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Digit’s IPO Allotment Deferred Till May 21
Inc42
·
1y ago
Medial
The IPO allotment for insurtech unicorn Go Digit General Insurance's public offering has been delayed by a day and is now scheduled to open on May 21. The Mumbai elections have caused the closure of the BSE and NSE stock exchanges on May 20, necessitating the delay. The IPO closed on May 17 with a strong oversubscription of 9.6 times. The company aims to raise INR 2,614.6 Cr through the public offer, with shares expected to be listed on the stock exchanges on May 23.
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Belrise Industries Mobilises Rs 645 Crore From Anchor Investors
OutlookIndia
·
3m ago
Medial
Belrise Industries, an automotive components manufacturer, raised Rs 645 crore from anchor investors ahead of its Rs 2,150 crore IPO, which opens for public subscription on May 21 and ends on May 23. The IPO is solely a fresh equity issue, and proceeds will be used mainly to pay off debt. The company has 17 manufacturing facilities in India and markets its products both domestically and internationally, with revenues increasing by 13.7% in 2024.
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MobiKwik refiles IPO papers, cuts issue size from ₹1,900 crore to ₹700 crore
Inshorts
·
1y ago
Medial
Fintech unicorn MobiKwik has refiled draft papers with the SEBI to raise ₹700 crore through the issue of new shares in an IPO. It is also aiming to raise ₹140 crore in pre-IPO placement, which will reduce the fresh issue size, if successful. MobiKwik initially filed papers to raise ₹1,900 crore in 2021, but deferred plans after market conditions worsened.
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IRDA imposes Rs 1 Cr fine on Go Digit Insurance
Entrackr
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 1 crore on IPO-bound Go Digit General Insurance for inordinate delay in the filing the particulars of the joint venture agreement related to the change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued by its parent company to FAL Corporation. In November, the regulator had issued a show cause notice to the firm in the matter. About 63,00,000 CCPS were issued by Go Digit’s parent company—Go Digit Info Works Services Pvt. Ltd. (GDISPL)— to Fairfax Group-owned FAL Corporation. During the time of the joint venture agreement in 2017, it was agreed upon that the conversion ratio was “1 CCPS for 2.324 equity shares”, which was changed by the company to “2.324 CCPS for 1 equity share.” Instead of 63,00,000 CCPS, a total of 78,00,000 were issued by GDISPL, the regulator noted in the order date of May 2, 2024. The company’s response further admits that “the specific non-submission of JV agreement to the authority was purely inadvertent and unintentional.” Digit Insurance has been facing issues from the regulator ever since it filed its DRHP in August 2022. Initially, SEBI did not provide the approval and sought additional information while it also returned Digit’s prospectus over employee stock plans. In April 2023, the company refiled its draft IPO papers. In November, the firm received show cause notice and multiple advisories from IRDAI for non-disclosure of change in the conversion ratio of compulsorily convertible preference shares (CCPS). However, Digit managed to get SEBI’s approval to raise funds through IPO in March this year. Digit is among a bunch of companies which had also faced friction from the regulators in the past. Last month, FirstCry had to refile its draft IPO papers after SEBI’s concern. Earlier, fintech firm MobiKwik and travel tech company TBO also refiled their draft papers with reduced IPO sizes.
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Urban Company swings to ₹242.6 cr profit in 9M FY25
Inshorts
·
4m ago
Medial
Home and beauty services unicorn Urban Company reported a consolidated profit after tax (PAT) of ₹242.6 crore for the nine months ended December 31, 2024 (9M FY25) on account of a deferred tax gain of ₹215.5 crore. The IPO-bound e-commerce startup had posted a loss of ₹57.8 crore in the year-ago period.
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SaaS provider Capillary Technologies revives IPO plan
Economic Times
·
9m ago
Medial
Capillary Technologies, a Bengaluru-based customer engagement and loyalty software services provider, is reportedly reviving plans for an initial public offering (IPO). The company has sought proposals from investment banks and aims to file draft papers in 2025. Capillary Technologies had deferred its previous IPO attempt in 2021. The IPO is expected to be larger this time, with the company having grown significantly since then. Capillary Technologies manages loyalty programs for big companies such as Tata Group and Aditya Birla Group, and has made strategic acquisitions to expand its geographic reach and business segments.
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China EV maker Zeekr shares climb 35% after expanded US IPO
Livemint
·
1y ago
Medial
Shares of Zeekr Intelligent Technology Holding Ltd., a high-end electric car brand under Zhejiang Geely Holding Group Co., rose 35% after a successful initial public offering (IPO) in the US. Zeekr raised $441 million from the sale of 21 million American depositary shares (ADS) priced at $21 each. The IPO is the largest by a China-based company in the US since Didi Global Inc.'s IPO three years ago. Zeekr's offering reflects a rebound in the US IPO market, with approximately $17 billion raised in listings on US exchanges in 2023.
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Falling energy costs, rising demand augur well for aluminium companies
Money Control
·
1y ago
Medial
Jefferies brokerage firm has maintained a buy rating on Hindalco stock with a revised target price of Rs 610 due to capex issues at its subsidiary Novelis. Hindalco shares closed flat on February 21 as investors awaited details of Novelis' plan for an IPO. While the IPO is seen as a positive development, analysts remain uncertain about the benefits for Hindalco shareholders. The aluminium industry is expected to see a recovery in demand driven by the global push towards renewable energy. However, the potential increase in supply may keep a lid on aluminium prices.
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Goa nightclub Tito's mulls at least 10% equity sale before IPO
VCCircle
·
7m ago
Medial
Tito's Resorts and Hospitalities in Goa plans to sell a minimum 10% stake at a $115.6 million valuation before considering an IPO. While not immediate, the IPO could be valued at 10 billion rupees for SMEs. The SME public issues have surged recently, with over 159 SMEs raising 57 billion rupees till mid-October. Tito's is engaging potential stakeholders and aims to diversify into real estate and software services, and possibly casinos in Thailand and Goa.
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Solarium Green Energy's DRHP for IPO approved by BSE
Inshorts
·
8m ago
Medial
Solar solutions provider Solarium Green Energy has received approval from the Bombay Stock Exchange (BSE) for its DRHP. The company filed the papers for IPO in September and intends to issue 55 lakh equity shares, each with a face value of ₹10. Founded in 2018 by Ankit Garg, Solarium is bootstrapped and hasn't raised any equity funding till now.
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IIM Ahmedabad employee fooled in Rs 50 lakh bogus SME IPO pitch via WhatsApp trading scam
Economic Times
·
2m ago
Medial
A manager at IIM Ahmedabad was scammed out of nearly Rs 50 lakh through an online trading fraud. He was lured into a phony IPO scheme after joining a WhatsApp group for stock tips. The scam involved fake stock profits and a false IPO allotment letter, leading him to deposit large sums via an app. The victim's in-app account was blocked and his phone number blacklisted, prompting a police investigation.
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