Tag: IPO

Newly listed travel platform TBO Tek to focus on expanding hotels business

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

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Online B2B travel distribution platform TBO Tek made a stellar entry on the bourses, listing at ₹1,426 versus the issue price of ₹920.

The New Delhi-based company aims to provide a comprehensive range of services to travel buyers.

In an interview to CNBC-TV18, Ankush Nijhawan, Co-Founder and Joint MD, and Gaurav Bhatnagar, Co-Founder and Joint MD of the company shared their strategy for growth including enhancing of ancillary products, particularly in rail services, sightseeing tours, and Euro rail.

Nijhawan also talked about the plans to strengthen their hotel business, which remains their primary focus.

This is the verbatim transcript of the interview.

Q: Can you help us with some numbers now that you are listed, what is the kind of growth rate that one can assume for the business both on the top line, as well as the expected margins in both FY25 and 26.

Nijhawan: Our intention is to maintain the same rates what we have done in the past. But now as we go forward, let’s see which way we go but definitely we are very positive on what we want to do and our growth rates as well.

Read Here | TBO Tek shares clock 55% gains on debut — what should investors do?

Q: Would you want to put some numbers to it, even if the ballpark that’ll be helpful?

Bhatnagar: Coming out of COVID obviously, it was a small base. If you were to compare our numbers with the last year, pre COVID, FY20, you would see that roughly, since FY20, revenue was a little more than doubled, and EBITDA had grown faster because of operating leverage rather than putting some specific numbers on future forecasts, let me just tell you, the space that we operate in, and what’s your headroom for growth.

TBO is a global platform, we operate in more than 100 countries, 70% of our revenue comes outside of India, and we operate in the global outbound travel space. Now, this space is roughly $2 trillion in size, if you look at total travel spend only on outbound travel globally we will be somewhere between $3 and $4 billion out of that $2 trillion. So there is no dearth of headroom for growth in this business. So while we would not be able to comment on specific growth rates, I believe, is that given the tailwind in the business, given the size of the industry that we operate in, given the fact that we operate in pretty much all the five continents, you would expect to see a bright future ahead.

Q: You are saying your total addressable market is $2 trillion?

Bhatnagar:  We aggregate travel agency demand globally. So whether it’s a travel agent in India, or travel agent in the Middle East, or travel agent in Brazil or Indonesia, when a traveller comes to them, and they want to book an outbound itinerary, so if somebody’s travelling from Brazil to US, or somebody travelling from India to Europe or somebody travelling from the Dubai to Indonesia, our platform serves as a bridge between demand and supply. So that is the space that we operate in.

Now, if you step back and look at how large that space is, 1.5 billion outbound trips happened in 2019. Similar numbers this year. So look at that number right 1.5 billion people travelled globally, and that number grows 6- 7% every year 100 million more trips get added to this pie every year. So that is the space we operate in and then that’s the reason we believe that from where we are the global market share is still very low and huge headroom for growth.

Q: Any other growth avenues or areas of growth apart from the hotels in the airline space that you are looking at in the near future?

Nijhawan: So we will definitely, build on our ancillary products, which is primarily rail, sightseeings, Euro rail, in which I think car rental, for example, because we want to complete our offering to the travel buyers, which helps us to, get more stickiness from them. It also helps us to get more wallet share on that transaction with us. So that’s definitely a plan apart from obviously deepening in building our hotel business as well, which is our prime focus.

For full interview, watch accompanying video

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TBO Tek shares clock 55% gains on debut — what should investors do?

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

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TBO Tek shares recorded 55% gains on its Dalal Street debut, i.e. May 15. The stock opened higher at ₹1,426 on the NSE, which was higher than analysts’ expectations as well as a grey market premium. Analysts had expected it to list with 40-50% gains.

TBO Tek’s grey market premium (GMP) has tumbled to ₹350, or 38% above the issue price of ₹920, from ₹455 on the allotment day.

Prashanth Tapse of Mehta Equities believes the healthy listing is justified as the company holds a strong position in the global travel and tourism industry, which offers a comprehensive platform that creates significant value for both suppliers and buyers.

Tapse had recommended investors to apply for listing gain only. Hence, considering the ongoing market mood and decent post listing performance of Indegene Ltd., the analyst recommended allocated TBO Tek investors to book profits on the listing day.

TBO Tek’s strong fundamentals, innovative technology platform, and financial turnaround positioned it well for a good listing with decent gains, said Shivani Nyati, Head of Wealth at Swastika Investmart.

Nyati recommended investors to hold their position by keeping a stop loss at ₹1290.

Shreyansh Shah of StoxBox also expected a strong listing of the issue. “We expect shares to list at around ₹1,360 per share, compared to the issued price of ₹920 per share, implying an upside of about 48%,” he had said.

TBO Tek’s ₹1,551-crore issue witnessed strong investor response during the third and final day of subscription. Investors had bid for 80.50 crore equity shares as against 80.50 lakh shares on offer.

NIIs bought nearly 50.60 times their allotted quota. QIBs picked up over 125 times the portion reserved for them. Retail investors booked nearly 26 times the portion set aside for them.

The travel distribution platform had raised ₹696.51 crore through the anchor book. Global investors such as Abu Dhabi Investment Authority, Government Pension Fund Global, Neuberger Berman Investment Funds, Nomura Funds, Blackrock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, and Eastspring Investments took part in the anchor book offering.

TBO Tek sold its shares in the range of ₹875-920 apiece for its maiden public offer. The offer included fresh equity of ₹400 crore and an offer for sale (OFS) of up to 1.25 crore shares by promoters and investors.

The capital raised from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions, and general corporate purposes.

TBO Tek offers travel inventory according to the needs of its customers and supports a wide range of currencies along with forex help. The firm enables sellers to show and market their inventory and set prices for buyers.

The New Delhi-based company offers services to hotels, airlines, car rentals, transfers, cruises, insurance and rail companies. It also offers services to retail customers such as travel agencies and independent travel consultants, and corporate customers.

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Go Digit’s ₹ 2,614-crore IPO opens today: Should you subscribe to the issue?

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

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Virat Kohli and Anushka Sharma-backed Go Digit General Insurance’s initial public offering (IPO) opens for bidding on Wednesday, May 15. The company is offering its shares in the range of ₹258-272 apiece, where investors can make bids for a minimum of 55 equity shares and its multiples thereafter. The issue will close for bidding on May 17.

Ahead of its IPO, the company has raised ₹1,176 crore from anchor investors as it finalised allocation of 4.32 crore equity shares at ₹272 per share.

Marquee names including Fidelity Investment Trust, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), East Spring Investments India, Schroder International, SBI Mutual Fund, Axis Mutual Fund, among others participated in the anchor book.

Go Digit IPO review

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Go Digit intends to expand into new geographies within India and grow its product portfolio to meet the market needs and drive further adoption across its product suite.

Along with that, the brokerage said that the company is continuously investing in technology to optimise customer experience and boost operating leverage.

The brokerage has recommended investors to subscribeto this IPO, with a medium to long term perspective, given the huge growth and margin expansion potential.

Anand Rathi: Subscribe

Analysts at Anand Rathi believe the valuation of Go Digit is fairly priced and recommended a ‘Subscribe’ rating to the IPO.

“At the upper end of the price band, the company is valued at P/GWP (Gross Written Premium) of 3.44 times with a market capitalisation of ₹24,948 crore post issue of equity shares,” the brokerage said.

Highbrow Securities

“IPO is strategically timed, with a valuation that reflects its position in a rapidly growing market. This move is poised to not only spur Digit’s own growth but also serve as a benchmark for how innovative approaches and entering the market at the right time can drive progress across the entire sector,” said Tarun Singh, MD at Highbrow Securities.

Go Digit IPO subscription

The IPO got off to sluggish start on the first day of the bidding process. It has been subscribed 0.30 times today. The part reserved for non institutional investors was booked 0.25 times while the retail portion garnered 1.29 times bids. The quota for QIB was yet to received bids.

Go Digit IPO GMP

In the unlisted market, shares of the company are commanding a premium of ₹47.

The grey market is an unofficial platform where shares are traded prior to opening of the subscription until the listing day. This unregulated market allows investors to speculate on the pricing.

Go Digit IPO issue size

The issue comprises a fresh issue of shares worth ₹1,125 crore and an offer for sale (OFS) of 5.47 crore shares.

Canada-based Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma are among the shareholders of the company.

Kohli purchased 2.66 lakh equity shares in Go Digit at ₹75 each, for a total investment of ₹2 crore. Actor Anushka Sharma bought shares for ₹50 lakh, taking the couple’s total investment to ₹2.5 crore.

While promoter Go Digit Infoworks and other existing shareholders are offloading stakes, Virat Kohli and Anushka Sharma will remain investors.

FAL Corporation is owned by Fairfax Financial Holdings, which owns 45.3% of Go Digit’s holding or parent company —Go Digit Info Works Services (GDISPL)— while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96 % and 39.79%, respectively.

Go Digit IPO structure

Go Digit has reserved about 75% of the net issue for the qualified institutional bidders (QIBs), while non-institutional investors will have not more than 15% of shares allocated towards them. Retail investors will get the rest 10% of the shares.

Go Digit IPO objective

The promoters intend to use the net proceeds from the IPO to carry out current business operations and support projects suggested by the net proceeds.

Competition

The company faces competition in the Indian non-life insurance market from both, public and private sector companies in terms of the products offered.

Business overview

Originally planned in 2022, the Bengaluru-based general insurance company had received a go-ahead in March to launch its IPO after series of delays over multiple compliance issues.

Go Digit General Insurance aims to simplify insurance process through innovation and transparency. The company believes in delivering effortless customer experience journey in a significant financial product an individual would purchase.

The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.

They implement combination of insurance and technology solutions to assist in enrolment, insurance claims processing, underwriting, policy administration, data insights, and fraud detection.

Financials

Go Digit Insurance’s net loss widened to ₹295 crore in the financial year 2022, compared to ₹122 in FY21. The company’s total income stood at ₹3,841 crore for FY22. The premium income in FY22 grew 62 percent from FY21.

Go Digit IPO BRLM

Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book-running lead managers to the issue, while Link Intime India is the registrar.

Go Digit IPO listing date

Those who would apply for the IPO may receive allotment of shares on May 21, 2024. Further, the shares of the company is expected to list on the NSE, and the BSE on May 23.

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RBI’s draft norms on project financing to hit credit cost by 7-8 bps: Bank of Baroda

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

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Debadatta Chand, MD & CEO of Bank of Baroda, on Tuesday (May 14) shed light on the impact of the Reserve Bank of India’s (RBI) proposed draft guidelines on financing.

Chand stated that while the draft regulations are in the consultation phase, the bank is anticipating a maximum impact of 7-8 basis points on credit costs.

The RBI’s proposal aims to enforce stricter rules governing lending to projects under implementation. This will necessitate lenders to allocate 5% of the total loan amount as general provisions.

Chand also discussed the status of IndiaFirst IPO, highlighting that its execution hinges on market conditions and valuation attractiveness. He noted that the current market conditions in the insurance sector haven’t aligned with favourable valuations.

Regarding asset quality, Chand expressed optimism, noting a downward trend in both gross non-performing assets (NPAs) and net NPAs over several quarters. Despite a slight increase in provisions due to a particular account, Chand highlighted improvements in slippage ratios compared to the previous year.

Chand also shared insights on the bank’s loan growth trajectory, indicating a robust performance in both retail and corporate segments. With a projected loan growth of 12-14% for the full year, Bank of Baroda aims to sustain its strong momentum in lending activities.

Last week, Bank of Baroda reported a 2.3% rise in net profit for the fourth quarter of FY24.

The bank’s performance surpassed the estimates of analysts, with net profit standing at ₹4,886.5 crore versus the CNBC-TV18 poll projection of ₹4,576.2 crore.

Key highlights of Bank of Baroda’s Q4 FY24 earnings include a loan growth of 13% year-on-year and 4% quarter-on-quarter.

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Go Digit IPO: All about Virat Kohli and Anushka Sharma-backed firm’s issue that opens tomorrow

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

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Bengaluru-based insurtech start-up Go Digit General Insurance’s initial public offer (IPO) will open for subscription on Wednesday (May 15) and close on May 17.

Ahead of the issue opening, shares of Go Digit were trading with a premium of ₹42 in the grey market.

The grey market is an unofficial platform where shares are traded prior to opening of the subscription until the listing day. This unregulated market allows investors to speculate on the pricing.

Go Digit IPO price

The company has fixed a price band of ₹258-272, and investors can bid for a minimum of 55 equity shares in one lot and its multiples thereafter.

The issue comprises a fresh issue of shares worth ₹1,125 crore and an offer for sale (OFS) of 5.47 crore shares.

Canada-based Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma are among the shareholders of the company.

Kohli purchased 2.66 lakh equity shares in Go Digit at ₹75 each, for a total investment of ₹2 crore. Actor Anushka Sharma bought shares for ₹50 lakh, taking the couple’s total investment to ₹2.5 crore.

While promoter Go Digit Infoworks and other existing shareholders are offloading stakes, Virat Kohli and Anushka Sharma will remain investors.

FAL Corporation is owned by Fairfax Financial Holdings, which owns 45.3% of Go Digit’s holding or parent company —Go Digit Info Works Services (GDISPL)— while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96 % and 39.79%, respectively.

Go Digit IPO structure

The company has reserved not more than 75 per cent of the net issue for the qualified institutional bidders (QIBs), while non-institutional investors will have not more than 15 per cent of shares allocated towards them. Retail investors will get the remaining 10 per cent of the shares.

Competition

The company faces competition in the Indian non-life insurance market from both, public and private sector companies in terms of the products offered.

Business overview

Originally planned in 2022, the Bengaluru-based general insurance company had received a go-ahead in March to launch its IPO after series of delays over multiple compliance issues.

Financials

Go Digit Insurance’s net loss widened to ₹295 crore in the financial year 2022, compared to ₹122 in FY21. The company’s total income stood at ₹3,841 crore for FY22. The premium income in FY22 grew 62 percent from FY21.

The Bengaluru-based company provides health, travel, property, marine, liability, and other general insurance. The company has a valuation of over $1 billion. It is one of the first non-life insurers in India to be fully cloud-based and integrates APIs.

Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book-running lead managers to the issue, while Link Intime India is the registrar.

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Officer’s Choice whisky maker Allied Blenders gets Sebi’s nod for ₹1,500-crore IPO

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

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Allied Blenders and Distillers Ltd, the maker of Officer’s Choice Whisky, has received Sebi’s go-ahead to raise ₹1,500 crore through an Initial Public Offering (IPO), an update with the markets regulator showed on Tuesday.

The initial share sale comprises fresh issuance of equity shares worth ₹1,000 crore and an Offer-for-Sale (OFS) of shares to the tune of ₹500 crore by promoters, according to the Draft Red Herring Prospectus (DRHP).

As a part of the OFS, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev and Neesha Kishore Chhabria will sell shares. Allied Blenders and Distillers Ltd, which filed preliminary IPO papers with Sebi in January, obtained its observations on May 10, the update showed.

In Sebi’s parlance, obtaining observations means its go-ahead to float the public issue. As per the draft papers, proceeds from the fresh issue worth ₹720 crore will be used for the payment of debt, besides, a portion will be used for general corporate purposes.

The total debt on the company’s books was around ₹808 crore as of December 2023. With a market share of over 8 per cent in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in Fiscal 2023, Allied Blenders and Distillers had earlier filed draft papers with Sebi in 2022 for ₹2,000 crore IPO.

The company got Sebi’s approval to float the maiden public issue but did not proceed with the launch. Allied Blenders and Distillers is engaged in the manufacturing, marketing and sale of alcoholic beverages in India and abroad.

The product portfolio of the firm comprises several brands of Indian-Made Foreign Liquor (IMFL) across whisky, brandy, rum and vodka.

Some of the major brands of the company include Officer’s Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum and Class 21 Vodka.

In addition, Chhattisgarh-based Vraj Iron and Steel received Sebi’s go-ahead to float the IPO.

The proposed IPO is a fresh issuance of shares worth ₹171 crore with no OFS component. The company filed its draft IPO papers with Sebi in January and received its observations on May 7, the update showed.

The equity shares of both companies are proposed to be listed on the BSE and NSE.

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Go Digit sets IPO price band at ₹258-272 per share; total issue size may be around ₹2,615 crore

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

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Go Digit General Insurance — backed by Canada’s Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma — has fixed the price band in the range of ₹258-272 for its ₹2,615 crore initial public offering (IPO).

Investors can bid for a minimum of 55 equity shares in one lot and its multiples thereafter. The issue is opening for subscription on Wednesday (May 15), and will remain open until Friday (May 17).

The anchor investor bidding will open one day prior to the bid/offer opening date, i.e., May 14, 2024.

Post the IPO opening announcement, shares of Go Digit Insurance are commanding a premium of ₹50 in the unlisted market.

The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the GMP to get an idea of the listing price.

The IPO of Go Digit includes a fresh share sale of ₹1,125 crore and an offer-for-sale (OFS) of up to 5.47 crore equity shares amounting to ₹1,489.65 crore.

Virat and Anushka, who are shareholders of Go Digit, are not selling their shares in the IPO. In 2020, Virat Kohli invested ₹2 crore in the company to buy 2.66 lakh equity shares. Anushka had invested ₹50 lakh in the company.

Promoter Go Digit Infoworks and other existing shareholders are offloading stakes via the public offer.

FAL Corporation is owned by Fairfax Financial Holdings, which owns 45.3% of Go Digit’s holding or parent company —Go Digit Info Works Services (GDISPL)— while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96 % and 39.79%, respectively.

About 75% of the net issue has been reserved for the qualified institutional bidders (QIBs), 15% for non-institutional investors while retail investors will get the remaining 10% of the shares.

The capital raised from the IPO will be utilised to undertake its existing business activities; and general corporate purposes. However, the issue proceeds from the OFS will go to the selling shareholders of the company.

For the nine months ended on December 31, 2024, the company posted a net profit of ₹129 crore and a revenue of ₹131 crore. Go Digit’s bottomline came in at nearly ₹36 crore and topline at ₹39 crore for the financial year ended March 31, 2023, making its first year of profitability.

Originally planned in 2022, the Bengaluru-based general insurance company had received a go-ahead in March to launch its IPO after series of delays over multiple compliance issues.

The Bengaluru-based company provides health, travel, property, marine, liability, and other general insurance. The company has a valuation of over $1 billion. It is one of the first non-life insurers in India to be fully cloud-based and integrates APIs.

Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book-running lead managers to the issue, while Link Intime India is the registrar.

Shares of the company shall be listed at both BSE and NSE, with Thursday May 23 as the tentative date of listing.

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SEBI increases scrutiny on disclosure of KPIs by startups planning IPOs: Exclusive

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

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Market regulator SEBI is tightening the noose on the disclosures made by IPO-bound startups in their DRHP filings, several sources with direct knowledge shared with CNBC-TV18.

FirstCry had to re-file its DRHP as the market regulator asked for more KPI (Key Performance Indicator) disclosures which had been shared with its investors while raising private funding over the last three years. 

A source on condition of anonymity said, “It’s not just FirstCry, SEBI has tightened scrutiny on all IPO filings. The impact is more on the new age space where the investor concentration is very high and SEBI wants them to disclose much more information than what are considered KPIs by the companies.”

Uncertainty in identifying the accurate KPIs and what are the important metrics of performance has caused concern amongst the startups and their investors. 

How much to share?

Industry experts share with CNBC-TV18 that all the information given to the investors in private rounds need not be relevant for investors for an IPO. 

“Aggregate metrics are shared in the DRHP while the PE/VC are given granular details. The private investors are sophisticated investors but the same is unlikely to apply for a public listing,” an investment banker shared.

Another industry expert shared, “The regulator had stated that KPIs shared with investors over the last three years should be disclosed in DRHP but the KPI was at the discretion of the issuer according to industry standards, this aspect has changed considerably due to the recent events.” 

Competitive Edge

Many companies are also worried that not all information shared with investors are key metrics but are useful information which cannot be shared publicly. 

An industry expert said, “Companies will lose their competitive and strategic edge if all the data is disclosed. A retailer will not want to reveal its per-store performance data with a competitor but may share that with an investor for several reasons.” 

Investor Sentiment 

Sources also point out that this issue is creating friction between the startups and their investors as the flow of information is getting restricted due to the current concern. 

Startups planning for an IPO in the near term have become cautious and have reduced the information shared with the investors. 

A global investor in several startups in India shared on condition of anonymity, that the matter of identifying KPIs has created “massive confusion.” Source pointed out that, globally, these are standardised and suggested to “take a leaf out of that playbook.”

Experts suggest that this may hinder investment flow into the startup space, if not addressed immediately.

Complex IPO Process

The confusion on identifying KPIs is challenging according to several industry sources which include PE/VC investors, i-bankers, lawyers and startups. Companies can opt to leave out some performance indicators by giving a reason for the same, a source pointed out. Another source said, “If the market regulator has sector experts as dealing officers the process can be eased to resolve the confusion across different sectors of the tech-driven space.”

While the industry is looking for a solution and standardisation of a clear framework with regard to KPI disclosures, many believe that in the meantime the return of startup IPOs will be delayed and the process of receiving a SEBI clearance will get complex.

Queries directed to SEBI and First Cry yielded no response.

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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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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

Virat Kohli-backed Go Digit IPO to open on May 15, close on May 17

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

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Go Digit General Insurance is set to go public on May 15. The public issue will close on May 17. Further, the anchor investor bidding will be open one day prior to the bid/offer opening date, i.e., May 14, 2024, the company said in an exchange filing.

The Go Digit IPO consists a fresh issue of shares worth ₹1,125 crore, and an offer-for-sale (OFS) component of up to 5.47 crore equity shares.

Canada-based Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma are among the shareholders of the company.

While promoter Go Digit Infoworks and other existing shareholders are offloading stakes, Virat Kohli and Anushka Sharma will remain investors.

FAL Corporation is owned by Fairfax Financial Holdings, which owns 45.3% of Go Digit’s holding or parent company —Go Digit Info Works Services (GDISPL)— while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96 % and 39.79%, respectively.

Originally planned in 2022, the Bengaluru-based general insurance company had received a go-ahead in March to launch its IPO after series of delays over multiple compliance issues.

Go Digit Insurance’s net loss widened to ₹295 crore in the financial year 2022, compared to ₹122 in FY21. The company’s total income stood at ₹3,841 crore for FY22. The premium income in FY22 grew 62 percent from FY21.

The Bengaluru-based company provides health, travel, property, marine, liability, and other general insurance. The company has a valuation of over $1 billion. It is one of the first non-life insurers in India to be fully cloud-based and integrates APIs.

Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book-running lead managers to the issue, while Link Intime India is the registrar.

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