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<ul><li>DreamFolks Services, airport services aggregator platform, is planning to raise ₹560 crore from the public.</li><li>The IPO is open for subscription from today, August 24, and will conclude on August 26.</li><li>The price band of the issue is fixed at ₹308-₹326 per share.</li></ul>Airport services aggregator platform DreamFolks Services has raised ₹252 crore from anchor investors, a day before its initial public offering (IPO) opened for retail investors. The company allocated 77.59 lakh shares to 18 anchor investors at the upper price band of ₹326 per share. Smallcap World Fund, a California-based venture capital firm, bought a large pie i.e 28.46% of the shares set aside for anchor investors. This was followed by several mutual funds including Aditya Birla Sun Life MF, Invesco MF, Sundaram MF and others. Anchor investors are marquee institutional investors who are allotted shares in an IPO before the issue opens to the public. As the name suggests, they ‘anchor’ the IPO issue by agreeing to subscribe to shares at a fixed price and thereby indicate a healthy demand for the soon-to-be listed shares. The IPO is a complete offer for sale by promoters, shareholders and will raise ₹560 crore with a price band of ₹308-₹326 per share. Shares of the company are currently commanding a grey market premium (GMP) of ₹75 per share more than ₹65 earlier. Grey market premium is a premium at which IPO shares are traded in an unofficial market before they are listed in the stock exchange. The airport service aggregator began operations in 2013 facilitating airport lounge access services and has now become an end-to-end technology solutions provider. Covid restrictions have severely impacted the airport service provider’s financials, however, it is now recovering from the lows as the travel industry has picked up and is as busy as pre covid times. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Particulars </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;">Revenue </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;">Profit </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;">FY22 </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;">₹283 crore </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;">₹31 crore </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;">FY21 </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;">₹108 crore </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;">-₹1.45 crore </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;">FY20 </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;">₹367 crore </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;">₹16.25 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>According to the Directorate General of Civil Aviation (DGCA), prior to Covid in the last five years between 2015-2019, the CAGR for the domestic air travel industry was at 12%. However, due to the onset of Covid, the Indian aviation market is expected to experience a linear recovery. DreamFolks Services provides access to various other services such as food and beverage offerings, spa services, ‘meet and assist’, airport transfer services, transit hotels / nap rooms access and baggage transfer. Motilal Oswal Investment Advisors Ltd and Equirus Capital Private Ltd are lead managers handling the IPO. Here are some of the important details of the IPO: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹308-₹326 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 24 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 26 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 1 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 5 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 6 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/audi-to-hike-its-prices-by-2-4-from-september-onwards-in-india/articleshow/93728939.cms">Rising input and supply chain costs push luxury carmaker Audi to hike prices by 2.4%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a>

California-based VC laps up about a third of DreamFolks’ anchor investor pie

<ul><li>DreamFolks Services is likely to announce its share allotment status today.</li><li>The public issue of the airport services aggregator received robust demand and was subscribed 56.68 times.</li><li>The IPO will be listed on September 6 on exchanges.</li></ul>DreamFolks Services, an airport service aggregator, is likely to announce the allotment status of its initial public offering (IPO) today, September 1. The IPO opened for subscription from August 24 to August 26. It received bids for 53.74 crore equity shares as against 94.83 lakh shares on offer. The company’s IPO received strong demand across the category of investors and it is one of the highest subscribed IPOs so far, in 2022. The IPO received robust demand from institutional investors as it was subscribed for 70.53 times the number of shares offered in the three days of IPO bidding process. Demand from retail investors was also very high as it was subscribed 43.66 times. Moreover, the grey market premium of the company’s shares has been increasing continuously, showing a premium of ₹105 from the higher end of the price band of ₹326. The IPO is a complete offer for sale by promoters and will raise ₹560 crore with a price band of ₹308-₹326 per share. Here is how to <keyword id="14865877" type="General" weightage="20" keywordseo="DreamFolks-Services-IPO-allotment-status" source="Orion">DreamFolks Services IPO allotment status</keyword> on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘DreamFolks Services’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘DreamFolks Services’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fifa-world-cup-2022-best-travel-packages-for-indians-traveling-to-qatar/articleshow/93873192.cms">est travel packages for Indians traveling to Doha for FIFA World Cup 2022</a>

DreamFolks Services IPO: Here’s how you can check the allotment status

<ul><li>The company began operations in 2013 facilitating airport lounge access services and has now become an end-to-end technology solutions provider.</li><li>The ₹500 crore public offering is a complete offer for sale by promoters at a price band of ₹308-₹326 per share.</li><li>Covid-19 has adversely impacted the air travel industry and as a result the airport service provider is still recovering from the pandemic slowdown.</li></ul>Airport services aggregator platform DreamFolks Services is all set to open its initial public offering (IPO) on August 24 and will close on August 26. The IPO is a complete offer for sale by promoters and will raise ₹560 crore with a price band of ₹308-₹326 per share. The airport service aggregator began operations in 2013 facilitating airport lounge access services and has now become an end-to-end technology solutions provider. Covid restrictions have severely impacted the airport service provider’s financials however it is now recovering from the lows as the travel industry has picked up and is busy as pre covid. “The air travel industry has, in the recent past, been buffeted by the COVID-19 pandemic which has adversely impacted our operations. Further, the travel industry is also generally affected by various factors such as increase in the fuel price, government policies applicable, in particular, to the airline industry, failure of airlines etc. Accordingly, any downturn in the travel industry, in general, and in the air travel industry, in particular, could adversely impact our results of operations and our financial condition,” said the company in its red herring prospectus. According to the directorate general of civil aviation (DGCA), prior to covid in the last five years between 2015-2019 the CAGR for the domestic air travel industry was noted to be 12%. However, due to the onset of covid-19, the Indian aviation market is expected to experience a linear recovery. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Particulars </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;">Revenue </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;">Profit </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;">FY22 </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;">₹283 crore </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;">₹31 crore </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;">FY21 </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;">₹108 crore </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;">-₹1.45 crore </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;">FY20 </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;">₹367 crore </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;">₹16.25 crore </td></tr></tbody></table>Further, the company believes that if the impact of Covid-19 is prolonged or more severe than anticipated it may face a deleterious impact on its business. The company provides access to various other services such as food and beverage offerings, spa services, ‘meet and assist’, airport transfer services, transit hotels / nap rooms access and baggage transfer. The global aviation sector that had taken a hit due to the lockdowns is now in the revival phase. ”The Global airlines are planning to resume their long-haul routes, specially driven. This holds good for the Indian domestic market also; it is interesting to note that a few Indian Tier-2 and Tier-3 airports have surpassed the Pre-COVID traffic numbers,” said the company in its RHP. Currently, it has tie-ups with Visa, Master Card, Diners/Discover and RuPay card networks operating in India. Other key clients include ICICI Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank (in respect of debit card lounge program), and SBI Cards and Payment Services. DreamFolks is heavily dependent on the cards that are in circulation and on issuance of new credit cards and debit cards. Out of an estimated 5.2 million passengers using lounges in India, more than 80% passengers use credit cards or debit cards to access domestic lounges. Further, there are expectations of strong economic recovery resulting in more travel through air routes and airport services. The latest panel of UNWTO (United Nations World Tourism Organization) suggests that the tourism sector is expected to see an increasing growth and make a strong recovery as the economic and COVID situation improves. Here are some of the important details of the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹308-₹326 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 24 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 26 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 1 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 5 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 6 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46 </td></tr></tbody></table>Motilal Oswal Investment Advisors Ltd and Equirus Capital Private Ltd are lead managers handling the IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-indias-real-gully-boy-vidit-aatrey-of-meesho-is-taking-the-entrepreneurial-dream-deep-inside-bharat/articleshow/93702491.cms">Meet India’s Real Gully Boy: Vidit Aatrey of Meesho is taking the entrepreneurial dream deep inside Bharat</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/not-just-ev-makers-there-are-many-more-stocks-that-can-gain-from-ev-play/articleshow/93696654.cms">Not just EV makers, there are many more stocks that can gain from EV play</a>

Airport services aggregator DreamFolks Services IPO to open on August 24, price band at ₹308-₹326 apiece

<ul><li>The IPO of the private sector bank has been subscribed 1.53 times so far in the first two days.</li><li>The private sector bank plans to raise ₹832 crore through a fresh issue of 1.58 crore shares.</li><li>The lender has fixed the price band at ₹500-525 per share.</li><li>The grey market premium of the company’s shares have come down to ₹15 from ₹35 earlier.</li></ul>The initial public offering of Thoothukudi-based Tamilnad Mercantile Bank has been subscribed 1.53 times on the second day The IPO has received good demand from retail investors as this portion was subscribed by 3.61 times. The private sector bank is planning to raise ₹832 crore through a fresh issue of 1.58 crore shares. The lender has fixed the price band at ₹500-525 per share. The proceeds from the IPO will be used to augment tier-I capital base to meet future capital requirements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Category of investors </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;">Subscription status </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;">Qualified institutional buyers </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;">0.98 times </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;">Non institutional investors </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;">1.27 times </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;">Retail </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;">3.61 times </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;">Overall </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;">1.53 times </td></tr></tbody><tbody></tbody></table>As of March 31, 2022, the lender has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Its advances portfolio primarily consists of retail customers, agricultural customers and MSMEs. The bank has built a strong network of customers in the state of Tamil Nadu. As of March 31, 2022 Tamil Nadu contributed to 75% of its deposits and advances. The bank is one of the oldest sector banks in India with a history of almost 100 years. It was initially formed as Nadar Bank on May 11, 1921 and its name was changed to Tamilnad Mercantile Bank in 1962. The grey market premium of the company’s shares have come down to ₹15 from ₹35 earlier. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. The IPO opened on September 5, and will close on September 7. Analysts have recommended subscribing to the IPO following the bank’s consistent performance over the years. “TMB is demanding a slightly higher valuation when compared to its peers given that TMB is outperforming its peers in the majority of financial parameters. Given the consistency in its performance over past periods and healthy return ratio, we recommend a Subscribe-Long Term,” said a report by Anand Rathi. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-beats-grey-market-expectations-lists-at-a-55-premium/articleshow/94017839.cms">DreamFolks Services stock slips 8% from its listing price</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/moodys-retains-indias-credit-rating-at-baa3-stable-says-the-economy-is-diversified-with-high-growth-potential/articleshow/94029919.cms">Moody’s retains India’s credit rating at ‘Baa3 stable’, says the economy is ‘diversified with high growth potential’</a>

Tamilnad Mercantile Bank IPO is subscribed 1.53% on day 2, grey market premiums fall

The US has received sufficient number of applications needed to reach the <keyword id="10784391" type="General" weightage="80" keywordseo="congressionally" source="Orion">Congressionally</keyword> mandated 65,000 H1-B <keyword id="6359421" type="General" weightage="20" keywordseo="visa" source="Orion">visa</keyword> cap for the fiscal year 2023, the country's federal agency for immigration services said on Tuesday. The <keyword id="6358066" type="General" weightage="20" keywordseo="h-1b-visa" source="Orion">H-1B visa</keyword> is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire thousands of employees each year from countries like <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and China. The H-1B visa programme is the most sought-after work visa among foreign professionals, including Indians. We have received a sufficient number of petitions needed to reach the Congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa US advanced degree exemption, known as the master's cap, for fiscal year 2023, the <keyword id="368921" type="General" weightage="50" keywordseo="us-citizenship-and-immigration-services" source="Orion">US Citizenship and Immigration Services</keyword> (<keyword id="137642" type="General" weightage="80" keywordseo="uscis" source="Orion">USCIS</keyword>) said in a statement. USCIS has completed sending non-selection notifications to registrants' online accounts. The status for registrations properly submitted for the FY 2023 H-1B numerical allocations, but that were not selected, will now show, Not Selected: Not selected not eligible to file an H-1B cap petition based on this registration, it said. Meanwhile, the federal agency will continue to accept and process petitions that are otherwise exempt from the cap, it said. Petitions filed for current H-1B workers who have been counted previously against the cap, and who still retain their cap number, are exempt from the FY 2023 H-1B cap, it said. However, USCIS will continue to accept and process petitions filed to extend the amount of time a current H-1B worker may remain in the US, change the terms of employment for current H-1B workers, allow current H-1B workers to change employers, and allow current H-1B workers to work concurrently in additional H-1B positions, it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/10000-investment-in-gensol-engineering-ev-stock-gave-2-77-lakh-return-in-a-year/articleshow/93740070.cms">This EV firm rose 2600% in a year: ₹10,000 invested in this stock a year ago is worth ₹2.77 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

US has reached the H-1B visa limit for the financial year of 2023

Growth opportunities for airlines are tremendous as passenger volume will double from 200 million currently to 400 million over the next seven to 10 years", said <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword>, Union Minister for <keyword id="6368649" type="General" weightage="80" keywordseo="civil-aviation" source="Orion">Civil Aviation</keyword> on Tuesday. Speaking at an ASSOCHAM event on CEOs' Roundtable discussion, the Minister said that aviation is competing closely with the railways in the air-conditioned segment. "The railways today carries 125 million passengers in 1st and 2nd AC, airlines on the other hand carried 144 million domestic travellers before the pandemic and in the next 5 to 10 years, civil aviation will carry the bulwark of transportation for this limited section," the Minister said. Railways is growing at 5.6 per cent <keyword id="107168" type="General" weightage="50" keywordseo="cagr" source="Orion">CAGR</keyword> while civil aviation is growing at 10.3 per cent CAGR, the Union Minister said. Talking about the growth, <keyword id="24899" type="General" weightage="100" keywordseo="scindia" source="Orion">Scindia</keyword> said that from a fleet size of roughly 400 aircrafts in 2013-2014, it has grown to about 700 aircrafts now. And it can go up to 1,200 in the next 5 years. "We had just 74 airports in 2013-2014, we have added 67 airports in the past 8 years alone. Much of the growth in the future is going to come from the regional airports, the growth rate in metro airports is about 7.8 per cent in 2010-2015 and has remained in that vicinity. Growth in non-metro airports has jumped from 10.8 per cent in 2010-2015 to 31 per cent at present. The government is continuously working to put in place new policies and removing impediments to enable faster growth of the industry," he added. Speaking in the interactive session, Ajay Singh, Senior VP ASSOCHAM &amp; CMD SpiceJet said: "The government and Civil Aviation minister has been very proactive in engaging with the sector, they have given us their time and have been aggressively espousing the requirements of the sector. We have been talking about this whole concept of taxes on fuel for the longest time and it is Minister Scindia who has reached out to the states and got many of them to reduce the VAT on fuel from 25-30 per cent to 0-5 per cent. The success of the <keyword id="3119605" type="General" weightage="50" keywordseo="regional-connectivity-scheme" source="Orion">Regional Connectivity Scheme</keyword>, success of the <keyword id="2573" type="General" weightage="50" keywordseo="air-india" source="Orion">Air India</keyword> divestment too can be attributed to the minister." Deepak Sood, Secretary General ASSOCHAM delivering his welcome speech, said: "This platform is crucial for the aviation sector as an enabler of growth and aviation will play a significant role in the development of India as a nation. The sector is hit hard by the pandemic and is currently under stress, but it has shown resilience and has regained the growth trajectory." SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/it-dept-seeks-to-prosecute-anil-ambani-for-holding-secret-funds-in-swiss-accounts/articleshow/93742866.cms">IT dept seeks to prosecute Anil Ambani for holding secret funds in Swiss accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

Air passenger volume will double from 200 min to 400 mn in 7-10 years: Scindia

The income tax department has sought to prosecute <keyword id="54268" type="General" weightage="50" keywordseo="reliance-group" source="Orion">Reliance Group</keyword> Chairman <keyword id="9171" type="General" weightage="50" keywordseo="anil-ambani" source="Orion">Anil Ambani</keyword> under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword>, 63, with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.A show cause notice in this context was issued to Ambani early this month. The department said he was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015 that stipulates a maximum punishment of 10 years imprisonment with a fine.It has sought his response to the charges by August 31.Ambani's office had not responded to a query sent on the matter till the time of this story being filed. The businessman has been charged with evading tax, by way of holding undisclosed assets abroad, for the assessment years 2012-13 to 2019-20.According to the notice, a copy of which was accessed by PTI, tax officials found that Ambani was an "economic contributor as well as beneficial owner" of a Bahamas-based entity called '<keyword id="14796281" type="General" weightage="50" keywordseo="diamond-trust" source="Orion">Diamond Trust</keyword>' and another company called Northern Atlantic Trading Unlimited (NATU) which was incorporated in the British Virgin Islands (BVI). In the case of the Bahamas trust, the department found it had a company called Dreamwork Holdings Inc. This firm was the owner of a Swiss bank account, which had a peak balance of USD 32,095,600 (USD 3.2 crore) as on December 31, 2007.The notice said the trust got initial funding of USD 25,040,422 (USD 2.5 crore). The department alleged that the "source of funding" for this was from Ambani's "personal account". It found that Ambani gave his passport as the KYC document for the opening of this trust in 2006. The beneficiaries of this trust were his family members too.The BVI company, incorporated in July 2010, has an account in Bank of Cyprus, Zurich. The department claimed Ambani was the "ultimate beneficial owner" of this company and the funds that it has.The company is also alleged to have received USD 10 crore in 2012 from a Bahamas registered entity called PUSA, whose "settlor and beneficial owner" is stated to be Ambani, as per the department. "From the evidence available, it is obvious that you are the economic contributor as well as beneficial owner of the foreign trust Diamond Trust, the bank account of underlying company <keyword id="14796280" type="General" weightage="50" keywordseo="dreamworks-holding-inc" source="Orion">Dreamworks Holding Inc</keyword>, settlor and beneficial owner of NATU and PUSA. Therefore, the funds/assets available with the above entities belong to you," the department said. The department alleged that Ambani "failed to disclose" these foreign assets in his income tax return (ITR) filings and hence contravened the provisions of the Black Money Act, brought by the Modi government soon after it was first elected to power in 2014. Tax officials said such "omission was not bona fide in nature and is intentional". "Thus, you have wilfully attempted to evade tax, penalty or interest chargeable or imposable under this Act (Black Money) on the undisclosed foreign asset....since you have wilfully attempted to evade tax you are liable to be prosecuted under section 51 of the Black Money Act, 2015," the order said.The total value of the undisclosed funds in the two accounts has been assessed by tax officials at Rs 8,14,27,95,784 (Rs 814 crore) and tax payable on this amount at Rs 4,20,29,04,040 (Rs 420 crore). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/10000-investment-in-gensol-engineering-ev-stock-gave-2-77-lakh-return-in-a-year/articleshow/93740070.cms">This EV firm rose 2600% in a year: ₹10,000 invested in this stock a year ago is worth ₹2.77 lakh</a>

IT dept seeks to prosecute Anil Ambani for holding secret funds in Swiss accounts

US President Joe <keyword id="60973" type="General" weightage="100" keywordseo="biden" source="Orion">Biden</keyword> has appointed more than 130 Indian-Americans to key positions in his administration so far, the best representation from the community that makes up around one per cent of the American population. In doing so he has not only fulfilled his promise to the community that he had made as a presidential candidate in 2020, but also shattered the record of his predecessor Donald Trump who had appointed more than 80 Indian-Americans and his previous boss Barack Obama, who had appointed over 60 Indian-Americans to key positions during his eight years of presidency. More than 40 Indian-Americans has been elected at various state and federal levels including four in the US House of Representatives. Not to miss the more than 20 Indian-Americans leading top US companies. While the first-ever presidential appointment was done during the time of Ronald Regan, this time Biden has appointed Indian-Americans to almost all departments and agencies of his administration. "Indian-Americans have been imbued with the sense of seva (service) and this is reflected in their enthusiasm to pursue positions in public service instead of the private sector," Silicon Valley-based entrepreneur, philanthropist and venture capitalist M R Rangaswami told PTI. "The Biden administration has now appointed or nominated the largest group to date and needless to say we are proud of our people and their accomplishments for the United States," Rangaswami said. Rangaswami is founder and head of <keyword id="1530020" type="General" weightage="80" keywordseo="indiaspora" source="Orion">Indiaspora</keyword>, a US-based global organization for Indian-origin leaders. Indiaspora keeps a track of Indian-origin leaders. Biden, who has maintained a close relationship with the community since his Senator days, often jokes around about his Indian relationship. He made history in 2020 by selecting Indian-origin Kamala Harris as his running mate. The list of Indian-Americans in the White House as compiled by Indiaspora reflects that there would be only a few meetings inside the White House or in Biden's Oval Office that would not have an Indian-American presence. His speech writer is <keyword id="600122" type="General" weightage="50" keywordseo="vinay-reddy" source="Orion">Vinay Reddy</keyword>, while his main advisor on COVID-19 is Dr Ashish Jha, his advisor on climate policy is <keyword id="35801" type="General" weightage="50" keywordseo="sonia-aggarwal" source="Orion">Sonia Aggarwal</keyword>, special assistant on criminal justice is Chiraag Bains, Kiran Ahuja heads the Office of Personnel Management, Neera Tanden is his senior advisor, and Rahul Gupta is his drug czar. Last week when India's Ambassador to the US, Taranjit Singh Sandhu, hosted a reception at India House on the occasion of Independence Day, Indian-Americans from his administration were representing almost all major branches of the US government. <keyword id="14795772" type="General" weightage="50" keywordseo="young-vedant-patel" source="Orion">Young Vedant Patel</keyword> is now the Deputy Spokesperson at the Department of State, while Garima Verma is the Digital Director in the Office of the First Lady. Biden has also nominated several Indian-Americans to key ambassadorial positions. According to the list prepared by Indiaspora, more than 40 Indian-Americans have been elected to various offices across the country. Four are in the House of Representatives -- Dr Ami Bera, Ro Khanna, Raja Krishnamoorthi and Pramila Jayapal. This includes four Mayors. Led by Indian-Americans Sunder Pichai of Google and <keyword id="276564" type="General" weightage="50" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> of Microsoft, there are over two dozen Indian-Americans heading US companies. Among others include Shantanu Narayen of Adobe, Vivek Lall of General Atomics, Punit Renjen of Deloitte, Raj Subramaniam of FedEx. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tiruppur-garment-industry-in-crisis-as-a-steep-rise-in-yarn-prices/articleshow/93743444.cms">Tiruppur garment industry in crisis as a steep rise in yarn prices</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

Over 130 Indian-Americans hold key positions in Biden administration, and it's a record

As the government probes multiple fires in electric two-wheelers, only 1 per cent household consumers plan to buy an e-scooter in the next six months amid safety and performance concerns, a new report showed on Monday. Around 32 per cent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 per cent - as more than two dozen electric two-wheelers caught fire in March and April, according to data provided by community social media platform LocalCircles. After more than two dozen electric two-wheelers caught fire in March and April, around 7,000 units were "voluntarily" recalled by electric scooter makers such as <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, Pure EV, and <keyword id="143042" type="General" weightage="80" keywordseo="okinawa" source="Orion">Okinawa</keyword>. The government set up a committee of experts from Centre for Fire, Explosive and Environment Safety (CFEES) and the Indian Institute of Science to carry out detailed investigation and frame 'quality-centric' guidelines for EV manufacturers, which are expected to be released soon. The fallout of EV fires is that just 1 per cent of over 11,000 respondents said they plan to buy an e-scooter in the next 6 months. Nearly 5 per cent said they are keen to buy but "were not convinced about the infrastructure available for e-scooters where I live/work" and 7 per cent said they do not have funds for buying e-scooters. The survey also revealed that appetite for e-scooters is not high as 31 per cent households do not drive them and an additional 9 per cent shared that they had enough vehicles at home so had no plans to buy a two-wheeler. "The fire incidents, which resulted in injuries for some along with loss of vehicle, adversely impacted consumer sentiments leading to decline in electric vehicle two-wheeler sales for two months," the survey said. <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword> and <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> have suffered the biggest drop in sales as customers delay purchasing EVs amid battery fire incidents. There are currently over 1,640 operational public EV charging stations in India, of which more than 940 are in nine mega cities. Of these, 678 EV charging stations were installed between October 2021 and January 2022. The current capacity is geared to power about 1.8 lakh new electric vehicles. While there are people keen to buy e-scooters, concern over safety and performance are rising. "It is critical for the government and industry to win consumer confidence," the report mentioned. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-fintechs-raised-29-bn-this-year-thats-14-of-the-total-global-funding-share-report/articleshow/93721531.cms">Indian fintechs raised $29 bn this year, that's 14% of the total global funding share: report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airport-services-aggregator-dreamfolks-services-ipo-to-open-on-august-24-price-band-at-308-326-apiece/articleshow/93712223.cms">Airport services aggregator DreamFolks Services IPO to open on August 24, price band at ₹308-₹326 apiece</a>

You Searched For "DreamFolks IPO details" and got 9 results

California-based VC laps up about a third of DreamFolks’ anchor investor pie

Bhakti Makwana

DreamFolks Services IPO: Here’s how you can check the allotment status

Bhakti Makwana

Airport services aggregator DreamFolks Services IPO to open on August 24, price band at ₹308-₹326 apiece

Bhakti Makwana

Tamilnad Mercantile Bank IPO is subscribed 1.53% on day 2, grey market premiums fall

Bhakti Makwana

US has reached the H-1B visa limit for the financial year of 2023

PTI

Air passenger volume will double from 200 min to 400 mn in 7-10 years: Scindia

IANS

IT dept seeks to prosecute Anil Ambani for holding secret funds in Swiss accounts

PTI

Over 130 Indian-Americans hold key positions in Biden administration, and it's a record

PTI

Only 1% of Indians plan to buy e-scooters in 6 months over safety, performance concerns: report

IANS

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