Tag: Star Health

IPO rush continues; 10 cos line up public issues worth Rs 10,000 cr in Dec, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi, Dec 1 : The IPO lane will continue to be busy in December as 10 companies have lined up initial share-sale plans worth more than Rs 10,000 crore, merchant banking sources said on Wednesday. Moreover, the initial public offerings of Star Health and Allied Insurance and Tega Industries are currently open for public subscription.

This comes after 10 firms successfully concluded their initial public offerings (IPOs) in November.

Among the companies that scheduled their IPOs in this month include RateGain Travel Technologies, travel and hospitality technology services provider, and Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi.

RateGain’s Rs 1,335-crore initial share-sale will open for public subscription during December 7-9, and the Rs 660-crore IPO of Anand Rathi Wealth will open on December 2.

In addition, the companies that have firmed up their IPO plans are — Global Health Ltd, which operates and manages hospitals under the Medanta brand, pharmacy retail chain MedPlus Health Services and Healthium Medtech, merchant banking sources said.

Apart from these, Metro Brands, Shriram Properties, AGS Transact Technologies, Shri Bajrang Power and Ispat and VLCC Health Care may also float their public issues in the period under review, they added.

Investment bankers said these companies will raise more than Rs 10,000 crore collectively.

The companies are raising funds to support business expansion plans, to retire debt and for general corporate purposes.

Some of the IPOs are an offer for sale (OFS), where private equity players or the promoter wants to cash out part of their holding.

Prateek Singh, founder and CEO of LearnApp.com, attributed the impressive pipeline to the bull run in the equity markets.

“The best time for any company to go for an IPO is during the Bull market, which is also the reason why many companies are going for a public listing at this time. Companies look to tap into the sentiment from the public markets at such opportune times and are highly successful,” he said.

Further, initial share-sales are receiving tremendous applications from the investors and IPOs have been subscribing multifold times.This has pushed companies to raise funds through IPO.

He further said the trend will continue and more tech companies will try to go public in the immediate future until the market calms down and moves downward.

“So, if the markets fall in the future, the IPOs will also reduce,” he added.

So far in 2021, as many as 51 companies have launched their IPOs to raise over Rs 1 lakh crore, according to analysis of data with exchanges.

Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped-up Rs 7,735 crore through its IPO and Brookfield India Real Estate Trust raised Rs 3,800 crore via its initial share-sale.

The fundraising so far this year is way higher than the Rs 26,611 crore collected by 15 companies through initial share-sales in the entire 2020.

Such impressive fundraising through IPOs was last seen in 2017 when firms mobilised Rs 67,147 crore through 36 initial share-sales.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Star Health raises Rs 3,217 cr from anchor investors ahead of IPO, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi, Star Health and Allied Insurance Company on Monday said it has raised a little over Rs 3,217 crore from anchor investors ahead of its IPO on Tuesday. The company has decided to allocate a total of 3,57,45,901 equity shares to 62 anchor investors at Rs 900 apiece, aggregating to Rs 3,217.13 crore, according to a circular uploaded on BSE website.

Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors.

In addition, SBI Life Insurance Company, HDFC Life Insurance Company and Edelweiss Mutual Fund have been allocated shares.

The initial public offering (IPO) comprises fresh issue of equity shares worth Rs 2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders.

Those offering shares through the offer for sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust— and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The public offer includes a reservation of shares worth Rs 100 crore for employees.

The issue, with a price band of Rs 870-900 a share will open for public subscription between November 30 and December 2.

At the upper end of the price band, the initial share-sale is expected to fetch Rs 7,249.18 crore.

Proceeds from the fresh issue would be used to augment the company’s capital base.

About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Investors can bid for a minimum of 16 equity shares and in multiples thereof.

Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.

At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are the few insurance companies which are listed on the stock exchanges.

Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the merchant bankers to the issue.

The equity shares of the company will be listed on the BSE and NSE.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

D-Street to raise record Rs 31,000 crore from deluge of IPOs in 2 weeks, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


MUMBAI: The Indian capital market is set to witness one of the busiest fortnights in its history as six companies have lined up to together raise about Rs 31,400 crore by November 10.

The six issues include the one from tech-enabled payments major One 97 Communications, operating under the Paytm brand, which aims to raise Rs 18,300 crore.

Paytm has priced its IPO shares in the Rs 2,080-2,150 band per share, indicating the company seeks a valuation of about $20 billion. This will make the Paytm IPO the largest ever in the country’s history.

Till date the biggest IPO in India was the Rs 15,500-crore offer by Coal India in October-November 2010.

According to market sources, this could have two major implications for Dalal Street and the economy. First, there are fears among traders that the deluge of IPOs could force several investors to offload part of their portfolio and divert that money to invest in these offers, especially for listing gains. Second, the inflows from foreign funds, estimated to be about 40-50% of the total offer, could mean Rs 12,000-15,000 crore of forex inflows. This, in turn, could help appreciate the rupee.

On Thursday, despite a sharp sell-off in the stock market, the domestic currency closed 11 paise stronger at Rs 74.92 to a dollar. Usually, the day the stock market slides sharply, the rupee also weakens against major currencies like the US dollar, euro, pound sterling and the Japanese yen. Thursday’s strength in the domestic currency came despite a Rs 3,819-crore net selling by foreign funds, BSE data showed. According to a note by the forex advisory firm IFA Global, the strength of the rupee was “because foreign banks sold US dollars for overseas investments into Indian companies raising funds through initial public offerings”.

According to data collated from Sebi, merchant bankers and various brokerages, FSN E-Commerce Ventures, the company that operates under the Nykaa brand name, is raising Rs 5,350 crore while PB Fintech (under Policybazaar brand name) is raising Rs 5,200 crore, Fino Payments Bank Rs 1,200 crore, SJS Enterprises Rs 800 crore and Sigachi Industries Rs 125 crore.

In addition to the big ticket listings, three more high profile IPOs are also lined up after these got the Sebi green signal in the last few weeks. Adani Wilmar is eyeing Rs 4,500 crore, One MobiKwik is expected to raise Rs 1,900 crore and the offer size for Star Health is expected to be in excess of Rs 3,000 crore, market sources said. These offers could open anytime now, merchant bankers said.

The government is also planning to list life insurance behemoth LIC before the end of the fiscal year through its IPO. This offer is expected to garner anything between Rs 70,000 crore and Rs 1 lakh crore, merchant bankers said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,