Tag: IPO

PNB Met Life files IPO papers; looks to raise up to Rs 1500 crore

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

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PNB MetLife has kick-started its initial public offering (IPO) process by filing requisite papers with the Insurance Regulatory and Development Authority (IRDA).

The insurance company co-owned by Punjab National Bank and MetLife is looking to raise between Rs 1,000 crore and Rs 1,500 crore, sources told CNBC-TV18.

The company is seeking a valuation of up to Rs 12,000 crore and is looking to sell 10% stake via this IPO.

Sources further said that MetLife is likely to stay away from this IPO.

PNB owns 30% stake in the company while Met Life owns 26%. Jammu and Kashimr Bank owns 5% in PNB MetLife.

Other major stakeholders in the company are: Elpro International, at 12.7%, M Pallonji (18%).

Sources further said that PNB MetLife has appointed Bank of America Merrill Lynch, Citibank and Kotak Mahindra Capital as bankers for IPO.

The company said, “We continue to evaluate  undertaking an IPO, but it will be subject to market conditions.”

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

Lodha Group looks to raise Rs 5,000 crore via IPO

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

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After a long hiatus of 9 years, the Lodha Group, India’s largest real estate company by way of sales, has mustered the courage to re-enter the capital markets.

The group has filed for an initial public offering (IPO). The company is looking to raise around Rs 5000 crore via the offering, which will consist of a fresh issue and an offer for sale.

The group, which has been aiming for a listing in calendar year 2018, had filed a Draft Red Herring Prospectus (DHRP) way back in 2009 to raise Rs 2,800 crore, but shelved those plans due to weak market conditions.

The need for funds is urgent, as the group is sitting on huge debt pile of over Rs 16,500 crore.

In the last two years, the group’s main focus has been to reduce debt and scale up its growth potential. Currently, the company has a saleable under-construction area of 37 million sq ft​.

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

China’s Xiaomi promises to cap hardware income margin ahead of IPO

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

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Chinese smartphone and smart device maker Xiaomi will cap income from its hardware business at 5 percent of after-tax profits starting 2018, as it looks to position itself as an internet services provider ahead of a highly anticipated IPO.

Xiaomi – which makes dozens of internet-connected products including scooters, water purifiers and televisions – said in a statement on Wednesday that any profits from hardware exceeding the 5 percent quota will be distributed among users, without giving specific details.

The promise comes as the company is looking to market its internet services business to investors ahead of an IPO that could potentially value the smartphone maker at $100 billion.

It has also expanded heavily into foreign markets, including India, where it is now the top smartphone vendor, according to research firm Canalys.

“We have always viewed our hardware as the gateway to providing our users with Internet services,” said founder and Chief Executive Lei Jun.

Xiaomi has enlisted CLSA, Morgan Stanley and Goldman Sachs as joint sponsors for its proposed listing, sources with direct knowledge of the matter have said.

The company says its revenue between January and October 2017 was 100 billion yuan ($15.84 billion). Its non-hardware revenue streams are linked to its user interface, “MIUI”, and include entertainment subscriptions and financial services.

The five percent cap only applies to the company’s consumer hardware products, it said.

Xiaomi has also invested in making its own chipsets and microprocessors, which will not fall under the cap.

Xiaomi rose rapidly to become the world’s largest startup in 2014 by selling its smartphones with thin margins, cutting costs by using online retail channels and doing minimal marketing.

After a slump in sales in 2016, the company has since undergone a strategic shift, opening hundreds of offline stores to sell its growing collection of smart devices and reclaiming a large part of its previous market share.

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

Cryptocurrency miner Canaan eyes IPO; bets on China’s push for chip industry

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

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Canaan Creative, one of the world’s top cryptocurrency mining equipment makers, said it was considering an initial public offering and expected China’s push to promote the domestic chip industry to help drive growth for the company.

Hangzhou-based Canaan has seen a surge in demand for its mining machines amid a boom in cryptocurrencies, with bitcoin spiking more than 1,300% in 2017. The price of the digital currency has, however, halved so far in 2018.

Canaan shrugged off the recent volatility stemming from growing scrutiny of the sector, betting lower prices would bring in more demand. The company says it supplies around a quarter of the global bitcoin blockchain computing power.

Canaan is considering an IPO in Hong Kong or the United States, co-chairman Jianping Kong said in an interview.

“We … prefer listing outside mainland China as we are in a global business,” Kong said, without giving details on when or how much it expects to raise.

The company had in 2016 tried to list on the mainland through a 3.06 billion yuan ($485 million) back-door listing, but cancelled the plan after a regulatory deadlock. It also scrapped another plan to list on the New Third Board in China, Kong confirmed on Friday.

Kong said the decision was not driven by China’s regulatory crackdown on bitcoin, but because listing in the country takes too long, adding Canaan may consider a secondary mainland listing by issuing depository receipts.

“As an integrated circuit company, we are supported by government policies,” he said.

China’s semiconductor push 

China has introduced tax breaks for chipmakers producing in the country in a bid to cut dependence on foreign manufacturers as trade tensions with the United States soar.

This bodes well for makers of high-end chips used in cryptocurrency mining as China is also home to one of the world’s largest centres for such mining —where people solve complex mathematical puzzles with computers in order to be awarded virtual coins.

While cryptocurrency trading has come under scrutiny in China amid worries of financial risks, an underground ecosystem of peer-to-peer platforms has sprung up to allow bitcoin trading to thrive.

Canaan’s clients include individuals in China and companies outside the country, with many of its machines ending up in electricity-rich areas that have formed large bitcoin mines, such as Xinjiang, Inner Mongolia, Sichuan and Yunnan.

N G Zhang, the company’s 35-year-old founder and CEO, said Canaan employs around 200 in Beijing and Hangzhou, mostly in chip research and development, and is hiring more.

Canaan, which sells “Avalon” mining machines with customised super-fast ASIC chips, made revenue of more than 1 billion yuan in 2017.

Its main competitors include US-based Bitfury and Beijing-based Bitmain, which makes the “AntMiner”.

Canaan is now looking to add more products to its portfolio, such as home appliances with blockchain computing power and AI functions like “coin-mining TVs” that mine cryptocurrencies “while you sleep”, Kong said.

Canaan is developing its own AI chips and planning to launch equipment to mine other cryptocurrencies such as litecoin.

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

Midhani IPO opens today; government aims to raise Rs 438 crore

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

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State-owned steel company Mishra Dhatu Nigam or Midhani opens its initial public offering (IPO) for subscription today. The government aims to raise Rs 438 crore from this IPO.

In an interview to CNBC-TV18, Dinesh Lekhi, CMD of MIDHANI spoke about the issue and gave his outlook for the future.

Lekhi said that the IPO proceeds will go to the Government of India.

Talking about business, he said the topline growth should be more than 10 percent going ahead because we are setting up two new facilities at Rohtak and Nellore.

He further said that we expect defence and space sectors to grow at a fast rate which will aid our growth.

According to him, Rohtak facility should come on stream by end of FY19.

On expansion plan, he said we will fund expansion via internal accruals and may have to take some debt.

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

Lemon Tree IPO to hit the street, issue size about Rs 1,038 crore, says company

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

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Lemon Tree Hotels is gearing up to open its initial public offering of 18,54,79,400 equity shares for subscription on March 26.

Out of that, the bidding for the anchor investors’ portion will be opening on March 23.

Bids can be made for a minimum lot of 265 equity shares on March 23 and for the remaining on March 26.

The company has decided on a price band at Rs 54-56 per share.

“The size is about Rs 1,038 crore … so we are selling about 18.5 crore shares which is about 23% of the company’s stock”, said Patanjali Keswani, CMD of Lemon Tree Hotels.

The entire issue consists of offer for sale by Maplewood Investment, RJ Corp, Ravi Kant Jaipuria and Sons (HUF), Whispering Resorts, Swift Builders, Five Star Hospitality Investment Limited, Palms International Investments Limited, Satish Chander Kohli and Raj Pal Gandhi.

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

Govt looking to dilute 10% through HAL IPO issue

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

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The Hindustan Aeronautics Limited (HAL) IPO issue opened on Friday with the government looking to dilute 10% through the issue, the firm told CNBC-TV18.

The Hindustan Aeronautics Limited has 20 production units and 11 research and development centres. The state-owned firm is also building a new facility with a Rs 5,000 crore investment in Bengaluru.

The new facility will be for manufacturing light combat helicopters and enhancing light combat helicopter capacity for 16 years, raising the capacity from the earlier 8-year capacity.

The firm said that defence orders take up a major share of its order book, approximately 92%. Civil orders, however, form 8%.

The firm believes that civil businesses are going to be a major area of operations in coming years. The current order book stands at Rs 68,000 crore. The firm is expecting a 10% operating profit margin, 20% EBITDA margin from the order book.

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