cross-departmental responsibilities, faster decision-making by empowering junior managers with budget responsibilities, and simplifying organisational hierarchies to eliminate redundancies, the company said in a press release dated April 18.

“This strategic initiative marks the culmination of the company’s final phase of team integration with a steadfast aim to be a profitable company in FY25,” the company said

In addition to the framework, the company has also launched an Entrepreneur in Residence programme and a GlammSOP programme for accelerated vesting of ESOPs. The GlammSOP program is an initiative designed for its high-performing employees that allows for accelerated vesting of their ESOPs at the IPO.

“The GlammSOP programme will also have an additional target based new ESOP pool being issued to senior management that also vests at the IPO. This initiative aims to provide wealth-building opportunities for employees, recognising their invaluable contributions to the company’s success,” the official release mentioned.

The company has also recently announced several changes in leadership roles to strengthen its management team as it gears up for future growth. These include elevating Manan Jain to Group Chief Operating Officer, Kartik Rao to Group Chief People Officer and SVP of Founder Initiatives, appointment of new Group CFO, Kamal Lath, among other significant role advancements within the group.

Darpan Sanghvi, Group Founder and CEO of Good Glamm Group, commenting on the elevation in top executive levels said, “With the Group on a distinctive growth trajectory and now approaching profitability, we are excited to unveil a systematic approach towards an Agile Organisational Framework that will allow us for faster execution in the run-up to our IPO.”

The content-to-commerce company in tandem with these talent developments, wealth creation and organisational changes, remains dedicated towards streamlining processes, fostering professional growth, and bolstering agility.

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Swiggy offers 20% discount to HNIs in pre-IPO deal, says report

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

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IPO-bound Swiggy is reaching out to high-net-worth individuals (HNIs) to buy its shares at a 20% discount on its current valuation, according to a media report on Wednesday.

Swiggy’s appointed wealth managers are “offering shares at ₹350 a piece and at a valuation of ₹80,000 crore,” said a report on Entrackr.

CNBC-TV18 reached out to Swiggy independently, but the company refused to comment on the story.

Earlier, Invesco, a US-based asset management company (AMC), has pushed up Swiggy’s valuation by 19% to $12.7 billion in the run-up to its planned IPO, regulatory filings showed. The investor had led the food delivery startup’s $700-million round in January 2022 at a valuation of $10.7 billion.

After that, Baron Capital, one of the company’s investors, had pegged Swiggy’s fair value at $12.2 billion as of March 2024, providing a boost to the IPO-bound startup.

The series of mark-ups now push Swiggy’s valuation closer to that of its rival Zomato. Shares of Zomato settled at ₹197.30 apiece on the NSE on Wednesday, April 10. During the intra-day trade, it hit an all-time high price of ₹199.60, just shy of the psychological barrier of ₹200.

Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal company document. For the full fiscal year 2022–23, Swiggy made a loss of ₹41.8 billion ($500 million), according to the document. But the company’s lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023–24.

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Blackstone eyes $300 million IPO of India diamond certification firm, sources say

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

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Blackstone is exploring raising $300 million via an India IPO of the International Gemological Institute (IGI), less than a year after it acquired the company, amid booming stock markets in the region, three people familiar with the matter said.

Blackstone acquired IGI for $570 million in May 2023 from Chinese conglomerate Fosun and the business’s founding Lorie family. IGI has most of its business in India and describes itself as the world’s largest independent lab for testing and grading diamonds and other gemstones and jewelry.

Blackstone has appointed investment banks Morgan Stanley and India’s Kotak to lead the IPO deal, two sources added.

Blackstone had initially been seeking a valuation of about $1.5 billion in the IPO, although in new talks it is looking for as much as $3.5 billion, two sources said. However, the price will be decided in coming months and will depend on investor demand.

Blackstone and Morgan Stanley declined to comment while IGI and Kotak did not answer queries seeking comment.

While founded in Belgium 50 years ago, the majority of IGI’s revenue and profits come from India today, where it has most of its labs and provides diamond screening, sorting and academic courses.

With the IPO, IGI hopes to capitalise on the growth of lab-grown diamonds in India, the second source said. These labs make jewels that look identical to natural diamonds but are less expensive. India’s federal budget last year cut taxes on manufacture of lab diamonds in a bid to boost the sector.

Plans to list IGI are in the early stages and could change, the sources said.

India’s jewelry market was valued at $78 billion in 2021 and is a lucrative one for players like IGI. While most of the jewels made are exported, gold – historically dominant in the country – is slowly giving way to diamonds among some younger consumers.

Generally private equity firms usually look to list companies 5 years or so after investment, and Blackstone is keen to take advantage of India’s hot IPO market which is the busiest in Asia so far this year, two of the sources added.

India has emerged as the second busiest market in the world for equity capital market (ECM) deals after the United States.

Indian companies raised $2.3 billion in the first quarter of 2024 in IPOs, according to LSEG data, up more than 12 times the $166.5 million raised in the same period last year, LSEG data showed.

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Reddit dips day after strong New York Stock Exchange debut

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

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Social media platform Reddit’s shares ticked down 2.6% before the bell on Friday, a day after it notched a 48% gain in its debut on the New York Stock Exchange.

The company’s share sale was closely watched for more clues about investor interest in new share issues following a prolonged freeze in the market. Trading in the stock over the next few weeks could determine the IPO plans of other loss-making tech startups, analysts have said.

Although the company has yet to post an annual profit since its launch in 2005, Reddit still got a warm reception from investors on Thursday and achieved a valuation of $9.52 billion at the end of the trading session.

Popular investor Cathie Wood’s ARK Invest also bought nearly 10,000 shares of the company on Thursday, an email from the asset manager showed.

But users on Reddit’s largest stock trading forums have expressed skepticism about the company, despite it becoming the platform of choice for retail traders during the “meme-stock” frenzy of 2021.

Recent Reddit comment threads about the IPO have focused heavily on the site’s lack of profitability, with some users on the popular “wallstreetbets” forum looking to buy put options – a bearish bet – on the stock.

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Krystal Integrated Services IPO share allotment likely on March 19: Here’s how to check status online

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

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Krystal Integrated Services IPO share allotment status is expected to be finalised on Tuesday, March 19. The company is likely to complete the share allocation process for its initial public offering (IPO) after the end of the subscription period on Monday, March 18.

During the IPO subscription period, which was open from March 14–18, the ₹300-crore public offer attracted significant investor interest as the issue was booked 13.21 times.

Shares of Krystal Integrated Services are expected to be listed on the stock exchanges on March 21.

The Qualified Institutional Buyers’ (QIBs) segment was subscribed 7.3 times while the non-institutional investors’ portion saw the highest demand with total bids for 43.9 times. The retail portion was booked 3.3 times, according to the NSE data.

The IPO comprises a fresh equity issue of 24.4 lakh shares valued at ₹175 crore and an offer for sale of 17.5 lakh shares valued at ₹125.13 crore at the upper price band.

How to check Krystal Integrated Services allotment status

To check the allotment status, IPO participants can visit either the BSE website or the official registrar’s website, Link Intime India Pvt Ltd. You can check the IPO share allotment status by following a few simple steps on the BSE website.

• Visit the IPO section on the official website of BSE at https://www.bseindia.com/investors/appli_check.aspx
• Choose the equity option and select ‘Krystal Integrated Services’ from the drop-down menu.
• Enter either the application number or the PAN.
• Complete the Captcha verification.
• Click on the search button to proceed.

Alternatively, visit the website of Link Intime India Pvt Ltd. The IPO share allotment status can also be checked here using PAN, application number, client ID or bank account details.

It is important to note that the IPO share allocation details will appear on screen only after the finalisation of the allotment status by the company.

After the finalisation of the basis of allotment refunds will be initiated for investors who won’t get any allocation. Shares will be credited to the Demat accounts of successful bidders by March 21.

The funds raised from the IPO will be allocated towards repaying debt, financing the company’s working capital needs, funding capital expenditures, and supporting general corporate objectives, according to the company.

Krystal Integrated Services IPO price band was fixed in the range of ₹680 to ₹715 per share. The retail investors were allowed to bid for a lot size of 50 shares.

The company garnered ₹90.04 crore from institutional investors through an anchor book that was opened for a single day on March 13.

Established in December 2000, Krystal Integrated Services is a prominent player in India’s integrated facilities management services sector. The company caters to various industries, including healthcare, education, airports, railways, metro infrastructure, retail, and public administration, serving state government entities, municipal bodies, and other government offices.

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Ola Electric to unveil Raahi, plans to enter electric autorickshaw market later this month: Report

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

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Homegrown electric two-wheeler manufacturer Ola Electric is likely to expand its portfolio with the launch of an electric autorickshaw named Raahi. According to the media reports, this new vehicle is part of Ola’s broader strategy to enter the commercial vehicle business and will compete with established models like Mahindra Treo, Piaggio Ape e-city and Bajaj RE.

The company has been developing Raahi for several years and plans to unveil it later this month, revealed Economic Times in a report. It further added that the electric autorickshaw market is growing rapidly, with over 5.8 lakh units sold last year, a 66% increase from 2022. Electric three-wheelers now account for more than half of all three-wheeler sales.

Ola Electric is also preparing for its initial public offering (IPO), having filed a draft red herring prospectus in December. The company aims to raise around ₹5,500 crore through a fresh issue, in addition to an offer for the sale of 95.2 million shares by existing investors.

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In the run-up to the IPO, Ola Electric has been strengthening its position in the electric vehicle market. In February, the company extended the battery warranty for all its scooter variants to eight years and announced plans to set up 10,000 fast-charging points by the end of the next quarter. It also intends to sell portable fast chargers to customers and expand its service centre network from 400 to 600 by April.

The company is working on opening its gigafactory, where it will manufacture its battery cells, by the end of this quarter. It plans to allocate ₹1,226 crore from the projected IPO proceeds for the gigafactory.

According to Ola Electric’s founder Bhavish Aggarwal, the company’s grand vision extends beyond electric autorickshaws. The company aims to transform India into a global hub for electric vehicles (EVs) by developing a comprehensive range of EVs, including scooters, motorbikes and cars.

In an interview with CNBC-TV18 last year, Aggarwal outlined a sequence for this vision: first scooters, then motorbikes and finally cars, with the development of the cell platform running in parallel.

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He noted that in early adopter cities like Bengaluru and Pune, EV scooter penetration is already more than 50%. However, Aggarwal also hinted that the launch of Ola’s electric car might be delayed until early 2025 or so.

As of February, Ola Electric held a 41% market share in the electric scooter segment, selling 33,722 units. Its competitors, TVS Motor, Bajaj Auto and Ather Energy, held market shares of 17.7%, 14.2% and 11%, respectively.

In the fiscal year ended March 31, 2023, Ola Electric reported revenue from operations of ₹2,631 crore and a net loss of ₹1,472 crore. For the quarter ended June 30, 2023, the firm posted a net loss of ₹267 crore on operating revenue of ₹1,243 crore. FY23 marked its first full year of sales.

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