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<ul><li>This will be the eighth IPO to hit the market this year— and fifth this month. </li><li>Angel Broking has raised ₹180 crore from 12 anchor investors, including Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee among others to name a few. </li><li>The<a href="https://www.ipowatch.in/2020/08/angel-broking-ipo-gmp-grey-market-premium-kostak-rates.html"> grey market premium currently</a> suggests an upside of ₹40-45 over the issue price band.</li><li>Here’s what other brokerages have to say on Angel Broking’s IPO. </li></ul>India’s fourth-largest stockbroking firm Angel Broking’s ₹600 crore IPO will open for subscription from today (September 22). It will be the eighth IPO to hit the market this year— and fifth this month. Ahead of the IPO, Angel broking has raised ₹180 crore from 12 anchor investors, including Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee, Max Life Insurance company, ICICI Prudential, HDFC Mutual Fund, and Sundaram MF. Angel Broking has set an issue price band of ₹305-306 per equity share, and it is already gaining attraction in the grey market. The<a href="https://www.ipowatch.in/2020/08/angel-broking-ipo-gmp-grey-market-premium-kostak-rates.html"> grey market premium currently</a> suggests an upside of ₹40-45 over the issue price band. The grey market premium of all the upcoming IPOs took a massive hit yesterday after a <a href="https://economictimes.indiatimes.com/markets/stocks/news/sensexs-811-point-fall-hits-grey-market-premiums-of-three-ipos/articleshow/78236923.cms">blood bath in the market led to an 800 points crash</a> in Sensex. Brokerages on Angel Broking <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">View on Angel Broking IPO </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct Research </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anand Rathi Research team </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KR Choksey </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> KR Choksey IPO research report maintained a ‘subscribe’ recommendation and said, “Angel Broking manages ₹132.5 billion of AUM for an overall client base of 2.15 million as of June 2020. It was placed at 4th rank in market share amongst leading players in the industry with the consistent growth in a number of NSE active clients which were at 0.77 million as on June 20. According to CRISIL Research, equity broking revenue has witnessed 10.5% growth during FY15-20. We expect more participation in the equity markets given the excess liquidity in the market and lower interest rates on bank’s term deposits” Risk factors to consider before hitting ‘subscribe’ for <keyword id="9958673" type="UNKNOWN" weightage="20" keywordseo="angel-broking-ipo">Angel Broking IPO</keyword> The ICICI Direct and HDFC Securities report highlighted some key risk factors to consider before one should decide to click on ‘subscribe’. As of June, 30 Angel Broking garnered 72.2% of the total income from broking business and according to HDFC Securities, “any reduction in its brokerage fee could have a material adverse effect on the business.” It also said that “general economic and market conditions in India and globally could have a material adverse effect on the business, financial condition, cash flows, results of operations and prospects.” The ICICI Direct report said the company might face concentration risks. “As of June 30, Angel Broking had 21.5 lakh operational broking accounts of which 8.1 lakh clients had traded on the exchanges in the preceding 12 months. Top 20% of its active clients (1.6 lakh clients) accounted for over 91.3% of the company’s brokerage income.” Which, according to the research firm, poses a threat to “company’s business, results of operation, financial condition and cash flows.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/chemcon-speciality-chemicals-318-crore-ipo-heres-what-works-and-what-doesnt/articleshow/78231465.cms" data-type="tilCustomLink">Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't</a> <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms" data-type="tilCustomLink">INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria</a>

Angel Broking ₹600 crore IPO opens today: Here’s what works for it and what doesn’t

<ul><li>The IPO price band was set at ₹305-306 per equity share and the stock listed at ₹275.</li><li> Within minutes after listing, the shares of <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> gained nearly 5% of their value and were trading at ₹287.85 apiece.</li><li>The company’s total market cap rose to ₹2,339.45 crore at 10:05 am.</li><li>Here’s why it failed to impress investors. </li></ul>It was a lacklustre debut for the ₹600 crore IPO of India’s fourth-largest stockbroking firm Angel Broking on the bourses today. The stock listed at ₹275, which is at a 10% discount to the IPO price band set at ₹305-306 per share. Within minutes after listing, the shares of Angel Broking gained nearly 5% of their value and were trading at ₹287.85 apiece at 10:05 am. <div type="image" title="Angel Broking (2)" msid="78486377" hostid="261"></div> The company’s total market cap rose to ₹2,339.45 crore at 10:05 am. A total traded quantity of 2.36 lakh shares changed hands on BSE, amounting to a turnover of ₹7.27 crore. Ahead of the IPO, Angel broking also raised ₹180 crore from 12 anchor investors that included Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee, Max Life Insurance company, ICICI Prudential, HDFC Mutual Fund, and Sundaram MF, among others. Why did it fail to garner investors' interest? The investor pessimism already reflected in the grey market premium ahead of the listing, it was trading much lower than its IPO peers. Most of the brokerage reports highlighted various vital factors that may impact its business in the near future. As of June, 30 Angel Broking garnered 72.2% of the total income from broking business, and according to HDFC Securities, "any reduction in its brokerage fee could have a material adverse effect on the business." With SEBI tightening rules here and there, brokerages remain cautious about Angel Broking's business. Tough competition The company also faces fierce competition from its other brokerages’ firms like — Zerodha and Share Khan, among others. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-hero-motocorp-vedanta-solar-industries-iti-and-others/articleshow/78484703.cms" data-type="tilCustomLink">Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mazagon-dock-shipbuilders-ipo-share-allotment-status/articleshow/78474515.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders IPO allotment: Here’s how to check share allotment status</a>

Weak debut for Angel Broking — shares list at 10% discount from the IPO price

<ul><li>The UPI method of applying for REIT IPOs is not yet allowed by India’s market regulators.</li><li>There are three types of IPOs that you could apply for – equity, bonds, and REITs.</li><li>Mohit Mehra, business analyst at Zerodha breaks it down for us. Mehra added that REIT units are different from equity shares in terms of the underlying structure.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>As the ₹3,800 crore <keyword id="10024217" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT-IPO">Brookfield REIT IPO</keyword> opened, users turned to stockbroking apps like Zerodha, Groww, Angel Broking and others, only to not find the IPO listed in the apps. While users worried whether this was another downtime faced by the apps, the answer is actually quite simple. <div type="twitter" handle="SalmanRooney" handlename="Salman" image="http://pbs.twimg.com/profile_images/1350093731110633473/tp0IRD_Q_normal.jpg" favoritecount="0" retweetcount="0" status="Brookfield IPO not available on Zerodha ??@zerodhaonline" createdat="1612411997000" id="1357180399798001665"></div><div type="twitter" handle="AbhishekZao" handlename="Abhishek Zao" image="http://pbs.twimg.com/profile_images/1278619437306753024/j5q-lM4__normal.jpg" favoritecount="1" retweetcount="0" status="@ipo_mantra Sir Brookfield ipo not showing in Zerodha" createdat="1612413652000" id="1357187343636000768"></div> The UPI method of applying for REIT IPOs is not yet allowed by India’s market regulators. There are three types of IPOs that you could apply for – equity, bonds, and REITs. For REIT issues, the UPI method is not yet live, for bonds it was taken live on January 1st, where brokers still have to build systems to take it live on their apps. <div type="image" title="image (41)" msid="80686519" hostid="261"></div> Mohit Mehra, business analyst at Zerodha breaks it down for us. “In the first REIT issue - Embassy, the minimum application size was for ₹2.40 lakh compared to the minimum application size of ₹55,000 for Brookfield. Although the limit for UPI IPO applications is ₹2 lakh, the system is not yet live by the exchanges. So, brokerages can’t offer it via UPI. SEBI may soon issue directions to take REIT IPOs live on UPI as it did for bonds,” he said. Mehra added that REIT units are different from equity shares in terms of the underlying structure. “Investors should check the suitability of financial products in their overall portfolio before investing in them,” he said. Here’s how you can apply for Brookfield REIT IPO You can apply for REIT IPOs using your net banking. Per directives, every IPO bid should be backed by ASBA or Application Supported by Blocked Amount which allows the bank to block funds in the applicant's account for the application's value till the time the shares are allocated. Most of the Syndicate Banks provide access to apply in Brookfield REIT IPO via the ASBA process. You must have your net banking access, DP ID information to apply for Brookfield REIT IPO via ASBA. Banks like Axis, SBI allow you to apply maximum 5 applications from one bank account. However, ICICI, HDFC bank has a limit of one IPO ASBA application per account. <div type="image" title="image (42)" msid="80686533" hostid="261"></div> Here's a detailed guide on <keyword id="10704869" type="UNKNOWN" weightage="20" keywordseo="how-to-apply-for-Brookfield-REIT-IPO">how to apply for Brookfield REIT IPO</keyword> through ASBA: <ul><li>Sign in to the net banking of your registered bank portal.</li><li>Under the menu button, click on "Request".</li><li>You will now be directed to a new page to apply for the IPO.</li><li>Select the IPO you wish to apply.</li><li>Enter the required details such as bid quantity and applicant information.</li><li>Click submit after confirming the details.</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps

<ul><li>The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened on a choppy note on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid negative cues from global markets. The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Chem </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr></tbody></table>*as of October 27, 10:00 am These are the top stocks in news today. <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> up over 8% The shares of Kotak Mahindra Bank were trading 8% higher. Double boost coming in for this banking stock on back of brokerage upgrades post the second quarter earnings. Also, the announcement of MSCI sectoral cap changes bodes well and could mean an inclusion in the index. NTPC trades 3% higher The shares of National Thermal Power Corporation (NTPC) gained over 3% ahead of the board meeting on November 2 to consider the share buyback plan. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> zooms over 12% The shares of the recently listed broker, Angel Broking zoomed over 12% after the company posted the highest ever quarterly profit-after-tax at ₹74 crore for the quarter ended September 30. The company in its regulatory filing said its total income grew 29% to ₹317 crore for the quarter under review. <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> locked in 5% lower circuit The shares of DHFL were locked in a 5% lower circuit in minutes after opening on Tuesday. The downturn came after lenders of debt-ridden DHFL have asked the four bidders to get back with a revised offer by October 31 as part of the on-going resolution process. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. Reliance Industries and <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> trade in red The shares of Reliance Industries and Future Retail were trading in red as the tussle between Amazon, and Future Retail continued for the Reliance Retail deal. Reliance Industries (<keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword>) was trading 0.55% lower, and Future Retail was down 3%. The media <a href="https://www.indiatoday.in/business/story/future-group-liquidiation-reliance-deal-amazon-singapore-arbitrator-1735423-2020-10-27">reports </a>also claimed that if the RIL deal does not materialise, Future Retail may look at liquidation. <keyword id="112668" type="COMPANY" weightage="20" keywordseo="Finolex-Industries">Finolex Industries</keyword> open 6% higher The shares of the manufacturer of PVC water pipes, Finolex Industries gained over 6% after the company reported a 17% year-on-year (YoY) jump in net profit to ₹120 crore in September quarter. Cadila Healthcare trade a percent higher The shares of drugmaker Cadila Healthcare were trading nearly a percent higher after a media <a href="https://www.bloomberg.com/news/articles/2020-10-26/covid-vaccine-developer-in-india-plans-to-boost-capacity-by-70">report claimed</a> that the Indian drugmaker is in talks with potential partners to ramp up its indigenous COVID-19 vaccine development and production capacity. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms" data-type="tilCustomLink"> EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/business/news/bezos-vs-ambani-battle-eight-questions-regarding-amazons-disclosures-of-future-deal-will-be-in-the-spotlight/articleshow/78883583.cms" data-type="tilCustomLink">Bezos vs Ambani battle: Eight questions regarding Amazon's disclosures of Future deal will be in the spotlight</a> <a href="https://www.businessinsider.in/education/news/how-to-register-for-neet-counselling-2020-online/articleshow/78884869.cms" data-type="tilCustomLink">NEET counselling 2020 registrations begin today: Here’s all you need to know</a>

Top stock movers — Kotak Mahindra Bank, Future Retail, RIL, Angel Broking, DHFL, Finolex Industries, and others

<ul class="summary-list"><li>Jason Oppenheim, who runs The Oppenheim Group, said the rival brokerage Compass is "unfixable."</li><li>He said that Compass allowing brokers to keep too much of their commissions is "unsustainable."</li></ul>The superstar real-estate broker Jason Oppenheim railed against an embattled rival firm, Compass, saying the company "destroyed the brokerage model for the entire industry" and faces a "grim reality." "There's no fixing Compass," Oppenheim, best known from the Netflix reality show "Selling Sunset," <a href="https://www.inman.com/2022/11/28/jason-oppenheim-theres-no-fixing-compass-its-unfixable/amp/">told the real-estate news outlet Inman.</a>Oppenheim <a href="https://www.businessinsider.com/selling-sunset-jason-oppenheim-la-broker-daily-schedule-2022-6">closed over $429 million in sales last year</a> as the head of his own brokerage, The Oppenheim Group, a Los Angeles-based firm that his great-great-grandfather founded in 1889. Oppenheim's critique centers on "splits," the slice that a brokerage takes from an agent's commission each time they buy or sell a house on a client's behalf. Brokerages use that money for everything from shared office space to marketing resources. Splits can range from 50-50 all the way up to 90-10, with agents keeping 90% of a commission — which is usually 3% of a home's sale price — and giving their firm 10%. Oppenheim said the splits at Compass are unsustainably generous, in the ballpark of 90-10, generating too little revenue for the brokerage to function profitably.<a href="https://ecf.cand.uscourts.gov/cgi-bin/show_multidocs.pl?caseid=396425&amp;arr_de_seq_nums=7&amp;magic_num=&amp;pdf_header=&amp;hdr=&amp;pdf_toggle_possible=1&amp;caseid=396425&amp;zipit=&amp;magic_num=&amp;arr_de_seq_nums=7&amp;got_warning=&amp;create_roa=&amp;create_appendix=&amp;bates_format=&amp;dkt=&amp;got_receipt=1">Former Compass agents confirmed in a lawsuit they were offered 90-10 splits,</a> and <a href="https://www.wsj.com/articles/compasss-free-spending-ways-capsize-real-estate-business-11556024400">The Wall Street Journal reported that some offer letters allowed brokers to keep 100% of their commissions on the first eight deals.</a>"If you have a broken business model, it doesn't matter how many agents you have. It's irrelevant. If you are making televisions for $100 a piece, and you're selling them for $99 a piece, it doesn't matter that you're making more televisions, it doesn't fix your business model," Oppenheimer told Inman. Compass, meanwhile, told Insider it doesn't anticipate changing its split policies. "We are planning our cost structure to be profitable in 2023, even with a 25 percent decline in the market, with no change in our split policy. The market responded very favorably and multiple Wall Street analysts project Compass will be profitable without any change to split policies," a Compass spokesperson said in an emailed statement to Insider. In a call with Insider, Oppenheim broke down what he considers a more "sustainable and successful" split. "The most successful agents at 80-20, and the newer agents at 60-40. Then most of the agents will be at 70-30," he told Insider. He declined to share the range of splits for his agents at The Oppenheim Group. Oppenheim also believes that Compass has dragged down the rest of the industry. "There are other brokerages out there offering 90-10 and 85-15 splits because they had to in order to compete with Compass," Oppenheim told Insider. <h2>Compass is on a mission to cut costs by $320 million after a shaky year </h2>Compass was founded in 2012 by Robert Reffkin, who <a href="https://www.businessinsider.com/robert-reffkin-compass-ceo-ipo-real-estate-brokerage-goldman-sachs-2021-3">had never worked in real estate before</a>, and two other entrepreneurs, Ori Allon and Avi Dorfman. The firm rose to become the top brokerage in the US in sales volume, <a href="https://www.realtrends.com/500-by-volume-2022/">selling $251 billion in real estate in 2021</a>. But after interest rates went up earlier this year, the real-estate market slowed down dramatically, leaving many agents — and by extention, their brokerages — earning fewer commissions.Compass, which went public in April 2021, has never turned a profit. <a href="https://www.fool.com/earnings/call-transcripts/2022/11/10/compass-inc-comp-q3-2022-earnings-call-transcript/?awc=12195_1669831549_19aabcd84c6fb1195c9167d0a8f10186&amp;utm_campaign=78888&amp;utm_source=aw">It reported a $154 million loss in the third quarter.</a> Its stock price has steadily plunged from $18 the day of the IPO to $2.69 on November 29. <a href="https://www.businessinsider.com/compass-tech-team-layoffs-cost-cutting-share-price-2022-10#:~:text=Grabbing%20top%20talent%20helped%20the,on%20%243.4%20billion%20in%20revenue.">Since June, Compass has laid off more than 1,000 people, and executives announced $320 million in cost-cutting. </a>A few <a href="https://www.businessinsider.com/broker-aaron-kirman-leaving-compass-for-christies-2022-11">superagents have fled the brokerage</a>, though Compass touted a 15% increase in its number of agents in the third quarter, saying it employs more than 13,000 agents in total. Oppeheim told Insider he currently employs "about 40" agents.Oppenheim said in his Inman interview that at one point he hoped Compass would "buy me up," but the brokerage said it never responded to his inquiry. "Compass doesn't focus on other companies or reality TV, we focus on making our agents more successful," a Compass spokesperson said in an email. "Compass did not respond to Jason's inquiries because he would not have been a culture fit and therefore we did not want to waste his time."Oppenheim told Insider he's not rooting for the downfall of Compass. "I hope they succeed, but time will tell," he said in a phone interview.

'Selling Sunset' broker Jason Oppenheim says 'Compass basically destroyed the brokerage model for the entire industry'

At a time when traditional brokers are struggling to continue their services due to nationwide lockdown to curb the spread of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic, online brokerages, including <keyword id="3489555" type="PERSON" weightage="20" keywordseo="upstox">Upstox</keyword>, 5paisa.com and <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword>, have seen a spurt in business. The current crisis seems to be a blessing in disguise for these brokerages, as their number of clients as well as orders increased in March. Moreover, there has been a significant increase in trading volumes and demand for opening new accounts as well. "Currently our entire operations is being carried out smoothly without any hindrance. As 99.9 per cent of our turnover happens online there is hardly any impact on our business. Actually with <keyword id="31671" type="CITY" weightage="20" keywordseo="markets">markets</keyword> being volatile client activity has increased and business has shown decent growth this month," said Prakarsh Gagdani, CEO, 5Paisa.com. Though our customer support on telephone is not working, the company is answering all client queries on emails and hence are able to manage everything properly, he added. Gagdani further said, in March, "the acquisition growth rate grew by over 60 per cent and revenues also saw a decent growth". Angel Broking CMO Prabhakar Tiwari said, "the current crisis is a blessing in disguise to help showcase our digital brokerage services, as a much superior option in comparison to other traditional broking firms". The brokerage saw more than one lakh new customers acquisition in March. Interestingly, a significant number of customers are from tier II and tier III towns. "Even our existing customers have rewarded us by doing more than two million trades in a single day creating a new record last month," he added. Upstox said it is witnessing unprecedented increase in trading volumes and demand for opening new accounts. The online discount broker said it had witnessed about 55 per cent increase in the number of orders in March compared to the previous month. Further, it also expects to beat its earlier industry record of 1 lakh new client additions in a single month. It had registered an addition of 1 lakh new clients in December. Apart from these, investment platform Smallcase Technologies has also seen an increase in its new investor numbers in March. The platform has registered a 1.5 times increase in new investors in March compared to the previous month. It has seen a 3.5 times growth in its new accounts leads in March on a month-on-month basis. Even, orders have risen by 1.6 times in the month. Smallcase is an investment platform that allows Sebi registered professionals to efficiently share their research as investable "smallcases" to their clients. A 21-day nationwide lockdown is in force in the country to contain the spread of coronavirus pandemic. <keyword id="6357440" type="DEFINITION" weightage="20" keywordseo="Stock-Market">Stock market</keyword>s markets across the world witnessed high volatility in March amid concerns of coronavirus pandemic and its impact on the global economy. In India, the stock market saw massive decline in the month of March, including trading halt on two occasions last month. Last month, stock brokers' association Amfi had urged the markets regulator Sebi to allow systematic closure of the stock markets till the nationwide lockdown remains in force. SEE ALSO:<a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/india/news/how-to-check-coronavirus-symptoms-at-home/articleshow/74960334.cms">What are the Coronavirus symptoms and how to check for them at home</a>

Stock brokers see a record number of customer additions even as markets slump

<ul><li><keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> today announced its foray into digital-led <keyword id="2888417" type="PERSON" weightage="20" keywordseo="Discount-broking">discount broking</keyword> with a new platform – Espresso.</li><li>In an interview with Business Insider, R Kalyanaraman, Espresso’s Chief Customer Officer, explains why for the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. </li><li>In a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit.</li></ul>Leading stock broking firm Sharekhan today announced its foray into digital-led discount broking with a new platform – Espresso. For the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. And interestingly, in a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit. In an interview with Business Insider, R. Kalyanaraman, Espresso’s Chief Customer Officer, talks about Espresso and the company’s plan to take no charge for brokerages services if you register a loss in an intra-day trade. Discount broking foray Kalyan believes that multiple things have happened in the last three-five years that led to Sharekhan’s entry into discount broking. “There is clearly a segmentation of customers. One which seeks services from a full services broker like Sharekhan, they need a relationship manager, reports, and a lot more hand-holding. And in the last few years, we have observed the trend that there are a lot of new to market investors who want to do things by themselves,” he said. So Espresso was built for this emerging clan of customers who just needed digital support but would trade the DIY way. “An Espresso customer would be very different from a Sharekhan consumer,” he said. Espresso will be competing with the likes of Zerodha who have already garnered a good reputation in the market. Espresso Competition <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data Building for the millennial customer Right from the name ‘Espresso’ to the look and feel of the website, it doesn’t look like a traditional stock broking firm. Kalyan says it was an intentional step to build a product for the new-age customer. “The whole idea of branding the new company Espresso was to communicate in clear terms that investing is not a taboo – it’s not something to dread about,” he said. Kalyan shared that in the past few months, discount brokers account for nearly 60-70% of the total new accounts opened, which shows that the average investor age group is getting younger. Sharekhan CEO Jaideep Arora shared during a conference call with reporters that while they have already invested ₹50 crore in Espresso, they would invest more ₹25-30 crore along the way. Free brokerage if you register a loss in intra-day transactions Espresso has also made a bold move with a ‘Pay When You Profit’ pricing model for intra-day trading. With this, the company will charge brokerage fees only when you make a profit on the same day trading. “The idea was to give the customer an additional chance to learn from their mistakes. I’m trying to say that for an intra-day trade, even if you make a mistake, don’t worry, don’t pay me brokerage. There are multiple ways to connect with the customer and this is our way of saying we are in this for the long haul,” said Kalyan. And he dismisses that this model might not be sustainable. Instead, he says if they can build credibility with this model, they will show the consumer that they “are partnering with the user for the road to success”. “We have a huge support from the balance sheet of BNP Paribas (Sharekhan’s parent company) and we can go ahead and paint the town red. We chose not to do so because we don’t want to just spend money and acquire customers. We hope to make a serious name in the stock broking industry and be in the top 3 in the next five years,” said Kalyan. SEE ALSO: <a href="https://www.businessinsider.in/business/news/smaaash-shuts-down-founder-calls-it-a-premature-death-for-the-company/articleshow/78251754.cms">Smaaash shuts down – founder calls it a ‘premature death’ for the company</a> <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a> <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a>

INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade

Top stock picks for 2021 — Brokerages are betting big on Bharti Airtel, Tech M, HUL, Biocon, and Sun Pharma

<ul><li>The Surat-based company, Anupam Rasayan, kicked off its public offering today, and the issue will remain open for subscription till March 16.</li><li>The company has fixed a price band of ₹553-555 a share for its IPO.</li><li>The aggressively priced IPO has received mixed recommendations from investment experts.</li><li>Some believe the current valuations exceed growth prospects, while others bet on long-term gains, robust growth, and market share gains.</li></ul>A ₹760-crore initial share-sale of speciality chemical company Anupam Rasayan is now open for public subscription. The Surat-based company kicked off its public offering today, and the issue will remain open for subscription till March 16. It plans to use the funds to repay its debt partly. As of September, the company had a total debt of ₹814.48 crore, and it plans to repay at least ₹556.20 crore in debt. The company has fixed a price band of ₹553-555 a share for its initial public offering (IPO). Half of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders. Anupam Rasayan commenced operations in 1984 with conventional products, and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries. Anupam Rasayan's business has two verticals — life science related to speciality chemicals and other speciality chemicals. The life science-related speciality chemicals are used in agrochemicals, personal care, and pharmaceutical sectors, whereas the other is used for pigment, dyes, polymer additives, etc. The aggressively priced IPO has received mixed recommendations from investment experts. Some believe the current valuations exceed growth prospects, while others bet on long-term gains, robust growth, and market share gains. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anand Rathi Financial Services </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> Here's what works for it and what doesn’t The aggressively priced IPO According to a Reliance Securities IPO note, the <keyword id="10487969" type="UNKNOWN" weightage="20" keywordseo="Anupam-Rasayan-IPO">Anupam Rasayan IPO</keyword> is demanding a price-to-earnings (PE) of 80 times FY20 earnings and 69 times FY21 annualised earnings, which look aggressively priced. It further added that considering capacity utilisation of 75% in the first nine months of FY21 and likely interest cost savings from debt repayment from IPO proceeds, we believe its earnings can potentially grow 35-40% compound annual growth rate over FY20-23. Despite factoring this, the stock would trade at over 40 times of FY23 earnings, which is expensive compared with its quality peers like SRF and PI Industries. Strong and long-term relationships with diversified customers According to HDFC Securities, the company has developed strong and long-term relationships with various multinational corporations that have helped to expand its product offerings, processes and geographic reach. “Its customers are typically engaged in various industries, including agrochemicals, personal care, pharmaceuticals, specialty pigments and dyes, and polymer additives, and spread across various geographies, which helps it mitigate risks resulting from customer, industry and geographic concentration,” it added. The company has established relationships with various multinational corporations, such as Syngenta Asia Pacific, Sumitomo Chemical Company Limited and UPL Limited, across Europe, Japan, the United States and India. Consistent track record of financial performance The company has demonstrated consistent growth in terms of revenues and profitability. The revenue from operations has increased at a CAGR of 24.29% from ₹349.18 crore in FY2018 to ₹539.38 crore in FY2020. The company’s profit has also grown nearly 45% from ₹73.5 crore in FY18 to ₹134.9 crore in FY20. <div type="image" title="_Anupam Rasayan" msid="81462795" hostid="261"></div> Client concentration remains a key risk According to ICICI Direct, the top five clients constitute 50% of its overall revenue, while the top 10 clients contribute to the tune of 84%. “Since the company has different major customers in its business profile, any loss in customers can impact order backlog and thereby revenue performance,” the analyst report said. On the other hand, Angel Broking believes the company has significant indebtedness, and an inability to comply with repayment could adversely affect the business. It further added that the company is experiencing insufficient cash flows to meet required payments on debt and working capital requirements, which could have an impact on operations. 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The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't

<ul><li>Global investment firm, Brookfield Real Estate Investment Trust’s (REIT), public issue has hit the capital market today (February 3) to raise up to ₹3,800 crore.</li><li>The company provides commercial space on rent to multinational corporations such as Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant.</li><li>The company has incurred losses in FY20 and has not paid out any dividends.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Global investment firm Brookfield Real Estate Investment Trust’s (REIT) public issue has hit the capital market today (February 3) to raise up to ₹3,800 crore. The company is the third trust in India to go for an initial public offering (IPO) — the other two being Embassy Office Parks REIT and Mindspace Business Parks REIT. However, the issue hasn’t received any major response in the first three hours of opening. According to the stock-exchange data, the total subscription stood at 2% of the total offer value. Even in the <a href="https://chanakyanipothi.com/brookfield-reits-ipo-grey-market-premium-gmp-analysis/">grey market, </a>it failed to garner any response, and it suggested a discounted listing. The company on Tuesday raised ₹1,710 crore from anchor investors such as HDFC AMC, SBI Life, Tata AIG, HDFC Life, Kotak Mahindra AMC and others, ahead of its public issue. <keyword id="8468280" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT">Brookfield REIT</keyword>, the country's only 100% institutionally managed public, commercial real estate vehicle has set the price band at ₹274-₹275. The real estate investment trust is sponsored by an affiliate of Brookfield Asset Management (BAM), one of the world’s largest alternative asset managers with approximately $575 billion in assets under management, as of September 2020. Street view on <keyword id="10024217" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT-IPO">Brookfield REIT IPO</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KR Choksey </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe with long term perspective </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> All you need to know about Brookfield REIT IPO: <ul><li>Bids can be made for a minimum lot of 200 units and in multiples of 200 units thereafter by bidders other than the units subscribed for by anchor investors.</li><li>The units are proposed to be listed on BSE and NSE.</li><li>The public issue's net proceeds will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles.</li></ul>From marquee multinational clients to weak financials, high debt on books and potential slowdown in demand for commercial space — here's what analysts have to say about the IPO TCS, BoA, Barclays and Accenture are some of its tenants! Brookfield REIT’s initial portfolio consists of four large campus-format office parks, located in Mumbai, Gurugram, Noida and Kolkata. And it has a list of marquee tenants -- Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant -- that have leased the commercial space with 75% of gross contracted rentals. According to Axis Capital, its initial portfolio's completed area has a same-store committed occupancy of 92%. But the concern could be from the fact that a significant portion of revenue being derived from a limited number of tenants and sectors. <div type="image" title="REIT tenants" msid="80667920" hostid="261"></div> And the operations of the company may be adversely affected if one or more of these large tenants seek to prematurely terminate lease or any of the sectors in which the tenants of its initial portfolio are concentrated. Mark-to-market headroom provides cash stability The company has a weighted average lease to expiry 7.1 years, which provides stability to its initial portfolio's cash flows. Other than that, it is also well-positioned to achieve further organic growth through a combination of contractual lease escalations,36% mark-to-market headroom to in-place rents, lease-up of vacant space. The mark-to-market headroom practice involves adjusting the value of an asset to reflect its value as determined by current market conditions. Concerns: Weak financials, muted growth and high debt on books The company has incurred losses in FY20 and has not paid out any dividends, they expect to pay a yield of 7.5% in FY23, which according to Angel Broking is “aggressive” and may be difficult to achieve. “Post the IPO there will also be a debt reduction of ₹3,575 crore for the company which will bring down the overall debt. However due to the current uncertainties around Covid-19 and proliferation of work from home we expect that demand for commercial real estate to be muted,” the brokerage said. The report further added that it would take a long time for the company to increase its revenue as REIT has under development property of 0.1 marginal standing facility only along with its 92% of committed property which has already been leased out. The commercial spaces could see slowdown in demand Commercial office space was the least impacted segment in real estate amid the COVID-19 outbreak. However, other reports have highlighted that the increasing trend in work from home (WFH) can lead to a higher vacancy in key market geographies and can create a slowdown in demand for commercial space in the near term. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/budget-2021-22-prioritises-gaganyaan-indias-human-spaceflight-mission-over-all-others-heres-why/articleshow/80663272.cms" data-type="tilCustomLink">Budget 2021-22 prioritises Gaganyaan, India’s human spaceflight mission, over all others — here’s why</a> <a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-ipo-lists-at-618-19-premium-over-the-issue-price/articleshow/80662539.cms" data-type="tilCustomLink">Warburg Pincus-backed Home First Finance Company IPO lists at 19% premium over the issue price</a>

TCS, Accenture and Barclays’ landlord, Brookfield REIT IPO, has received a mixed response from brokerages — here’s what they have to say

<ul class="summary-list"><li>Tyrone McKillen, who leads an eight-person brokerage team in LA, is leaving Official Partners.</li><li>It's the first major departure after Official's cofounders Tal and Oren Alexander were accused of rape.</li></ul>Tyrone McKillen, a high-profile residential-real-estate agent based in Los Angeles, is leaving Official Partners, the luxury brokerage company that was thrown into turmoil after two of its cofounders were accused of rape.McKillen said he hadn't formally parted ways with the New York firm but was arranging his exit. The 36-year-old broker's sales group, Plus Real Estate, will operate independently under that brand going forward. He said that eight brokers who worked with him at Official would remain with Plus in its breakaway from the firm."We have been building the Plus brand over the past 10 years, so it's a natural progression for us," he said.Nicole Oge, Official's chief growth officer, said that she and McKillen "have a deep amount of respect for one another" and that "I support him in his decision."The team is the most visible departure so far from the once ascendant brokerage in the aftermath of startling allegations against Tal and Oren Alexander, sibling agents who were among the cofounders of Official when it launched in 2022.In June, The Real Deal, a real-estate publication, reported that two women had filed separate civil lawsuits in March against <a target="_blank" class="" href="https://therealdeal.com/national/2024/06/08/lawsuits-accuse-top-broker-oren-alexander-twin-brother-alon-of-rape/">Oren Alexander and another brother, Alon,</a> accusing the men of raping them more than a decade earlier.Shortly afterward, news broke that <a target="_blank" href="https://www.businessinsider.com/tal-alexander-accused-rape-woman-with-alon-in-2012-2024-6">a third woman alleged</a> in a New York civil case filed that month that Tal and Alon Alexander raped her in 2012 as Oren Alexander watched.The three brothers have denied the allegations.In a response to the lawsuit against him, Tal Alexander said his accuser's claims were "fabricated allegations for financial gain." His attorney has sought to dismiss the case.<h2 id="ad48f3e1-0ad8-46aa-8696-690f98567ba5">Official has distanced itself from the Alexanders</h2>In the aftermath of the allegations, Oge announced that "Oren was immediately isolated from the business" and that "the process of removing him from ownership is well underway."An attorney for Tal Alexander announced in a statement in late June that he and Official had mutually agreed that he would "<a target="_blank" href="https://www.businessinsider.com/tal-alexander-stepping-down-official-partners-real-estate-brokerage-2024-6">take a leave</a>" from the firm as he focused "fully on clearing his name."Nonetheless, the close association between the Alexanders, who were among the country's most successful real-estate brokers, and Official has dealt collateral damage to the company's image and business pipeline, even as it seeks to distance itself from its once marquee stars.JDS Development Group plans to remove the company this week from the sales assignment for 888 Brickell, a high-rise condo tower the firm is building in Miami, a person with direct knowledge of JDS's decision-making said.<a target="_blank" href="https://www.businessinsider.com/michael-shvo-luxury-real-estate-developer-2024-6">Michael Shvo</a>, a builder planning a luxury condo project at the Raleigh hotel in Miami Beach, recently dropped Official from that development's marketing efforts.John Hudak, a broker based in New York who worked under the Alexanders, also left the company in June, moving to the rival firm Compass."You don't go through something like this as a business and be completely unaffected," Oge said.Oge said that the firm was "in active and productive discussions to move forward as a strengthened entity." She declined to say whether that included a rebranding or reorganization of the company's ownership structure that would seek to more thoroughly eliminate its connection with the Alexanders."We have spent time assessing options to determine what's best for our agents and clients," Oge said.McKillen was a much-heralded addition to Official when he joined the firm in early 2023, credited with overseeing a team that had tallied $1.8 billion of pricey home sales.In 2017, he arranged the $88 million sale of a Bel Air mansion to the megastar music couple Beyoncé and Jay-Z."Tyrone is the ultimate exemplification of Official's vision," Richard Jordan, the company's CEO, said in a statement at the time of his hiring.

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