Ratnaveer IPO To Open Tomorrow

Posted By: Vishal Maurya Posted On: Sep 03, 2023

Ratnaveer IPO: The initial public offering (IPO) of engineering company Ratnaveer Precision Engineering Limited is going to open for subscription tomorrow, September 4. It will close on September 6. The price band for the Rs 165.03-crore IPO has been fixed at Rs 93 to Rs 98 per equity share.

Ratnaveer IPO raised nearly Rs 49.5 crore from anchor investors on Friday, September 1. Societe Generale, Saint Capital Fund, Sixteenth Street Asian Gems Fund, Coeus Global Opportunities Fund, and Leading Light Fund VCC - The Triumph Fund were among the domestic and foreign investors who took part in the anchor book issue.

Ratnaveer IPO: Subscription, Allotment, Listing Dates

The Ratnaveer IPO will remain open for public subscription between September 4 and September 6 this year. The share allotment will take place on September 11. Those not getting the IPO allotment will get a refund on September 12. The cut-off time for UPI mandate confirmation is 5 pm on September 6.

The listing of Ratnaveer IPO is likely to take place on September 14.

Ratnaveer IPO: Price, Lot Size

The price band for Ratnaveer Precision IPO has been fixed at Rs 93-Rs 98 per share. Investors need to buy at least a lot, comprising 150 shares, to participate in the IPO. The total issue size is 1,68,40,000 shares, consisting of a fresh issue of 1,38,00,000 shares and an offer-for-sale (OFS) of 30,40,000 shares.

Ratnaveer IPO: Quota

Retail investors will be able to participate in the 35 per cent of the offer. A total of 50 per cent will be reserved for QIB investors, while the remaining 15 per cent quota will be for non-institutional investors (NIIs).

Ratnaveer IPO: Latest GMP Today

According to market observers, Ratnaveer Precision Engineering Limited is currently trading Rs 48 higher in the grey market. The Rs 48 grey market premium or GMP is about 48.98 per cent higher than its upper issue price of Rs 98 per share. This means the grey market is expecting 48.98 per cent listing gain from the public issue.

‘Grey market premium' indicates investors' readiness to pay more than the issue price.

About Ratnaveer Precision Engineering Limited

Ratnaveer Precision Engineering Limited was incorporated in 2002. The company manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes.

Ratnaveer manufactures stainless steel-based products for automotive, solar power, wind energy, power plants, oil & gas, pharmaceuticals, sanitary & plumbing, instrumentation, electromechanics, architecture, building & construction, electrical appliances, transportation, kitchen appliances, chimney liners, and other industries.

Source: News18
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Emcure plans to launch $400-500 million IPO in 2024

Posted By: Jaydatt Chaudhary Posted On: Sep 25, 2023
Emcure plans to money from initial public offering (IPO) in 2024 (Bloomberg)

Emcure Pharmaceuticals is planning to raise $400-500 million from initial public offering (IPO) in 2024, news agency Reuters quoted two sources on Monday. The development revives the listing plans for the pharmaceutical company which it shelved in 2022 as Russia's invasion of Ukraine disrupted global markets. The company has hired investment banks JP Morgan, Jefferies and Kotak for the IPO and the sources said that it is targeting a valuation of about $3 billion.

The report said that Bain Capital, which owns 13% in the company is planning to sell its stake.

Other IPO News: Kody Technolab IPO allotment finalised: Latest GMP, here's how to check allotment status

The Emcure Pharmaceuticals IPO comes as the pharmaceutical market in India is projected to expand from its current valuation of $50 billion to a substantial $130 billion by the year 2030, with a surge in business transactions within the industry.

The pharmaceutical industry is currently experiencing a significant surge in merger and acquisition activity, marked by historically high company valuations. Torrent Pharma, a pharmaceutical manufacturer, is currently engaged in negotiations to purchase its larger competitor, Cipla, in a potential deal worth approximately $7 billion, which would make it the largest pharmaceutical deal ever in the country.

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Rising demand for pharmaceuticals

Emcure is one of the firms aiming to seize the opportunity presented by the rising demand for pharmaceuticals in the world's most populous nation and the increasing health consciousness among its inhabitants.

Also read: Bain Capital sells 2.82% stake in L&T Finance for ₹910 crore

The company planned its listing in 2022 and wanted to raise around $672 million. Emcure received the regulatory approval for the planned IPO but the Russia's invasion of Ukraine increased the volatility in the stock market and the company decided to shelve the plans.

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Source: Live Mint
Related Posts: EMCURE,IPO,BAIN CAPITAL,TORRENT PHARM,PHARMACEUTICAL DEAL,EMCURE PHARMACEUTICALS,RUSSIA UKRAINE,JP MORGAN,JEFFERIES,KOTAK

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Instacart founder Apoorva Mehta exits board with $1

Posted By: Ramesh Sharma Posted On: Sep 21, 2023
Instacart founder exits board with $1.2 billion fortune (Getty Images via AFP)

Instacart co-founder, Apoorva Mehta, separated from the start-up after generating a whopping $1.1 billion of fortune from its IPO launch, reported Bloomberg.

However, Apoorva Mehta will continue to be the largest shareholder in the company. He had stepped down as the CEO of the firm in August 2021.Later, he took over his board position as executive chairman as part of the IPO proceedings. Now, he has handed over all the responsibility of his post to currenc CEO Fidji Simo, who is a former Meta Platforms executive.

The company was founded in 2012. Since then, the startup has trassnformed from a Webvan clone to the largest grocery-delivery business in the US Revenue.

Source: Live Mint
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RR Kabel Shares List At A 14% Premium Over Its IPO Price

Posted By: Preeti Dabar Posted On: Sep 20, 2023

RR Kabel Listing on BSE, NSE: Shares of RR Kabel began trading at Rs 1,180, which is a 14 per cent premium to its IPO price of Rs 1,035. The wires and cables company became the first T+2 listing in the Indian primary markets as the shares began trading three days after their IPO closed for subscription.

The company has become the first IPO firm to complete its listing under the T+2 timeline. Under this norm, an IPO firm needs to complete its listing process within three working days from the closure of the IPO.

The Rs 1,964.01 crore worth RR Kabel IPO opened for public subscription on September 13 and closed on September 15. The IPO comprised a fresh issue size of Rs 180 crore and an offer for sale (OFS) segment of up to 1.72 crore equity shares.

The IPO received a decent response from investors with the overall subscription at 18.69 times. All the categories were fully subscribed, led by institutional investors (52.26x). The retail part was the least subscribed at 2.13x.

RR Kabel is India's fastest-growing consumer electric company over FY21-FY23 and the fifth largest in the wires and cable space with a branded value market share of 7 per cent at FY23-end.

Its revenue, EBITDA and PAT grew at a CAGR of 31 per cent, 16 per cent and 16 per cent respectively over FY20-23. Analysts estimate the same to grow at a CAGR of 16 per cent, 33 per cent and 36 per cent, respectively, over FY23-26.

The company proposes to utilise the net proceeds towards the funding of repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions estimated to be Rs 170 crore.

What Should Investors Do Now?

Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd., said: “RR Kabel Limited, a well-established wire and cable manufacturer with a strong brand and quality products, made its stock market debut today. It listed at ₹1180 per share, 14 per cent higher than its IPO price of Rs 1035, becoming the first IPO to list under the T+3 cycle. Despite the high valuation and the fact that most of the issue was an offer for sale, the IPO was well-received by investors, with a subscription of 18.69 times. The stock witnessed a decent listing today. Now our suggestion to investors is to exit the position after booking listing gain, however, those who want to hold it should maintain a stop loss at 1065."

Praveen Sahay – Research Analyst, Prabhudas Lilladher Pvt Ltd., said: “We initiate coverage on RR Kabel with a ‘BUY' rating and TP of Rs1407 valuing at 35x FY25 earnings. We believe RR Kabel is a play on several opportunities in the W&C segment given 1) a strong brand with a diverse product portfolio 2) well-structured capacity expansion plans, 3) an increasing dealers /distribution network, and 4) a distribution-led export business. Although the company has grown its FMEG portfolio inorganically, yet it expects to minimize losses in coming years by transitioning towards premium markets. In FMEG, too, the company has enhanced its brand presence, positioning, and manufacturing capabilities to minimize losses. We estimate Revenue/EBITDA/PAT CAGR of 20.7%/38.8%/44.3% over FY23-26 led by 1) improving business mix 2) operating leverage & cost optimization 3) investments in brand building and 4) increasing distribution reach. Initiate ‘BUY'."

Source: News18
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Samhi Hotels IPO Day 3

Posted By: Ajay Rawat Posted On: Sep 18, 2023

Samhi Hotels IPO: The initial public offering (IPO) of Samhi Hotels, which opened for public subscription on September 14, was subscribed 5.33 times on the last day of bidding on Monday. The Rs 1,370-crore initial share sale received bids for 33,30,05,911 shares against 6,25,29,831 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 8.82 times subscription while the quota for non-institutional investors got 1.22 times subscription.

The category for retail individual investors was subscribed 1.11 times.

Samhi Hotels IPO GMP

According to market observers, the grey market premium of Samhi Hotels currently stands at Rs 3. It means the grey market is expecting just Rs 3 listing gain. The Rs 3 GMP is 2.38 per cent higher that its issue price of Rs 129 per share. Importantly, GMP of unlisted shares keeps changing based on the sentiments in the market.

‘Grey market premium' indicates investors' readiness to pay more than the issue price.

About Samhi Hotels IPO

The IPO had a fresh issue of up to Rs 1,200 crore and offer for sale of up to 13,500,000 equity shares.

Price range for the offer was at Rs 119-126 a share.

Gurugram-based Samhi Hotels earlier said it mopped up Rs 616.54 crore from anchor investors.

In a pre-IPO placement, external investor Blue Chandra had sold 10.32 million shares, or 8.4 per cent of its stake, to renowned investor Madhusudan Kela's wife Madhuri Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings, for a total consideration of Rs 130 crore.

Samhi acquires and builds primary hotels and thereafter renovates, rebrands and rerates the property and runs it.

JM Financial and Kotak Mahindra Capital Company were the managers to the offer.

Source: News18
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RR Kabel IPO Closes Today

Posted By: Pawan George Posted On: Sep 15, 2023

RR Kabel IPO Day 3: The initial public offering (IPO) of wires and cables manufacturer RR Kabel Ltd will close today, Friday (September 15) — the last day of bidding. The RR Kabel IPO was subscribed 63 per cent on the second day of bidding on Thursday, receiving bids for 83,85,846 shares against 1,33,17,737 shares on offer.

On Thursday, the non-institutional investor quota was subscribed 83 per cent, while the category for retail individual investors (RIIs) got 46 per cent subscription and qualified institutional buyers (QIBs) 78 per cent. The IPO was subscribed 25 per cent on the first day of bidding on Wednesday.

The RR Kabel IPO opened for public subscription on Wednesday, September 13. It will close today, September 15. The price range for the RR Kabel IPO is Rs 983-1,035 per share. At the upper end of the price band, the issue will fetch up to Rs 1,964 crore.

On Tuesday, TPG-backed RR Kabel Ltd said it has mobilised Rs 585.62 crore from anchor investors.

RR Kabel IPO GMP

According to market observers, RR Kabel is currently trading Rs 118 higher in the grey market. The Rs 118 grey market premium or GMP is about 11.4 per cent higher than its upper issue price of Rs 1,035 per share. This means the grey market is expecting a 11.4 per cent listing gain from the public issue.

‘Grey market premium' indicates investors' readiness to pay more than the issue price.

About RR Kabel IPO

The IPO has a fresh issue of up to Rs 180 crore and an offer for sale of up to 1,72,36,808 equity shares.

The IPO allotment will take place on September 21. It will be listed on BSE and NSE on September 26.

The company runs five manufacturing units - one each cable and wire units in Waghodia in Gujarat and in Silvassa in the Union Territory of Dadra and Nagar Haveli, and a commercial lightings plant in Bengaluru and one each fast moving electrical goods (FMEG) units in Roorkee in Uttarakhand and Gagret in Himachal Pradesh. As much as 88 per cent of its revenue comes from cables and wires.

The company proposes to utilise Rs 136 crore of the net proceeds from the fresh issue to pare down debt.

RR Kabel, a part of the RR Global Group, had a net profit of Rs 214 crore on a revenue of Rs 4,386 crore in FY22.

Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India) and JM Financial are the managers to the offer.

Giving ‘Subscribe' recommendation, brokerage LKP Securities in a note said, “RR Kabel is well-positioned to capture a significant share of growth due to their existing market share, their brand recognition, diversified product portfolio, ability to innovate, scale of operations, sizeable and certified manufacturing facilities and infrastructure, quality and safety of their products and the reach of their distribution network."

Source: News18
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RR Kabel IPO Day 2

Posted By: Tarun Kumar Posted On: Sep 14, 2023

RR Kabel IPO: The initial public offering (IPO) of wires and cables manufacturer RR Kabel Ltd, which opened for public subscription on Wednesday, September 14, was subscribed 25 per cent on the first day of bidding. The RR Kabel IPO received bids for 32,78,072 shares against 1,33,17,737 shares on offer, according to NSE data.

The price range for the RR Kabel IPO is Rs 983-1,035 per share. At the upper end of the price band, the issue will fetch up to Rs 1,964 crore. On Tuesday, TPG-backed RR Kabel Ltd said it has mobilised Rs 585.62 crore from anchor investors.

The category for Retail Individual Investors (RIIs) was subscribed 36 per cent and the portion for non-institutional investors received 29 per cent subscription.

RR Kabel IPO GMP

According to market observers, RR Kabel is currently trading Rs 146 higher in the grey market. The Rs 146 grey market premium or GMP is about 14.11 per cent higher than its upper issue price of Rs 1,035 per share. This means the grey market is expecting a 14.11 per cent listing gain from the public issue.

‘Grey market premium' indicates investors' readiness to pay more than the issue price.

About RR Kabel IPO

The IPO has a fresh issue of up to Rs 180 crore and an offer for sale of up to 1,72,36,808 equity shares.

The IPO allotment will take place on September 21. It will be listed on BSE and NSE on September 26.

The company runs five manufacturing units - one each cable and wire units in Waghodia in Gujarat and in Silvassa in the Union Territory of Dadra and Nagar Haveli, and a commercial lightings plant in Bengaluru and one each fast moving electrical goods (FMEG) units in Roorkee in Uttarakhand and Gagret in Himachal Pradesh. As much as 88 per cent of its revenue comes from cables and wires.

The company proposes to utilise Rs 136 crore of the net proceeds from the fresh issue to pare down debt.

RR Kabel, a part of the RR Global Group, had a net profit of Rs 214 crore on a revenue of Rs 4,386 crore in FY22.

Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India) and JM Financial are the managers to the offer.

Giving ‘Subscribe' recommendation, brokerage LKP Securities in a note said, “RR Kabel is well-positioned to capture a significant share of growth due to their existing market share, their brand recognition, diversified product portfolio, ability to innovate, scale of operations, sizeable and certified manufacturing facilities and infrastructure, quality and safety of their products and the reach of their distribution network."

Source: News18
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Ratnaveer Precision Engineering Lists At 31% Premium Over IPO Price

Posted By: Ajay Rawat Posted On: Sep 11, 2023

Ratnaveer IPO Lists On BSE, NSE: Ratnaveer Precision Engineering shares made a strong debut at Dalal Street on Monday as the ferrous products player was listed at the price of Rs 128 on BSE, a premium of 31 per cent over its issue price of Rs 98. Similarly, the stock was listed at a premium of 26 per cent at Rs 123.20 on the NSE. Ratnaveer became the first Indian entity to make a T+3 Dalal Street debut.

The company has become the first debutant of the Indian bourses to get T+3 listing. The issue had received a super solid response from all the categories of investors during the three-day bidding process.

A few weeks ago, capital markets regulator SEBI had suggested ‘T+3′ settle for the IPO bound companies, signaling the listing on the third day from the close of the issue. However, the new norm is voluntary from September 1 and will be mandatory from December 1, 2023 onwards. Ratnaveer Precision Engineering is set to become the first Indian company to follow T+3 listing norms.

The issue of Ratnaveer Engineering Precision was open for bidding between September 4-6. The company raised more than Rs 165 crore from its primary offering, which included a sale of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore.

The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof. The IPO of Ratnaveer Precision Engineering was overall subscribed a stellar 93.99 times.

The portion for qualified institutional bidders was booked a whopping 133.05 times, while the non-institutional investors' category was subscribed an astounding 135.21 times. Retail investors were nowhere behind in bidding as their quota was subscribed 54 times.

Ratnaveer Precision Engineering, which was incorporated in 2002, manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Ratnaveer Precision Engineering has four manufacturing units located at Vadodara and Ahmedabad, Gujarat.

Source: News18
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EMS IPO Opens Today

Posted By: Tarun Kumar Posted On: Sep 08, 2023

EMS IPO: The initial public offering of water and sewerage infra player EMS Ltd has been opened for public subscription on September 8 and will be closed on September 12 this year. The company raised Rs 96.37 crore from anchor investors on Thursday, September 7. The price band for the Rs 321-crore IPO has been fixed at Rs 200-Rs 211 per share.

The allotment of shares will take place on September 15.

EMS IPO: Latest GMP Today

According to market observers, unlisted shares of EMS Ltd are currently trading Rs 120 higher in the grey market. The Rs 120 grey market premium or GMP is about 56.87 per cent higher than its upper issue price of Rs 211 per share. This means the grey market is expecting 56.87 per cent listing gain from the public issue.

‘Grey market premium' indicates investors' readiness to pay more than the issue price.

About EMS IPO

The water and sewerage infra player has decided to allocate 45.67 lakh equity shares to six entities at Rs 211 apiece, which is also the upper end of the price band.

Abakkus Diversified Alpha Fund, Saint Capital Fund, Meru Investment Fund, Bofa Securities Europe, Morgan Stanley Asia Singapore Pte and NAV Capital VCC- NAV Capital Emerging Star Fund are among the anchor investors.

The IPO comprises fresh issue of equity shares worth Rs 146.24 crore and an Offer For Sale (OFS) of 82.94 lakh shares by promoter and founder Ramveer Singh. Currently, Singh holds 97.81 per cent stake in the company.

In the pre-IPO placement round, the firm had raised Rs 33.76 crore leading to a reduction in fresh issue size to Rs 146.24 crore from Rs 180 crore planned earlier.

At the upper price band, the company's IPO size is Rs 321 crore.

The proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes.

Khambatta Securities is the sole book-running lead manager to the issue and shares of the company will be listed on the BSE and the NSE.

The company offers water and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan.

EMS IPO: Should You Subscribe?

Brokerage firm Anand Rathi said the issue is reasonably priced. It has given ‘Subscribe' rating to the IPO. “At the upper price band company is valuing at P/E (price-earnings) of 10.7 times FY23 earnings with a market cap of Rs 11,717 million post issue of equity shares and return on net worth of 22.31 per cent," the brokerage said.

Another brokerage Stoxbox also assigned a ‘Subscribe' rating to the issue. It said, “EMS has successfully completed 67 projects as on July 31, 2023, and gradually intends to expand its business operations to other regions of the country, especially North-East and South India. Almost all of the company's projects are World Bank-funded through local state government bodies. This is the main reason for their robust cash flows/timely payments, and no bad debts, which helps them to take on more projects with the help of internal accruals only. As a result, there is savings in the finance cost which helps to improve the profit margin."

On the upper price band, the issue is valued at a P/E of 9.1 times based on FY2023 earnings, which we feel is fairly valued compared to its peers, it said.

Source: News18
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