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JM Financial responds to RBI's action: 'IPO financing business in M9FY24 forms 1.5% of net total income'

Money Control

Money Control · 1y ago

JM Financial responds to RBI's action: 'IPO financing business in M9FY24 forms 1.5% of net total income'

JM Financial saw a 10.4% drop in its stock price following the Reserve Bank of India (RBI) imposing restrictions on the company. The RBI found that JM Financial had engaged in various manipulative practices, including providing loans to a group of customers to bid for initial public offerings (IPOs) using borrowed funds. The company clarified that the impact of the RBI order on its finances is not expected to be significant. JM Financial has assured its cooperation with the RBI's special audit initiative and stated that it has not violated any regulations. The RBI is also examining potential regulatory violations by the banks involved.

Related News

Exclusive: Markets regulator has been investigating IPO financiers for over a year, say sources

Money Control

Money Control · 1y ago

Exclusive: Markets regulator has been investigating IPO financiers for over a year, say sources

The Securities and Exchange Board of India (SEBI) has been investigating lenders, including JM Financial, involved in IPO financing for over a year. SEBI suspects that many non-banking financial companies (NBFCs) are bypassing the Reserve Bank of India's funding limit for a single customer. The scrutiny follows increased subscriptions in IPOs, particularly from high net-worth individuals leveraging borrowed funds for quick gains. SEBI and the RBI have issued circulars to prevent misuse of client funds, pledging of securities, and to set limits for loans issued for IPO financing.

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

Inc42 · 1y ago

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

IPO-bound logistics company BlackBuck reported a net loss of INR 194 crore in FY24, down 33% from the previous fiscal year. However, its total revenue increased 62% to INR 316.5 crore, including other income. BlackBuck is planning an IPO, with a fresh issue of shares worth INR 550 crore.

Fee income boosts bank profits as treasury, margins feel the pinch

Economic Times

Economic Times · 12d ago

Fee income boosts bank profits as treasury, margins feel the pinch

Domestic banks are increasingly relying on fee income as a major profit source due to pressures on net interest margins and treasury income. Both State Bank of India and HDFC Bank reported significant fee income growth over 25% in recent quarters. This shift towards fee income is influenced by RBI's interest rate cuts, which squeezed traditional lending margins. Key fee income sources include loan products and credit cards, particularly benefiting banks with strong retail bases.

IPO-Bound Meritto's FY25 Profits Surges 50X To INR 2 Cr

Inc42 · 1m ago

IPO-Bound Meritto's FY25 Profits Surges 50X To INR 2 Cr

Meritto, formerly NoPaperForms, reported a net profit of INR 1.9 Cr for FY25, marking a 50-fold increase from INR 4 Lakh in FY24, driven by a revenue increase of 31% to INR 92.3 Cr. Backed by Info Edge Ventures, this was Meritto's first profitable year, and the company is planning a INR 600 Cr IPO soon. Including an additional income of INR 3.5 Cr, Meritto’s total income rose 30% to INR 95.8 Cr.

IPO-Bound SEDEMAC’s FY25 Profit Jumps 8X To INR 47 Cr

Inc42 · 4d ago

IPO-Bound SEDEMAC’s FY25 Profit Jumps 8X To INR 47 Cr

SEDEMAC Mechatronics, a deeptech startup preparing for an IPO, reported an eightfold increase in its consolidated net profit, reaching INR 47 crore in FY25, up from INR 5.9 crore in the previous fiscal year. Their operating revenue rose by 24% to INR 658.3 crore, compared to INR 530.6 crore in FY24. Additionally, total income, including INR 4.2 crore from other sources, amounted to INR 662.5 crore, while total expenditure grew by nearly 13% to INR 594.8 crore.

Logistics startup Shadowfax converts to public entity in run-up to IPO

Economic Times

Economic Times · 7m ago

Logistics startup Shadowfax converts to public entity in run-up to IPO

Flipkart-backed logistics startup Shadowfax has converted to a public entity, a significant step toward its planned IPO. The company aims to file for the IPO in the next few months and has appointed ICICI Securities, JM Financial, and Morgan Stanley as bankers. Shadowfax plans to issue new equity shares and offers for sale by existing shareholders. Recently, Shadowfax achieved Ebitda profitability and saw a revenue increase, while cutting its net loss significantly.

Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen

Entrackr

Entrackr · 14d ago

Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen

Home and sleep solutions brand Wakefit recorded nearly 30% year-on-year growth during the fiscal year ending March 2025. However, its net losses doubled in the same period even as it gears up for its IPO. Wakefit’s revenue from operations rose to Rs 1,274 crore in FY25 from Rs 986 crore in FY24, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand offering sleep and home solutions, including mattresses, pillows, furniture, and home improvement products. These are sold through its website, offline stores, and third-party marketplaces. Revenue from product sales forms the company’s sole source of operating income. The firm also earned Rs 31 crore from interest on deposits and profit from the sale of investments, taking its total income to Rs 1,305 crore in FY25, up from Rs 1,017 crore in FY24. The cost of materials consumed accounted for 43% of total expenses, which increased to Rs 573 crore in FY25. Employee benefit expenses grew 23% to Rs 166 crore, while legal, advertising, IT, postage, and other overheads pushed total expenditure up 29.8% to Rs 1,340 crore. The increase in advertising, postage, and employee costs widened Wakefit’s net loss to Rs 35 crore, against Rs 15 crore in FY24. Despite this, the company remained EBITDA positive at Rs 59.5 crore during the year. Its ROCE and EBITDA margin stood at 4.67% and -5%, respectively. By the end of FY25, Wakefit’s total current assets were valued at Rs 537 crore, while it spent Rs 1.05 to earn a rupee of operating revenue. Last month, the company received SEBI approval for its IPO, which includes a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Founders Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to partially offload their holdings through the public issue.

RoC penalises Herox, two executives for lapses

Livemint

Livemint · 1y ago

RoC penalises Herox, two executives for lapses

The Registrar of Companies (RoC) has fined Herox Pvt. Ltd, the holding company for Hero Vired, and two directors for not reporting beneficial ownership details on time. The RoC imposed a penalty of ₹6 lakh ($8,090) on the company for not filing the necessary e-form, and ₹1.5 lakh ($2,022) each on the two directors, Suman Kant Munjal and Akshay Munjal. While the beneficial owners had provided the declarations, the company failed to file the forms with the authorities. The RoC is taking action to improve governance and transparency in companies.

Curefoods files IPO papers, to raise Rs 800 crore via fresh issue - The Economic Times

Economic Times

Economic Times · 4m ago

Curefoods files IPO papers, to raise Rs 800 crore via fresh issue - The Economic Times

Curefoods, a Bengaluru-based cloud kitchen operator, has filed for an IPO to raise Rs 800 crore through a fresh issue and an offer for sale of 48.5 million shares. The company operates over 500 kitchens in 40 cities with brands like CakeZone and Nomad Pizza. Curefoods reported Rs 585 crore in revenue with a Rs 173 crore net loss in FY24 and aims for Ebitda breakeven by FY25. JM Financial, IIFL, and Nuvama are managing the IPO.

Lender Oxyzo’s revenue rises 34% to Rs 1,207 crore in FY25; net profit up 17%

Economic Times

Economic Times · 5m ago

Lender Oxyzo’s revenue rises 34% to Rs 1,207 crore in FY25; net profit up 17%

Oxyzo Financial Services, associated with OfBusiness, reported a 33.6% increase in operating revenue, reaching Rs 1,207 crore for the fiscal year 2025, mainly due to a 32% rise in interest income. Net profit grew by 16.7% to Rs 339.1 crore. The company, majorly owned by OfBusiness, provides credit facilities to its customers. Despite the revenue growth, total expenses rose by 46%. OfBusiness plans an IPO, potentially raising $750 million to $1 billion.

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