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<ul><li>Indigo Paints shares are down nearly 17% in just 3 days despite the ecstatic mood in the market where Sensex broke new records.</li><li>The excitement around Indigo Paints also fizzled soon after the listing, just like in the case of Mrs’ Bector’s Food and Burger King.</li><li>Analysts say it is better to sell half the <keyword id="10589233" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-stocks">Indigo Paints stocks</keyword> for profit booking, and hold the rest hoping for a surprise.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The Indian stock market has been enjoying the dream run — Sensex topped 51,000-mark this morning, and Nifty inched closer to 15,000. But the Indigo Paints investors who didn’t sell their stock on listing day, or ones who bought it on that day, have seen their investment fall nearly 17% in just 3 days. The excitement around Indigo Paints also fizzled soon after the listing, just like in the case of Mrs’ Bector’s Food and Burger King. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post listing peak </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall from peak </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indigo Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3232 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2693 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bectors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹624 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹415 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Burger King India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹194 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹147 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr></tbody></table>* NSE data- as of February 5 Samir Arora, the founder and fund manager at Helios Capital, in <a href="https://www.businessinsider.in/stock-market/news/interview-a-hedge-fund-manager-explains-where-to-invest-when-nothing-is-cheap-in-india/articleshow/80682629.cms">an exclusive chat with Business Insider</a>, said that all three stocks are “still overvalued”, and by a lot, compared to their listed peers like Asian Paints, Britannia and Jubilant Foodworks respectively. Business Insider reached out to a few more analysts and the verdict is similar. Keshav Lahoti, Equity Analyst, Angel Broking, said it is better to sell half the Indigo Paints stocks for profit booking, and hold back on the rest for any surprise movement. IPO: Initial Public Offering or Instant Profit Opportunity? Just like Burger King and Mrs Bector's Food, the <keyword id="10263001" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-ipo">Indigo Paints IPO</keyword> was a hit. The IPO of India's fifth-largest paint maker clocked in a massive response from investors on the last day of subscription — the issue was subscribed 117 times the offer value. Indigo Paints is also the most subscribed IPO of 2021 followed by Home First Finance which was subscribed only 27 times. “See what happens is that when an IPO happens there are hundreds listed companies in the market, but the full attention of the retail, public and even institutional public goes towards the IPO. In fact, that's why in the US people take those companies private. That way every year they take 10 companies private and eight of them come back after not five years even in one or two years. It is because there is this concept that an IPO is a good way,” said Arora If you want to profit from Indigo, wait! Kranthi Bathini, equity strategist at Mumbai-based WealthMills Securities, expects “some more profit booking in the next few days." According to Lahoti, the company has a strong business model, experienced management and has done a great job gaining the market share in the industry from the last few years. "But currently the stock is a bit over valued," he told Business Insider. According to both the analysts, it is not the "right time" to enter into the stocks at these valuations. It is better to wait for a correction if someone wants to take a position. "I can say if the stock corrects 20-30% more from here, then investors can start buying it. If you have it in your portfolio you book profit in half of the stock and half they should wait," Lahoti said. Angel Broking says Mrs Bector's stock is ‘reasonably’ valued now Mrs Bector's shares opened in the green today but investors' anxiety over the upcoming earnings pushed the stock back into the red soon after. According to Lahoti, the stock has corrected nearly 30% and is now available at a reasonable valuation. "Mrs. Bector Food Specialities are one of the leading companies in the premium and mid-premium biscuits segment and the premium bakery segment in North India. We think the company should be able to grow in line with the industry managed by the promoters having more than 25 years of sector knowledge. We advise investors to buy Mrs Bectors," he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-says-inflation-will-be-maximum-6-percent/slidelist/80700549.cms">Reserve Bank of India says inflation will remain under 5.2 percent until March</a> <a href="https://www.businessinsider.in/tech/news/paypal-to-focus-on-indian-businesses-wanting-to[%E2%80%A6]nds-down-operations-from-april-1/articleshow/80699809.cms">PayPal to focus on Indian businesses wanting to go global as it winds down operations from April 1</a>

Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out

<ul><li>The shares of Burger King declined nearly 13% from it's all-time high post listing, whereas Mrs Bector’s Food is down over 20% from its post-listing peak.</li><li>Just as sharp as the early gains were, the fall since has been a shock for many small investors who were lured by the record surge in both the stocks. </li><li>Business Insider spoke to a few analysts that track these stocks and other consumer staple companies to understand why the stocks have been falling. </li></ul>Those who didn’t sell Burger King shares after it ran up 3.5 times the IPO (initial public offering) price⁠— double in the case of Mrs Bector’s Food⁠— may be wondering what to do with their stock. Business Insider asked a couple of analysts questions to the same effect. Analysts say it is better to hold both stocks, which are down over 20% (Burger King) and 23% (Mrs Bector’s Food) from their post-listing peaks. The advice in both cases, from multiple analysts, is not to sell (if you are holding) and not to buy, not yet. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post listing peak </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall from peak </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bector's Food </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹624 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹476 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Burger King India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹213 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹170 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr></tbody></table> What’s wrong with Burger King India? Nothing. The <a href="https://www.businessinsider.in/stock-market/news/burger-king-ipo-investors-tripled-their-money-in-three-days/articleshow/79761366.cms">IPO was a hit</a>⁠ — subscribed over 157 times ⁠— and the analysts asked clients to subscribe, because the shares at the time of issue were priced “20-30% discount to its peers,” according to an analyst of a top broking firm who didn’t want to be named because of compliance reasons. But thanks to the euphoria, the stock was valued more than peers like Jubilant Foodworks (which operates chains like Dominos and Dunkin Donuts in India) and Westlife Development (which operates McDonald’s in the west and southern states). “After the rally, Burger King India was trading at a premium to established peers like Jubilant Foodworks and it was clear that level was unsustainable,” he told Business Insider. <div type="image" title="Burger King India" msid="80120974" hostid="261"></div> Mrs. Bector’s Food has a similar story. The stock of the biscuits maker was available at a 50% discount to its much-larger peer Britannia, and therefore, its IPO was <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">subscribed 198 times</a>, even better than Burger King. But the discount was wiped out when the stock doubled on the listing day. Correction was due, according to Keshav Lahoti from Angel Broking. <div type="image" title="Mrs Bectors" msid="80120977" hostid="261"></div> So is the correction done — can we buy the stocks? According to both the analysts, there is still room for correction and this is not the time for new investors to jump in to buy the stocks. That doesn’t mean the ones holding it should sell now. “I think there’s still a small correction left, but the sharp correction that has happened is far behind us. I am not expecting more than 10% correction in both the stocks now,” said Lahoti. The other analysts reckoned the same thoughts and said “Even at today’s price, the valuation (for Burger King) looks higher to me. And, I won’t be surprised to see the correction from here.” Lahoti was a lot more bullish on Burger King than the others. “Business is such that if you have more stores, you will get the operative level and make a profit. But, currently, the pandemic has also impacted its business — so for us it is a long term spree, not a short term,” he said. But his advice to new investors is to wait for another 5% to 10% fall in the stock. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

Analysts explain why Burger King and Mrs Bector’s shares fell with a thud — and what to do now

<ul><li>Since the listing, the stock has fallen nearly 32% and wiped out over 1,000 crore of investor wealth until today. </li><li>Analysts say despite the correction so far the stock is still overpriced, and there is still some room left for correction. </li><li>The <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">$73 million IPO of the biscuit and bakery products maker was a hit⁠ </a>— subscribed over 198 times; it was the top IPO by subscription in 2020.</li><li>According to Axis Securities, the company holds a mere 1% of the market share in the branded biscuit segment, whereas its other listed peer Britannia has about 28% share of the pie. </li></ul>The Mrs Bectors IPO investors who cheered the whopping 74% gains on the listing are now in a dilemma of what to do with their stock. Since the listing, the stock has fallen nearly 32% — and wiped out over ₹1,000 crore of investor wealth, till today. Business Insider asked a couple of analysts questions to the same effect. Analysts say despite the correction so far the stock is still overpriced, and there is still some room left for correction. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post listing peak </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall from peak </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bector's Food </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹624 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹401 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr></tbody></table> What led to a 32% fall? The <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">$73 million IPO</a> of the biscuit and bakery products maker was a hit⁠ — subscribed over 198 times; it was the top IPO by subscription in 2020. An analyst of a top broking firm who didn’t want to be named because of compliance reasons said they asked their clients to subscribe because the shares at the time of issue were priced at “20-30% discount to its peers.” <div type="image" title="Mrs Bectors (1)" msid="80430924" hostid="261"></div> But on listing day, the IPO <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">nearly doubled the investor wealth</a> and started trading at a premium valuation compared to much larger industry leaders such as Britannia Industries. Keshav Lahoti, the equity strategist at Angel Broking, told Business Insider that the euphoria which took it to the level above Britannia “was not sustainable.” "Mrs Bector's correcting post listings is in line with our expectation. We think there is still some room left for correction," said Lahoti. According to the Axis Securities IPO note released in December, the company holds mere 1% of the market share in the branded biscuit segment, whereas its other listed peer Britannia has about 28% share of the pie. <div type="image" title="Market share bectors (2)" msid="80430872" hostid="261"></div> Kranthi Bathini, the equity strategist at WealthMills Securities, said he also expects some more "softness" in the share price. "If I can predict, another 10-15% downside is still left," he added. According to Bathini, it's just not Mrs Bectors nearly all the IPO saw "exuberance" during their listing and fell by a thud due to "profit booking." "All of the recent listings if you see including Burger King, Happiest Minds all of them are listing at a great premium and then we are witnessing profit booking leading to some amount of softening of the stock price and similar scenario has been with Mrs Bectors share price," Bathini said. Hold positions or buy stocks? According to analysts, It is not the right time to jump in to buy stocks. Lahoti advised investors to “make a fresh position in the stock only once the stock price consolidates, and don’t jump in the stock when it is in correction mode.” Bathini reckoned the same thoughts and said the investor should wait for 10-15% more correction and then enter the stock in a “staggered” manner. “There is ample headroom for the food industry to emerge in India — the prospects look good but investors need to enter these kinds of stocks in a very staggered manner. They should enter at gibs and they should make portfolios for these kinds of stocks,” he added. According to analysts, the current investors should hold the positions, and these are key guidance that may trigger the stock in the near future: <ul><li>Upcoming quarterly results will be a key factor. </li><li>Business expansion plans</li><li>Increasing market share </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/news/a-scary-proposal-to-use-facial-recognition-and-ai-by-an-indian-state-has-experts-fuming/articleshow/80421935.cms" data-type="tilCustomLink">A scary proposal to use facial recognition and AI by an Indian state has experts fuming</a><a href="https://www.businessinsider.in/news/a-scary-proposal-to-use-facial-recognition-and-ai-by-an-indian-state-has-experts-fuming/articleshow/80421935.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/news/a-scary-proposal-to-use-facial-recognition-and-ai-by-an-indian-state-has-experts-fuming/articleshow/80421935.cms" data-type="tilCustomLink"></a>

Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'

<ul><li>Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> ₹1,000 crore IPO will open on January 20 and remain open for subscription until January 22. </li><li>The price band for the IPO has been set at ₹1488-1490 per share.</li><li>The Pune-based company is the fifth-largest company in the decorative paints segment in terms of revenue for fiscal year 2020. It has an extensive distribution network across the country. </li><li>Keshav Lahoti, Associate Equity Analyst at Angel Broking, said, “If the issue is priced reasonably, we expect a good response for this IPO.”</li></ul>Sequoia Capital-backed Indigo Paints is set to launch its ₹1,000 crore IPO next week. The issue will open on January 20 and remain open for subscription until January 22. The price band has been set at ₹1488 - ₹1490 per share. The bids can be made for a minimum of 10 equity shares and in multiples of 10, thereafter. The company received capital markets regulator Sebi’s approval for an initial public offering last week. This will make it the second offering to hit the public market in 2021, after <a href="https://www.businessinsider.in/stock-market/news/indian-railway-finance-corporation-irfc-ipo-will-open-on-january-18-and-remain-open-till-january-20/articleshow/80247173.cms">IRFC</a>. The public issue consists of fresh issue of equity shares as well as an offer for sale, through which the existing shareholders will be selling part of their stake. <keyword id="10263001" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-ipo">Indigo Paints IPO</keyword>: Offer Size <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fresh issue of shares </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">upto ₹3,000 million </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital India IV </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 million shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SCI Investments </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.1 million shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hemant Jalan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.67 million shares </td></tr></tbody></table>Source:<a href="https://www.sebi.gov.in/filings/public-issues/jan-2021/indigo-paints-limited_48724.html"> Red herring prospectus (RHP)</a> The company has appointed Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities as the book running lead managers to the issue. The proceeds of the issue will be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings. The Pune-based firm is the fifth-largest company in the Indian decorative paints segment in terms of revenue for fiscal year 2020. It has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu. HDFC Securities in an earlier IPO note said that making inroads into the paints industry with a small number of firms remains a herculean task, given strong distribution moats of the top few. “Against this backdrop, Indigo Paints (founded in 2000) has been consistently chipping away market share within the ecosystem.” Indigo Paints’ revenue and profitability has consistently improved over the last few years. HDFC Securities also noted that the company has ‘smartly executed its revenue ramp-up’ and that reflects in the company’s improving fundamentals. <div type="image" title="Indigo Paints" msid="80248734" hostid="261"></div> Keshav Lahoti, Associate Equity Analyst at Angel Broking in a written statement to Business Insider also said that “If the issue is priced reasonably, we expect a good response for this IPO.” Even the shares are piping hot in the grey market ahead of the price band announcement. The shares were trading at a premium of <a href="https://www.ipowatch.in/2021/01/indigo-paints-ipo-gmp-ipo-grey-market.html">₹800-820</a> in the grey market. The grey market premium is the measure of the extra amount that the market is ready to pay for a newly listed company’s shares. However, it is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2021-may-be-an-opportunity-to-help-indian-electric-vehicles-to-compete-with-elon-musks-tesla/articleshow/80243751.cms" data-type="tilCustomLink"> India needs Elon Musk’s Tesla as well as local electric cars to compete⁠ — here’s what Finance Minister’s Budget 2021 may do</a> <a href="https://www.businessinsider.in/business/startups/news/amid-all-the-bitcoin-hype-another-indian-cryptocurrency-startup-coinswitch-kuber-gets-15-million-in-funding/articleshow/80245564.cms" data-type="tilCustomLink">Amid all the Bitcoin hype, another Indian cryptocurrency startup CoinSwitch Kuber gets $15 million in funding</a>

Indigo Paints ₹1,000 crore IPO opens on January 20 — price band set at ₹1488-1490 per share

Loha, Latur Rural, Latur City, Ahmadpur, Udgir, and Nilanga are the six assembly seats located within the Latur Lok Sabha constituency in Maharashtra. Udgir constituency is reserved for SC candidates and the rest are contestable by general candidates. From the Latur Parliamentary seat, Dr. Sunil Baliram Gaikwad of BJP won the INC candidate Bansode Dattatray Gunderao in the 2019 general elections with a margin of 253,395 votes. For the upcoming 2019 assembly elections, BJP candidate Vinayak Kisan Jadhav Patil will field from Ahmedpur. Amit Vilasrao Deshmukh and Dhiraj Vilasrao Deshmukh are the INC candidates for the Latur City and Latur Rural seats. From the Nilanga seat, Ashok Shivajirao Patil Nilangekar of INC will take on the BJP candidate Sambhaji Patil Nilangekar. The election commission has declared that the Maharashtra constituencies for the assembly will face the polling on a single day on October 21, 2019. The votes will be counted on October 24, 2019 and the results will be known by evening on the same day. During 2014 assembly elections, Chikhalikar Prataprao Govindrao of SHS won from the Loha constituency securing 45486 votes more than the runner up candidate of BJP Dhondge Mukteshwar Keshavrao. From the Latur Rural seat, INC’s Bhise Trimbakrao Shrirangrao secured 10510 votes more than the next candidate Karad Ramesh Kashiram of BJP and became the MLA. The Latur City voters elected Amit Vilasrao Deshmukh of INC who secured 49465 votes more than the BJP candidate Lahoti Shailesh Govindkumar. From the Ahmadpur constituency, IND candidate Jadhav Patil Vinayakrao Kishanrao won with a margin of 4006 against the NCP candidate Babasaheb Mohanrao Patil. The winner fromt eh Udgir (SC) seat was Sudhakar Sangram Bhalerao of BJP who defeated Sanjay Baburao Bansode of NCP by securing 24894 more votes. The Nilanga seat winner was BJP’s Nilangekar Sambhaji Deeliprao Patil who secured 27511 votes more than the runner up of INC Ashok Shivajirao Patil Nilangekar.

Maharashtra state election 2019: checkout Lathur Candidate list

<ul><li>The <keyword id="10109919" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-stocks">Likhitha Infrastructure stocks</keyword> listed at ₹130.10, is an upside of 8% to the revised IPO price band. </li><li>Within minutes after listing the shares gained over 5% of their value, and the shares were trading at ₹136.60 apiece at 10:10 am.</li><li>The total market cap of <keyword id="9987008" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure">Likhitha Infrastructure</keyword> rose to ₹260.47 crore at 10:10 am. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>It is a lacklustre debut for the ₹61.2 crore IPO of the Hyderabad-headquartered oil and gas pipeline infrastructure service provider Likhitha Infrastructure on the Indian stock-exchanges today. The stock, listed at ₹130.10, is an upside of 8% to the revised IPO price band set at ₹116-₹120 per share. However, within minutes after listing the shares gained over 5% of their value, and the shares were trading at ₹136.60 apiece at 10:10 am. The total market cap of Likhitha Infrastructure rose to ₹260.47 crore at 10:10 am. A total traded quantity of 1.57 lakh shares changed hands on BSE, amounting to a turnover of ₹2 crore. The company will deal with the symbol of ‘LIKHITHA’ on the Indian stock exchanges. Why did it fail to garner investors’ interest? The investor pessimism for its shares already reflects in the subscription number ahead of the listing. The company had to revise its price band from ₹117-₹120 to ₹116-₹120/share and extend the IPO by three days after receiving a weak response from Qualified Institutional Buyers (QIBs). The <keyword id="9987003" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-IPO">Likhitha Infrastructure IPO</keyword> was subscribed nearly ten times on the final day of bidding than the whopping 157 times subscription of its other IPO peer Mazagon Dock. According to the stock-exchange data, the issue received bids for 48 million equity shares against an offer size of 5 million equity shares. And, analysts were already skeptical about the company’s listing after a subdued investor response. “Nothing much was left on the table at the issue price,” said Keshav Lahoti, Associate Equity Analyst, Angel Broking. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms" data-type="tilCustomLink">Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months</a> <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-shares-to-list-tomorrow-on-bse-and-nse/articleshow/78660431.cms" data-type="tilCustomLink">Likhitha Infrastructure trades at 13% grey market premium ahead of listing today </a>

Likhitha Infrastructure lists at 8% premium over the issue price

<ul><li><keyword id="2588696" type="PERSON" weightage="20" keywordseo="Burger-King-India">Burger King India</keyword>’s dream run continues, with the stock surging 232% in three days. The stock was locked in a 20% upper circuit for the third straight session. </li><li>The newly listed food chain surpassed the market cap of its rival McDonald’s and surged past ₹7,604 crore. </li><li>Analysts believe there is more room for upside. IIFL Securities sees potential for 30-40% growth over next few months. </li></ul>The dream run for the recently listed quick restaurant service chain <keyword id="33542" type="COMPANY" weightage="20" keywordseo="Burger-King">Burger King</keyword> India continues. Its shares were locked in a 20% upper circuit for the third straight session, surging nearly 232% over issue price band. The newly listed food chain surpassed the market cap of its rival McDonald’s and surged past ₹7,604 crore. The McDonald’s operator in India, Westlife Development has a market cap of ₹7,311.72 crore. Burger King India made its debut on Indian bourses on Monday. It opened at a premium of over 87% over the IPO price at ₹112.50 on listing day itself — defying analysts’ expectation who estimated Burger King to list at around 70-75% premium. The street view According to analysts, there is ample scope for investors in Burger King, and they see room for more upside over the next few months. Keshav Lahoti Associate Equity Analyst, Angel Broking said, “Such listing was in-line with our expectation as the company issue was priced at a significant discount compared to listed peers such as Jubilant FoodWorks (Domino’s Pizza) and Westlife Development (McDonald). Short term investors can book profit. We advise long term investors to stay invested in the company as there is ample scope available for the company to increase its business in India.” IIFL Securities, <a href="https://www.timesnownews.com/business-economy/markets/article/more-steam-left-in-burger-king-after-130-gain-on-listing-day-analyst/694692">Sanjiv Bhasin believes </a>that the stock can still rise 30-40% more in the next few months. However, he also recommends caution, given the frothiness in the broader market. “There is a lot of left out feeling and there is a lot of froth in small-caps now. However, Burger King is a quality midcap that can gain 30-40% in 3-4 months,” <a href="https://www.timesnownews.com/business-economy/markets/article/more-steam-left-in-burger-king-after-130-gain-on-listing-day-analyst/694692">Bhasin </a>added. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

Burger King's IPO investors tripled their money in three days

<ul><li>The agrochemical company <keyword id="10058507" type="UNKNOWN" weightage="20" keywordseo="Heranba-Industries">Heranba Industries</keyword> listed nearly 43.5% higher and was trading at ₹900 a piece, compared to the IPO issue price of ₹626-627.</li><li>The company's market value expanded to ₹3,678 crore after the listing.</li><li>Heranba is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permethrin, lambda-cyhalothrin.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The agrochemical company Heranba Industries made a bumper debut on the bourses today. The share price of the Gujarat-based crop protection chemical manufacturer, exporter and marketer listed nearly 43.5% higher and was trading at ₹900 a piece, compared to the IPO issue price of ₹626-627. Within minutes after listing, the shares of Heranba gained 2.14% of their value and were trading at ₹919.25 apiece at 10:05 am in an otherwise tepid market. The company's market value expanded to ₹3,678 crore after the listing. Heranba is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permethrin, lambda-cyhalothrin. The bumper listing was already on the cards! Heranba's public issue had received positive reviews from top brokerages, and the grey market was also ready to pay a hefty premium for its shares. "Company return ratios are superior to peers (ROE is above 30%). Company has a strong financial position and has been generating positive cash flow. We expect a good listing for the company," said Keshav Lahoti, associate equity analyst at Angel Broking, in a post IPO note. The IPO garnered a massive response from investors and was oversubscribed nearly 88 times — making it the<a href="https://www.chittorgarh.com/report/top_10_ipo_by_subscription_yearly/10/"> second most successful IPO</a> in terms of subscription in 2021. According to data from the stock-exchanges, the issue received bids for 58.15 crore equity shares against an offer size of 69.81 lakh shares. The shares were commanding a premium of<a href="https://www.ipowatch.in/2021/02/heranba-industries-ipo-gmp-grey-market.html"> ₹260-270</a> in the grey market over the set price band of ₹626-627 per share, ahead of the listing. However, the grey market is not an official measure of the market premium. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a>

Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band

Mumbai, International quick-service restaurant chain, <keyword id="9903617" type="COMPANY" weightage="20" keywordseo="burger-king-india-ltd">Burger King India Ltd</keyword> (BKIL) began its journey on Indian bourses with a stupendous opening garnering a premium of over 130% on the first day of trade on Monday hitting the upper circuit just after 2.30 p.m. Against the issue price of ₹60, <keyword id="33542" type="COMPANY" weightage="20" keywordseo="Burger-King">Burger King</keyword> stock opened at ₹115.35 on BSE, while on the National Stock Exchange, shares made a debut at %112.50, a premium of over 87% over the <keyword id="72231" type="PERSON" weightage="20" keywordseo="IPO-price">IPO price</keyword>. After 2.30 p.m., the stock reached the upper price band of ₹138.40, 130.67% higher than the issue price on BSE. The upper circuit halts the trading in stocks for some time. The performance of the stock had even defied projections made by analysts who had expected Burger King to list at around 70-75% premium over issue price. "Such listing was in line with our expectation as the company issue was priced at a significant discount compared to listed peers such as Jubilant FoodWorks (Domino's Pizza) and Westlife Development (McDonald). Short term investors can book profit. We advise long term investors to stay invested in the company as there is ample scope available for the company to increase its business in India," Keshav Lahoti Associate Equity Analyst, Angel Broking Ltd said, "Even after such bumper listing, there is no issue with the valuation of the company. In the future, we expect the company to gain market share by opening more stores compared to the competitors. As the store count will increase, operating leverage will kick in and the company will be able to report profit and it will lead re-rating of the multiple for the stock," he added. BKIL enjoys exclusive <keyword id="10435142" type="COMPANY" weightage="20" keywordseo="national-master-franchisee-rights">National Master Franchisee Rights</keyword> in India till December 31, 2039, with an obligation to develop and open at least 700 restaurants by December 2026. It is one of the fastest growing QSR chain India with 268 restaurants spread across 17 states/UTs and 57 cities. It has already garnered 5% market share in India's ₹34,800 crore QSR market. According to Motilal Oswal Financial Services, Over FY18-20, BKIL's Revenue/EBITDA grew at a CAGR of 49%/258% led by 2x the store strength. However, it continues to make losses at PAT level. The same store sales growth stood at 12.2%/29.2% in FY18/FY19 while it surprisingly became flat in FY20. In 1HFY21, revenue declined 68% <keyword id="63194" type="PERSON" weightage="20" keywordseo="YoY">YoY</keyword>, while it made losses at EBITDA and PAT levels due to the Covid-19 impact. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-vodafone-idea-tcs-tata-steel-cams-nmdc-and-others/articleshow/79732131.cms">Top stocks to watch — RIL, Airtel, Vodafone-idea, TCS, Tata Steel, CAMS, NMDC and others</a> <a href="https://www.businessinsider.in/tech/news/comparing-the-apple-m1-macbook-vs-the-intel-macbook/articleshow/79733783.cms">Apple vs Intel – Comparing the Apple M1 MacBook vs the Intel MacBook</a>

Burger King India roll-on bourses continue — shares locked in 20% upper circuit

<ul><li><keyword id="9987008" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure">Likhitha Infrastructure</keyword> shares are now hovering at a premium of around ₹5-10 in the grey market today.</li><li>The ₹61.2 crore IPO of Likhitha Infrastructure was subscribed nearly 10 times on the final day of bidding. </li><li>According to Angel Broking, the company may not see a great listing tomorrow “as nothing much was left on the table at the issue price.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The shares of Hyderabad-headquartered oil and gas pipeline infrastructure service provider Likhitha Infrastructure will hit the bourses today. This will be the 11th company to list this year. The company received a tepid response from investors during its ₹61.2 crore IPO. The shares are now hovering at a premium of around ₹5-10 in the grey market— which is an upside of 13% over the revised issue price band. Grey market premium is the measure of the extra amount that the market is ready to pay for a newly listed company’s shares. However, it is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. Given the turbulence in Indian stock markets over the past few weeks, the grey market premium (GMP) of all companies that launched an IPO recently took a massive hit. Likhitha Infrastructure: Analysts expect a subdued debut Given the tepid interest that IPO garnered, analysts are not too excited about listing prospects. According to Angel Broking, the company may not see a great listing tomorrow “as nothing much was left on the table at the issue price.” “Considering the small size of free float available in the market, we advise investors to stay away from this stock. There are better options available in the market for investment in the infrastructure sector with no issue with respect to the traded value in the exchanges." said Keshav Lahoti Associate Equity Analyst, Angel Broking. Tepid response for <keyword id="9987003" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-IPO">Likhitha Infrastructure IPO</keyword> There wasn’t a great demand in the market for Likhitha’s shares— compared to its other IPO peer Mazagon Dock, which saw a staggering 157 times subscription. The ₹61.2 crore IPO of Likhitha Infrastructure was subscribed nearly 10 times on the final day of bidding. This after the IPO was extended by three days on the back of weak response from Qualified Institutional Buyers (QIBs). Even the price band was revised from ₹117-₹120 to ₹116-₹120 per share According to the stock-exchange data, the issue received bids for 48 million equity shares against an offer size of 5 million equity shares. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Likhitha Infrastructure IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,550,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">765,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,785,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,100,000 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.99x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.54x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.71x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.51x </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-likhitha-infrastructure-ipo-share-allotment-status/articleshow/78545910.cms" data-type="tilCustomLink">Likhitha Infrastructure IPO allotment status to be announced — here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/check-the-list-of-upcoming-expected-ipo-in-2020-or-early-2021-in-india/articleshow/78634660.cms" data-type="tilCustomLink">IPOs have raked in nearly $180 billion so far in 2020 — Here’s a look at some other companies that may go public this year</a>

Likhitha Infrastructure to list today — grey market premium suggest an upside of 13%

<ul><li>The shares of RailTel listed at about 16% higher at ₹109 apiece, compared to the IPO issue price of ₹93-94 per share.</li><li>Within minutes after listing, the shares of RailTel gained 7% of their value and were trading at ₹111.7 apiece at 10:05 am in an otherwise tepid market.</li><li>The listing is also in line with analysts expectations — which predicted listing gains above 15%.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The ₹819 crore ($112 million) initial public offering (IPO) of state-run RailTel Corp made a decent debut after a tremendous investor response. The shares of RailTel listed at about 16% higher at ₹109 apiece, compared to the IPO issue price of ₹93-94 per share. Within minutes after listing, the shares of RailTel gained 7% of their value and were trading at ₹111.7 apiece at 10:05 am in an otherwise tepid market. The company's market value expanded to ₹3,669 crore after the listing. RailTel is a government-owned information and communications technology (ICT) infrastructure provider firm and India's largest neutral telecom infrastructure provider. Nearly all the brokerages have given a ‘subscribe’ rating for the issue, citing long term as well as listing gains. According to investment experts, the best thing is the company’s exclusive right to generate additional revenues by creating nationwide broadband and multimedia networks by laying optical fibre cable along railway tracks. The IPO was subscribed 42 times and generated bids worth more than ₹259.42 crore against the offer size of 6.12 crore shares. The portion of the IPO reserved for retail investors was subscribed 16.78 times, whereas the qualified institutional buyer was subscribed 65.29 times. Grey market premium fizzled out ahead of the listing Although the high number of subscriptions showed an excellent demand for its shares, just days ahead of the listing, the company's grey market premium fizzled nearly 62%, amid the high market volatility this week. The shares that were earlier commanding a premium of ₹35-40 were significantly down to ₹10-15 a share. The listing is also in line with analysts expectations — which predicted listing gains above 15%. “We expect <keyword id="293520" type="COMPANY" weightage="20" keywordseo="RailTel-Corporation">RailTel Corporation</keyword> to list at a premium of around 15% above the issue price. Company has priced its issue at 21.4x PE on a FY20 trailing basis, which is quite reasonable by looking at the strong future growth rates of the company,” said Keshav Lahoti, Associate Equity Analyst at Angel Broking. The price-to-earnings (P/E) ratio shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-saw-the-birth-of-two-new-unicorns-this-week-both-their-valuations-have-swelled-multiple-times-in-just-a-few-months/articleshow/81221476.cms">India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms">Whatsapp, Signal and Telegram face a catch-22 situation as India’s new social media rules threaten encryption</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms"></a>

RailTel makes a decent debut — shares list on bourses at 16% premium

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2900 crore has been unearthed by the CBI during its probe into such cases over the last three years, according to PTI. CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money. Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment. The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named. The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said. Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said. The CBI is prosecuting these companies for corruption and scheduled offences associated with it. In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">Money Laundering</keyword> Act, Benami Transactions (Prohibition) Act and the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act etc, the sources added. The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed. The sources said it is likely that these shell companies have been used to abfinancial crimes by other offenders too which will be probed by other agencies. The companies are spread across the country as also the 'tax-haven' countries facilitating transfer of black money which makes the investigation even more difficult, they said. Some important cases which have been probed by the CBI include the one against <keyword id="4504226" type="UNKNOWN" weightage="20" keywordseo="century-communication-group">Century Communication Group</keyword> which used to run Mahua Channel. According to the figures mentioned in the agency's charge sheets and FIRs, the group allegedly committed fraud to the tune of Rs 3000 crore. It used over 98 shell companies to allegedly divert bank loans for setting up digital studios in Noida, Mumbai, <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword> and other locations, the CBI has said. These companies were allegedly used to divert funds showing fake equity infusion to the tune of Rs 802 crore. The Kolkata-based shell companies named in the case were allegedly controlled by one Muralidhar <keyword id="108547" type="PERSON" weightage="20" keywordseo="Lahoti">Lahoti</keyword>. Three chartered accountants have also been charge sheeted. Zoom Developers faces 14 cases for allegedly swindling bank funds worth Rs 2600 crore involving a consortium of 26 banks. It allegedly collateralised foreign bank guarantees issued by Indian banks in favour of foreign aggregators. The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Spot Exchange Limited, also known as "NSEL scam", in which funds of Rs 342 crore were allegedly swindled. Nine shell companies surfaced during the probe which were trading on the exchange platform allegedly without having actual possession of the commodities, they said. The company is accused of increasing its paid-up capital to Rs 500 crore by round-tripping and routing bank funds to the extent of Rs 460 crore through six shell companies. In a recent case, the agency has found that a dental college existed only on paper while a bank was told that the construction was completed and loan funds were diverted for purposes other than for which these were issued. In many cases, the CBI found that companies have peons, drivers, sanitation workers, personal staff, cooks etc as the directors of the shell companies created by the masterminds who divert funds using them, the sources said. Recently, the government expressed concern over the working of shell companies in the country. Revenue Secretary Hasmukh Adhia had said that out of 15 lakh companies registered in India, nine lakh are not filing any returns and some among them may be acting as shell companies.

You Searched For "Lahoti" and got 12 results

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Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

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