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<ul><li><keyword id="20623836" type="General" weightage="20" keywordseo="Gala-Precision-Engineering-IPO" source="Orion">Gala Precision Engineering IPO</keyword> has been fully subscribed within minutes after opening.</li><li>The ₹168 crore IPO from the company will close on Wednesday, September 4.</li><li>Gala Precision Engineering Ltd has fixed a price band of ₹503-529 per share</li></ul>The initial public offer (IPO) of Gala Precision Engineering was fully subscribed within minutes of opening for bidding on Monday. The IPO will close on Wednesday, September 4. Gala Precision Engineering is a precision component manufacturer of technical springs like disc &amp; strip springs (DSS); coil &amp; spiral springs (CSS) and Special Fastening Solutions (SFS). The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways. The initial share sale received bids for 47,77,444 shares against 22,23,830 shares on offer, reflecting 2.15 times subscription, as per NSE data till 11:21 AM. The portion for Retail Individual Investors (RIIs) garnered 3.15 times subscription while the quota for non-institutional investors was subscribed 2.54 times. Gala Precision Engineering Ltd has fixed a price band of ₹503-529 per share for its ₹168 crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The IPO includes a fresh issue of 25.58 lakh equity shares worth ₹135.34 crore and an offer for sale (OFS) of 6.16 lakh equity shares valued at ₹32.58 crore by promoter group entities and individual shareholders. This aggregates the transaction size to ₹168 crore at the upper end of the price band of ₹529. Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-13-plus-5g-vs-iqoo-z9s-pro-battle-of-the-under-25000-smartphones/slidelist/112924868.cms">Realme 13 Plus 5G vs iQOO Z9s Pro – Battle of the under ₹25,000 smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/baazar-style-retail-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112920678.cms">Baazar Style Retail IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-september-2024/slidelist/112917920.cms">Upcoming cars launching in India in September 2024</a>

Gala Precision Engineering IPO fully subscribed within minutes on day one

<ul class="summary-list"><li>Discord is launching Video Quests, its second ad format, as it looks to grow its ads business.</li><li>Video Quests reward viewers with in-game items or profile enhancements for watching ads.</li></ul>The gaming-focused chat app Discord is readying the launch of its second ad format, part of a plan to steadily grow its ads business ahead of a potential initial public offering.Video Quests will reward viewers for watching a video ad, such as with an in-game item, a skin for a character in that game, or a way to augment how their profile appears on Discord.The ads will initially appear in the lower-left area of the app on desktop, via mobile banners, and in the Quests home page.Discord first rolled out ads earlier this year when it introduced Quests — now known as Game Quests — which let games developers and publishers offer users in-game rewards if they streamed their gameplay from a specific game with friends.Until then, Discord had <a target="_blank" class="" href="https://www.wsj.com/articles/a-social-network-without-ads-discord-defies-convention-11615199401">eschewed advertising</a> over concerns it would be too intrusive and that users wouldn't want to share their data with marketers.That's why the company is taking a deliberately slow-and-steady approach to advertising. Both Quests formats are only currently available to games developers and publishers, though Peter Sellis, Discord's SVP of product, said the company would be open to having conversations with gaming-adjacent brands over time.Activision Blizzard's World of Warcraft, Epic Games' Fortnite, and HoYoverse's Genshin Impact have run Quests on Discord this year."Discord is a place where you play games with your friends, so game-related ads feel really good," Sellis told Business Insider in an interview. "We have to be really careful with how we use that kind of superpower."For now, Quests can only be bought directly from the Discord sales team — there's no self-service facility or integrations with third-party ad-buying platforms.<div type="image" title="A Discord Game Quest ad." height="967" width="1440" msid="113915662" hostid="261" sizebytes="58544"></div>Advertisers can target their campaigns by age, geography, and a user's gameplay history. Sellis said the cost of an overall campaign tends to be large but that they are "competitively priced" versus other platforms such as Netflix that launched their ad businesses with sky-high CPMs — the cost-per-mille, or the cost to reach 1,000 impressions — only to later bring them down."Those other platforms gave gone to market with very premium CPMs, sometimes $50-plus in some cases; at Discord we're looking at something that's half of that or even less," Sellis said. (<a target="_blank" class="" href="https://www.businessinsider.com/snap-snapchat-layoffs-peter-sellis-discord-2022-9">Sellis previously worked</a> on business products at Snap, which also came out of the gate with <a target="_blank" class="" href="https://www.businessinsider.com/snapchat-discover-ad-rates-2015-3">large CPMs</a> when it first offered ads on Snapchat.)He added that the design of Quests lends itself to users sharing content with their friends, which boosts the overall impressions a campaign is likely to generate.<h2 id="9001a00a-7836-4fd0-acb8-334ba4e774a6">Discord ad revenue could one day become 'on par' with its subscription business</h2>Growing Discord's advertising revenue will be crucial as the nearly 10-year-old company looks to turn a profit and plot a path towards a potential IPO.Discord's chief executive, Jason Citron, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-03-07/discord-to-offer-rewards-for-gamers-as-app-seeks-profit-in-2024">told Bloomberg</a> in March that "at some point, we'd probably go public." The company has raised around $1 billion in investment to date, according to PitchBook.Right now, the company generates the vast majority of its revenue from its Nitro subscription service, where users pay either $2.99 or $9.99 a month to unlock benefits like high-definition streaming, custom emojis, and the ability to upload larger files. Otherwise, Discord is free to use. It also makes money by taking a 10% commission from developers who sell their games on Discord and when users pay to boost their communities — known as servers — to a bigger audience.<div type="image" title="Peter Sellis, Discord svp of product, headshot" height="3285" width="4380" msid="113915657" hostid="261" sizebytes="330508"></div>The company is expected to generate around $600 million in annual revenue this year, Bloomberg reported in March."I do foresee that advertising could be a very significant contributor to our business, on par with our subscription business, long-term," Sellis said.Discord is currently growing its in-house advertising ranks. It recently hired Adam Bauer, formerly of FaZe Clan, as its <a target="_blank" class="" href="https://digiday.com/marketing/why-discord-is-making-key-hires-to-build-out-its-advertising-business/">VP of sales,</a> and it lists seven open ad sales roles on its careers site.But Discord is a late entrant in a crowded market. While Discord has grown to around 200 million monthly active users, competitors like Meta and Google have billions — as well as precision-targeting, measurement, and brand safety features that Discord doesn't yet offer. A laser focus on the gaming category could also limit its potential pool of advertisers.Hon-Ming Gianotti, strategic industries lead for games at the marketing agency Monks, said that "intimacy" is one of the platform's unique selling points that Discord should attempt to pitch to the advertising community."When you're communicating directly to a group of friends about specific labeled topics or a bunch of people with similar interests to you, you're in a very different type of mindset — you're seeking to actually socialize and communicating with people about real things rather than viewing a thing and reacting in the comments," Gianotti said.For advertisers, he added, "The benefit of being a filter or layer or entity that contributes to that intimate experience is exciting."

How Discord is laying the groundwork for ads to make as much revenue as subscriptions

<ul><li><keyword id="10896637" type="General" weightage="20" keywordseo="Paras-defence-and-space-technologies" source="Orion">Paras Defence and Space Technologies</keyword> gets subscribed 23.90 times as on the second day of bidding.</li><li>The portion reserved for retail investors has been subscribed 44.65 times.</li><li>Analysts believe the IPO is a good bet for the long term considering it gets 50% of its revenue from government entities.</li></ul>Paras Defence and Space Technologies IPO has been subscribed 23.90 times till 11:59 a.m., on September 22. Overall, investors have bid for 17.06 crore shares as against 68.31 lakh shares offered by the company. Mumbai-based Paras Defence and Space Technologies has grabbed investor’s attention on huge demand for the IPO. On the first day, the IPO was fully subscribed in just one hour of bidding. The initial public offering (IPO) got a good response from investors in terms of subscription compared to other recent IPOs. The majority of the demand was from retail investors as the portion reserved for retail investors was subscribed 44.65 times. <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;">Category </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;">Subscription Status </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;">Qualified Institutional Buyers </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;">0.04 times </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;">Non-institutional </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;">6.80 times </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;">Retail individual </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;">44.65 times </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;">Total </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;">23.90 times </td></tr></tbody><tbody></tbody></table>The IPO consists of ₹140.6 crore fresh issue and offer for sale worth ₹30.17 crore by the promoters with a price band of ₹165-175 a share. The company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. Shares of the Mumbai-based defence company were <a href="https://www.moneycontrol.com/news/business/markets/paras-defence-and-space-technologies-ipo-shares-trade-at-over-125-premium-in-grey-market-7484071.html">reportedly</a> trading at a premium of ₹220 per share, up by over 125% from the price band of ₹165-170. Analysts have recommended subscribing to the IPO for the long term on strong growth prospects. “Company has [a] wide range of products and solutions for both defence and space applications. Company being one of the few players in high precision optics manufacturing for space and defence application in India has strong R&amp;D [research and development] capabilities with focus on innovation and is well positioned to benefit from the government’s “Atmanirbhar Bharat” and “Make in India” initiatives. Also, the company's strong order book gives good revenue visibility going forward,” said analysts at HEM Securities while recommending to subscribe to the IPO for long term. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zomato-swiggy-ola-uber-app-gig-workers-move-supreme-court/articleshow/86420264.cms">Gig workers move Supreme Court seeking social security benefits from Zomato, Swiggy, Ola and Uber</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a>

Paras Defence and Space Technologies IPO gets blockbuster demand from investors

<ul><li>Shares of <keyword id="2177564" type="PERSON" weightage="20" keywordseo="Rolex-Rings">Rolex Rings</keyword> list at ₹1,249 while the shares were allotted at ₹900 per share.</li><li>The IPO was subscribed 130.44 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹3,263 crore.</li></ul>Shares of Rolex Rings made a strong listing on the National Stock Exchange (NSE) and BSE at over 38% premium over the issue price of ₹900 apiece. Post listing, the market capitalisation of the company stood at ₹3,263 crore ($439 million), according to BSE data. <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;">Other listed top auto parts makers </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;">Market capitalisation </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;">Motherson Sumi </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;">₹73,496 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;">Bharat Forge </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;">₹36,525 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;">Sona BLW Precision Forgings </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;">₹25,693 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;">Mahindra CIE Automotive </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;">₹10,228 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;">Ramkrishna Forgings </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;">₹3,053 </td></tr></tbody><tbody></tbody></table>The shares of Rolex Rings were trading at ₹1,192, higher by 32% at 10.02 a.m., on August 9. The grey market showed a strong listing for Rolex Rings a day prior to the listing with a 40-45% premium. Moreover, the IPO ⁠— open between July 28 and July 30 ⁠— was a hit among investors. It was subscribed 130.44 times on the last day of the bidding. The IPO has received bids for 74.1 crore equity shares against the IPO size of 56.85 lakh equity shares. The Rajkot-based company is a manufacturer and global supplier of forged and machined components for automobile makers. The offer from the company consisted of a fresh issue of ₹56 crore and an offer for sale (OFS) by private equity firm Rivendell PE of up to 75 lakh equity shares. The company will use the IPO proceeds to fund its long-term working capital requirements and for general corporate purposes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/cartrade-ipo-grey-market-premium-and-analysts-recommend-subscribe/articleshow/85169585.cms">CarTrade IPO ⁠— the share sale by this profitable tech startup gets a unanimous call for ‘subscribe’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/freshtohome-and-bluestone-backer-iron-pillar-is-planning-to-bring-assets-worth-1-billion-under-management/articleshow/85161486.cms">FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management</a><h1 style="margin-bottom: 10px; padding-bottom: 15px; border-bottom: 1px solid rgb(238, 238, 238); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 28px; line-height: 1.2em; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; color: rgb(17, 21, 22); background-color: rgb(255, 255, 255);"></h1>

Rolex Rings IPO investors make 38% at listing ⁠— the auto components maker is now worth nearly half a billion dollars

<ul><li>The company is likely to announce its share allotment status on September 28.</li><li>The Mumbai-based defence company’s IPO was subscribed 304 times on the last day of bidding.</li><li>Investors have bid for 217 crore shares against the 71.40 crore shares on offer.</li></ul>Mumbai-based defence company Paras Defence and Space Technologies is likely to announce the allotment of its initial public offering (IPO) status on Tuesday, September 28. The IPO was open for subscription between September 21 and September 23. The company is looking to raise ₹170 crore out of which ₹140 crore is through fresh issue ₹30 crore is through offer for sale (OFS) by the promoters. The IPO has received very strong response from investors especially from qualified institutional buyers and non-institutional investors. Overall, investors have bid for 217 crore shares against the 71.40 crore shares on offer. The portion for qualified institutional investors was subscribed 169.65 times while the non-institutional investor category received a bid for 927.70 times. The public issue of the company was a hit among investors as it was fully subscribed in just one hour of bidding on the first day. <a href="https://www.zeebiz.com/market-news/news-paras-defence-ipo-creates-history-massive-retail-push-makes-it-most-oversubscribed-ipo-ever-heres-why-165973">Reportedly</a>, Paras Defence and Space Technologies’ IPO is one of the most highly subscribed IPOs in history. Other IPOs that made into the list of most subscribed include Astron Paper &amp; Board Mill with 241.8 times, Mrs. Bectors (198 times), Capacite Infraprojects (183 times), Ujjivan Small Finance Bank (165.7 times), and Amber Enterprises (165.4 times). The company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. One of the reasons for the IPO to become a huge hit was its robust grey market premium. Shares of Paras Defence &amp; Space Technologies were reportedly trading at a premium of ₹260 per share, up by over 150% from the price band of ₹165-170. More importantly, most analysts had recommended subscribing to the IPO for the long term on strong growth prospects. “Company has [a] wide range of products and solutions for both defence and space applications. Company being one of the few players in high precision optics manufacturing for space and defence application in India has strong R&amp;D [research and development] capabilities with focus on innovation and is well positioned to benefit from the government’s “Atmanirbhar Bharat” and “Make in India” initiatives. Also, the company's strong order book gives good revenue visibility going forward,” said analysts at HEM Securities while recommending to subscribe to the IPO for long term. Analysts at Choice Broking say the company doesn’t have any peers in the listed space which they believe is an add-on. “Considering its niche product profile and technology, dominant market positioning and vast growth potential, we assign a “SUBSCRIBE” rating for the issue.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/pvr-inox-vodafone-idea-hdfc-bank-and-other-top-stocks-to-watch-out-for-on-september-27/slidelist/86545560.cms">PVR, Inox, Vodafone Idea, HDFC Bank and other top stocks to watch out for on September 27</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-coal-india-ntpc-and-other-underperforming-stocks-in-last-10-years/slidelist/86535881.cms">Those who have held these stocks for a decade have only lost money</a>

Paras Defence and Space Technologies IPO allotment is tomorrow, IPO was subscribed 304 times

<ul><li><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</li><li>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</li><li>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</li><li>This includes the risk posed by electric vehicles and supply chain shocks, among others.</li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>. The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation">Understanding the business of Craftsman Automation</cmsannotation> Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles. In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more. <cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation">Here are some of the clients of Craftsman Automation</cmsannotation> Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Marwadi Financial Services </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors">Craftsman Automation – strengths and risk factors</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company">Diversified engineering company</cmsannotation> Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. <cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities">Strong in-house processes and designing capabilities</cmsannotation> The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors. <cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele">Impressive domestic and global clientele</cmsannotation> Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others. <cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment">Improving margins despite challenging business environment</cmsannotation> Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%. EBITDA is a measure of the company’s financial performance. <cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk">Powertrain and allied components prone to electric vehicles risk</cmsannotation> While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs). <cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs">Low aftermarket presence ties company’s fortunes to OEMs</cmsannotation> Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature. As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs. <cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk">Limited long-term contracts, prone to supply chain risk</cmsannotation> According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a> <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</a>

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<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty Images NewsSpotify CEO Daniel Ek.</div></div></div><ul><li>Spotify is vulnerable to competition from its better-funded rivals.</li><li>The company is reportedly about to be overtaken by Apple Music in the US.</li><li>Spotify can't compete with Apple's cash pile, so it's trying some cool experiments instead.</li></ul> Music streaming service Spotify is preparing to go public in a direct listing of its stock in the first quarter of 2018. It's an unusual decision to forego the traditional public offering and instead list shares directly on the stock exchange, <a href="http://uk.businessinsider.com/spotify-able-to-bypass-ipo-process-why-thats-rare-2018-1">but it lets Spotify cut out the middle man</a>.However, there are underlying issues with Spotify's business - it's losing money every quarter and it faces looming competition from tech giants such as Amazon and Apple.But don't just take my word for it,<a href="https://www.billboard.com/biz/articles/news/record-labels/8053955/jimmy-iovine-breaks-down-whats-wrong-with-the-music-business"> here's Apple Music executive Jimmy Iovine speaking in an interview in November</a>."The streaming services have a bad situation, there's no margins, they're not making any money. Amazon sells Prime; Apple sells telephones and iPads; Spotify, they're going to have to figure out a way to get that audience to buy something else. If tomorrow morning Jeff Bezos wakes up and says, 'You know what? I heard the word "$7.99" I don't know what it means, and someone says, 'Why don't we try $7.99 for music?' Woah, guess what happens?"Apple doesn't normally let its executives pontificate about the industry and the competition as freely as that, but Iovine is a music industry legend who has worked with people like John Lennon, Bruce Springsteen, and Stevie Nicks, <a href="http://www.businessinsider.com/jimmy-iovine-apple-music-apologizes-2015-11">so he pretty much does what he likes</a>.And Iovine has hit upon a key issue for Spotify - even after its direct listing, it's still going to be the niche, European competitor to giant US technology companies Amazon and Apple.<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Charley Gallay/Getty" title_caption="Music executive Jimmy Iovine attends the LACMA 50th Anniversary Gala sponsored by Christie's at LACMA on April 18, 2015 in Los Angeles, California. (Photo by Charley Gallay/Getty Images for LACMA)" class="zoomin" href="https://static-ssl.businessinsider.com/image/55c923b8371d2223518be162-960/gettyimages-470286620.jpg"></a>Charley Gallay/GettyMusic executive Jimmy Iovine attends the LACMA 50th Anniversary Gala sponsored by Christie's at LACMA on April 18, 2015 in Los Angeles, California. (Photo by Charley Gallay/Getty Images for LACMA)</div></div></div>Just look at how the competition is shaping up in the US: <a href="http://uk.businessinsider.com/apple-music-is-about-to-overtake-spotify-in-the-us-2018-2">Apple Music is about to overtake Spotify as the dominant music streaming service there</a>.<a href="https://www.wsj.com/articles/apple-music-on-track-to-overtake-spotify-in-u-s-subscribers-1517745720">The Wall Street Journal reported</a> that Apple Music has managed to increase its monthly subscribers at a faster pace than Spotify - increasing them by 5% per month compared to Spotify's 2% - which will soon put it in first place.Sure, <a href="http://www.businessinsider.com/europe-real-challenge-apple-music-spotify-2018-2?IR=T">the US is Apple Music's home turf</a>. But Spotify losing ground there is a worrying vision of how its fate could play out on a global scale.<h2>Rivals could put the squeeze on Spotify</h2>Spotify simply doesn't have the massive cash reserves that its competitors do. That's a key part of Iovine's point - Amazon could very easily squeeze Spotify on price by hooking in subscribers to its own Amazon Prime Music service for a low price.Amazon can afford to make a loss on those customers for years to squeeze Spotify out of the market, before upping the prices and starting to make some money in the space itself.Why pay £9.99 per month for Spotify Premium when Amazon could choose to sell a comparable service for £4.99? The lack of differentiation in streaming leaves Spotify particularly vulnerable.But surely Amazon wouldn't be so mean? Well, yes, it would. <a href="https://www.recode.net/2017/3/30/14831602/amazon-walmart-cpg-grocery-price-war">For years Amazon has been in what Recode calls "a high-stakes race to the bottom"</a> with US retail chain Walmart. The companies are slashing prices to try to win over customers - putting pressure on suppliers.And Amazon seems to be winning that price war. <a href="https://www.retaildive.com/news/amazon-winning-the-price-war-in-12-of-13-categories/508458/">Analysis carried out in October by Retail Dive</a> showed that Amazon beat the daily online prices of its top competitors, Walmart, Target, and Jet, in 12 out of 13 categories.<h2>Apple isn't about to start a price war of its own</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Beck Diefenbach/ReutersApple Music show Carpool Karaoke, with Tim Cook, Pharrell, and James Corden.</div></div></div>Apple is unlikely to engage in a price war - it's really not its style. The closest it has come is <a href="https://techcrunch.com/2017/06/19/apple-music-quietly-added-a-99-annual-subscription-plan/">dropping the price from $9.99 (£7.16) a month to $8.25 (£5.91) in a yearly offer</a> that was buried inside the Apple Music app.But what Apple can do is invest heavily in streaming video and exclusive content to squeeze Spotify on exclusive content rather than price.Apple had $163 billion (£116 billion) in cash to spend at the end of December, and <a href="https://www.ft.com/content/3bc20dae-079b-11e8-9650-9c0ad2d7c5b5">its CFO Luca Maestri told The Financial Times</a> that "our target over time is to take that $163 billion down to approximately zero."One way for Apple to reduce its cash pile is to invest in original content that could win over subscribers to its music streaming service. It already has shows on its Beats 1 internet radio station from stars including Elton John and Drake, but it could ramp up its spending to include more exclusive content.Right now, Apple includes streaming television in its Apple Music subscription. It has shows including "Carpool Karaoke" and "Planet of the Apps," but plans to release more. In fact, <a href="http://uk.businessinsider.com/apple-sets-hollywood-budget-1-billion-on-tv-shows-and-movies-2017-8">the company reportedly has a $1 billion (£738 million) budget for shows and movies</a> that it will bring to its streaming service.And with that budget comes new, high-profile hires from the entertainment world. It brought in Jamie Erlicht and Zack Van Amburg from Sony and has tasked them with bringing in original content.Video could be the ideal way for Apple to compete with Spotify's streaming offering. If Apple can offer a lineup of streaming music, radio shows, and TV and movies, that's going to be a strong offer.<h2>Spotify knows it can't compete with the giants - so it's going for the 'cool' factor instead</h2>So what is Spotify doing to compete with its bigger, better-funded competitors? Well, it's sticking to what it knows best: Cool, interesting products which don't cost giant amounts of money.Take <a href="https://open.spotify.com/view/2017-page">Spotify's "2017 Wrapped" campaign</a> which saw people share their listening habits with their friends. It's cool, cheap, and shareable. Then there's Spotify's latest app, Stations. <a href="https://www.theverge.com/2018/1/30/16953800/spotify-stations-new-app-playlists-features">The free app is essentially a minimalist version of Spotify</a> that lets people navigate through playlists and listen to songs from them on shuffle. Again, it's cool and cheap.Let's be real: None of these cool stunts are going to overthrow Apple Music and convince people around the world to switch to Spotify en masse. But the company is throwing stuff at the wall and seeing what sticks, and that's exactly the kind of approach it should be taking. Apple and Amazon can pontificate about the future of the industry all they like - <a href="https://www.forbes.com/sites/alanwolk/2017/09/07/apple-is-losing-its-cool-factor-and-thats-a-problem-if-they-want-to-break-into-tv/#684a5fb171f8">Spotify has the "elusive" cool factor</a> and is trying to break new ground in tech. It could face uncertain times ahead, but for now it's doing what it can to stay ahead of the pack. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/pretending-live-on-mars-nasa-research-experiment-2018-1">What it's like to pretend to live on Mars for 8 months</a></h3> <div> </div> </div>

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