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<ul><li>Domestic AIFs saw tepid activity as residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> debt witnessed lower demand.</li><li>Large deals dominated the PE investment in real estate in the first nine months of FY24.</li><li>Commercial real estate continued to attract large fund flows, and PE investors favour equity vs debt. </li></ul>A sharp rise in home sales as well rising office occupancies might be the talk of the town. Yet, private equity investments in the sector remained muted. In the first nine months of FY24, i.e. April to December 2023, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the sector registered a 26% decline, says a report by Anarock. Investor activity remained tepid due to geopolitical uncertainties as well as a high interest rate environment. The size of domestic investments however declined to 14% of total capital flows to $360 million as compared to $717 million in the same period last year. "Domestic alternate investment funds (AIFs) have seen lower activity levels as their favoured asset class — residential real estate debt – witnessed lower demand for high-cost funds. Strong residential pre-sales and an accommodative stance by state-owned banks have led to reduced demand for capital from the more expensive AIFs," said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. The average ticket size marginally increased to $95 million from $91 million in the same time last year. This is largely due to a mega $1.4 billion deal in which Brookfield India Real Estate Trust REIT and Singapore’s GIC together acquired two commercial assets in Mumbai and Gurugram. The deal also aided the sharp rise in multi-city transactions. Otherwise, Mumbai Metropolitan Region led the transaction league tables in city-specific transactions. The region saw investments flows to the tune of $694 million. Top 5 real estate PE deals in 9MFY24 <table style="border-width: initial; border-style: none;"></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;">Investor </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;">Recipient </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;">Asset class </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;">Deal size </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;">Brookfield RE Trust REIT &amp; GIC </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;">Brookfield AMC </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;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </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;">CPP Investments </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;">RMZ Corp </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;">Commercial </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;">$325 mn </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;">Morgan Stanley </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;">Prakhhyat Group </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;">Warehousing </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;">$85 mn </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;">Blackstone </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;">Allcargo </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;">Warehousing </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;">$76 mn </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;">Kotak Data Center Fund </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;">Sify Infinit Spaces </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;">Data Center </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 mn </td></tr></tbody></table>Source: Anarock Office spaces dominate Most of the PE investment flows for the fiscal year flew into office spaces which dominated the big ticket deals. Data centers also became an emerging new asset class for investors. Domestic debt funds also showed interest in commercial projects. Varde Partners had invested $91 million in a Hyderabad based project by Phoenix Group. “The sector’s reliance on IT/ITeS diminished, with manufacturing, BFSI, and co-working spaces contributing to resilient demand. Anticipated growth in the IT/ITES sector is expected as more employees shift to working from offices for 3-4 days weekly,” said Anarock. Residential real estate was also one of the key sectors which saw large deals in 9M FY24. HDFC Capital as well as PAG invested over $60 million in CCI Projects and Kalpataru Group respectively. In times when overall flows softened, large deals dominated the scene. Top ten deals accounted for 87% of the total value of PE investments. In the same period last year, they accounted for 76%. While debt capital also flowed in, equity investments are preferred route for PE investors, which is visibly healthy at 84% of total deals.

Real estate hit its highs in 2023 but slipping PE investments a worry

New Delhi: The upcoming Initial Public Offering (IPO) of <keyword id="20214518" type="General" weightage="20" keywordseo="Hyundai-Motors-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motors India" meta.hostid="261" meta.entityid="Hyundai Motors India">Hyundai Motors India</keyword> has sparked significant interest in the Indian markets, but a recent report by <keyword id="20303939" type="General" weightage="20" keywordseo="Aequitas-Investments" source="keywords" meta.keywordsubtype="org" meta.entityname="Aequitas Investments" meta.hostid="261" meta.entityid="Aequitas Investments">Aequitas Investments</keyword> suggests it may not be as promising for <keyword id="19953411" type="General" weightage="20" keywordseo="Indian-investors" source="keywords">Indian investors</keyword> as anticipated. The report highlighted several concerns, pointing to broader industry challenges and the valuation mismatch as reasons for caution. It said "Given the headwinds that the Global <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">Automobile Industry</keyword> is facing coupled with signs of a slowdown in India, the upcoming IPO might not be a great deal for Indian Investors" Hyundai Motor Company, the parent firm based in South Korea, is set to offload shares worth Rs 25,000 crore through an Offer for Sale (OFS) in the Indian market. However, the report suggested that the current global headwinds facing the automobile industry, combined with signs of a slowdown in India, may make this IPO less attractive for Indian investors. One of the key issues flagged in the report is the valuation of Hyundai Motors India. The report noted that despite contributing only 6.5 per cent of Hyundai's global revenue and 8 per cent of its overall profitability, the Indian unit is expected to be valued at approximately 42 per cent of the parent company's market capitalization upon listing. This valuation discrepancy raises concerns about whether the IPO price is justified given the Indian unit's relatively modest contribution to Hyundai's global business. "Despite contributing only 6.5 per cent of the global revenues and 8 per cent of the profitability, Hyundai's India unit will be valued at approx. 42 per cent of the Parent Co.'s MCap on listing" the report added. From Hyundai's perspective, the move makes sense. In South Korea, Hyundai's stock currently trades at a price-to-earnings (P/E) ratio of just 5x, making the sale in India potentially more lucrative. The report argues that Hyundai is looking to take advantage of the relatively higher valuations in India. It said "From Hyundai's perspective it's a no-brainer as their stock in S.Korea trades at a measly 5x P/E" Hyundai Motor Group, which includes both Hyundai and Kia, is the third-largest automaker globally, having sold 7.3 million vehicles in 2023. While Hyundai Motors India does not have a stake in Kia Motors India, the parent company owns a controlling 34 per cent stake in Kia Motors globally and fully owns Genesis Motors, a luxury brand in South Korea.

Hyundai IPO might not be a great deal for Indian investors: Report

Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="3704207" type="General" weightage="100" keywordseo="SME-IPOs" source="Orion">SME IPOs</keyword> have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2>So, what's an SME <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an IPO, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft <keyword id="12225712" type="General" weightage="20" keywordseo="Red-herring-prospectus" source="Orion">red herring prospectus</keyword>) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous <keyword id="10663340" type="General" weightage="20" keywordseo="Pump-and-Dump" source="Orion">pump and dump</keyword> schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2>So, should I stay away? </h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

Why investing in SME IPOs should not be on top of your adventure to-do list!

Investments by <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) and <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> (VC) funds to homegrown companies declined to $27.9 billion across 697 transactions this year (as of December 20), compared to $47.62 billion across 1,364 deals in 2022, according to a new report. 2023 saw more money being pulled out from the country by private equity players, with overall exits reaching $19.34 billion from 248 companies, in comparison to 233 exits worth $18.45 billion in 2022, according to data from Venture Intelligence and industry body IVCA. Meanwhile, venture <keyword id="989750" type="General" weightage="20" keywordseo="capital-funding" source="Orion">capital funding</keyword> for <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> declined by 72 per cent this year compared to last year. The new-age companies in the country received $7.5 billion across all stages (as of December 15), compared with $25 billion last year, according to the data. The fall in <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> this year is chiefly attributed to slow late-stage deals (Series D and above), which more than halved to $3.5 billion from $11.70 billion in 2022. The early-stage funding deals slowed down. The number of deals declined to almost half to 414 rounds from 871 rounds in the year-ago period, according to the report. Growth-stage funding rounds dropped to $1.9 billion via 99 deals, compared with $6.84 billion from 230 deals in 2022. Making a dent in India's startup growth story, the country slipped to fourth position in the global ranking among the highest-funded geographies in 2023, as it recorded lowest funding in five years. After grabbing the third spot globally in 2021 as well as in 2022, India ranked fourth behind the US, the UK and China this year, receiving only $7 billion in total funding (till December 5), according to recent data by global market intelligence platform Tracxn. In the third quarter (Q3) this year, India even slipped to fifth position among the highest-funded countries -- behind the US, the UK, China and France.

PE, VC investments in domestic companies drop to $27.9 bn in 2023

<div type="image" title="In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs" msid="113878163" hostid="261" sizebytes="45300" caption="&amp;lt;p&amp;gt;In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs&amp;lt;/p&amp;gt;"></div> Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="19938687" type="General" weightage="20" keywordseo="sme" source="keywords">SME</keyword> IPOs have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">So, what's an <keyword id="5559702" type="General" weightage="100" keywordseo="SME-IPO" source="Orion">SME IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft red herring prospectus) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous pump and dump schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2 style="box-sizing: border-box; border: 0px; outline: 0px; padding: 0px; margin: 0px 0px 0.7em; font-family: &quot;Open Sans&quot;, sans-serif; font-weight: 700; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; list-style: none; background: 0px 0px; text-rendering: optimizelegibility; text-transform: none; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">So, should I stay away?</h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

SIMPLY PUT: Why investing in SME IPOs should not be on top of your adventure to-do list!

<ul><li>PE inflows into real estate fell by 20% in the first half of 2023, as compared to last year. </li><li><keyword id="6363605" type="General" weightage="80" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> predicts a rebound in the second half, which will help 2023 to see 5.3% growth. </li><li>The office sector took away over a lion’s share of the investments H1 2023, at $1.7 billion. </li></ul>Private equity investors in India’s real estate sector have taken a measured approach in the first half of 2023. The inflows slipped by 20% in the period as compared to the year before, as per a report by Knight Frank. This in spite of strong economic growth seen in India in the last few quarters and high long-term confidence among global investors. "We have witnessed a decline in the volume of investments over the past year due to the economic challenges faced worldwide, leading some large economies to take drastic fiscal and monetary policy measures. This has further caused investors to re-evaluate their strategies, at least in the short-term,” said Shishir Baijal, chairman &amp; managing director of Knight Frank. The consultancy says that the moderation in growth is limited considering the prevailing global concerns. It also expects a rebound in the second half of the year. Overall, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the Indian real estate sector are estimated to touch $5.6 billion in 2023, a 5.3% YoY growth, Knight Frank predicts. Offices rule the PE sector The office sector took away over a lion’s share of the investment pie — at 68%. This was followed by warehousing which accounted for 21% of the investments, while the residential sector received the lowest part of the share, at 11%. “The India office sector continues to attract investors, particularly for ready income-yielding assets. Looking ahead, the office sector is expected to remain a favourite among investors, as it is likely to maintain its momentum in the short to mid-term," said Baijal. PE investments into real estate sector in H12023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </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;">PE investments </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;">% of funds received </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;">No of PE deals </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;">Office </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,750 mn </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;">68% </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;">4 </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;">Warehousing </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;">$555 mn </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;">21% </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;">5 </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;">Residential </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;">$277 mn </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;">11% </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;">5 </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;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2,582 mn </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;"> </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;">14 </td></tr></tbody></table>Source: Knight Frank “The market demand for Grade A office space, particularly flexible office spaces, is witnessing a notable surge. The supply of Grade A office space is still lower than the existing demand, further contributing to the attractiveness of this market,” Amal Mishra, co-founder, Urban Vault, a Bengaluru based managed co-working space provider. Mumbai received the highest investments accounting for 48%, NCR stood second at 32% and Bengaluru at 13%. The region of investors also shifted drastically as nearly 75% of investments came from Asian countries in H1 2023. In the same period last year, 86% of investments came from Canada and the US. SEE ALSO <a href="https://www.businessinsider.in/business/news/over-a-100-mn-indians-have-tried-products-pushed-by-influencers-and-its-growing/articleshow/101331878.cms">Over a 100 mn Indians have tried products pushed by influencers and its growing</a> <a href="https://www.businessinsider.in/india/news/a-million-streams-every-3-minutes-but-only-5-of-ott-audio-users-pay-for-it/articleshow/101313692.cms">A million streams every 3 minutes, but only 5% of OTT audio users pay for it</a>

Real estate sector sees private equity investments slip 20% in first half of 2023

<ul><li>The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms.</li><li>A total of 30 private equity deals were executed in the BFSI space, cumulatively valued at $566 million.</li><li>Investors show preference for credit-based financial companies with strong profitability metrics, but are still hesitant to make new investments until they gain more confidence. </li></ul> <keyword id="2023017" type="General" weightage="20" keywordseo="Unicorns" source="Orion">Unicorns</keyword> are likely to become scarcer as the funding winter is nowhere near over. The go-go days of private equity investments may be well behind us going by quarterly data on deals. With two of the biggest private equity players not committing any money to India’s startups this year, both volume and value of deals are on the downswing. The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms. Private equity investors are looking at exits rather than investing in new businesses. However, investor interest is holding up in the banking and financial services sector. In the last quarter, a total of 30 private equity deals were executed in the sector, cumulatively valued at $566 million. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes, even though sequentially value and volume showed a dip. However, banking and non-banks rule the charts with respect to values, contributing a 77% share in overall investments. According to the <keyword id="131240" type="General" weightage="80" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> Bharat Financial Services Dealtracker Report, volumes have seen a 23% decline, from 52 deals last quarter. The slowdown is only seen in private markets as public markets continue to shine bright, with India outperforming other emerging markets in the region this year. According to the Dealtracker Report, investors are showing interest in credit-based financial companies with strong profitability indicators, but they are still hesitant to make new investments until they gain more confidence. Vivek Iyer, Partner, National Leader Financial Services Risk Advisory, Grant Thornton Bharat, said, “As we navigate a landscape marked by increasing interest rates and global inflation, the balancing act of central banks becomes crucial to maintaining economic stability. The recent pause in interest rate hikes in India’s monetary policy meetings reflects this cautious approach, especially in the face of global uncertainties and geopolitical factors. What stands out is the evolving investment trend, with private equity funds focusing on primary investments in fintech, banks, and NBFCs, particularly in areas where capital defines growth Strategy.” It is apparent that investors are now looking at profitability and sustainability of the business model. According to Grant Thornton, investors are no longer chasing growth and valuations. Instead they are looking for clear and achievable paths to profitability. Mergers and Acquisitions landscape: The <keyword id="101447" type="General" weightage="20" keywordseo="ma" source="Orion">M&amp;A</keyword> landscape witnessed 10 deals at $1.1 billion. While volumes fell by 9% from the previous quarter, values saw an upsurge of 2047%. Domestic mergers accounted for 60% of the volumes, while cross-border transactions, particularly in the inbound sector, contributed to 60% of the values in the M&amp;A activity. The top deal was Rapyd Financial Networks Ltd.’s inbound <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> of PayU Payments Pvt Ltd for $610 million. Private Equity (PE) landscape: According to Grant Thornton’s report, trends point to a build up of investor interest in fintech, banking, and non-banking financial company (NBFC) sectors. In the last quarter, a total of 30 deals were executed in the PE sector, cumulatively valued at $566 million. This marks a 27% and 76% decline in volumes and values respectively as compared to the previous quarter. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes. However, banking and NBFC segments took center stage with respect to values, contributing a 77% share. Bain Capital’s investment of $176 million was the top deal in the PE landscape. While private equity funds have been actively involved in exit strategies across various segments, data suggests a renewed interest in fresh investments. Rather than pursuing new acquisitions, most PE funds have been channeling their capital into existing investments, bolstering their positions and financing expansion initiatives in the evolving financial landscape. Initial Public Offering Activity: Two IPOs were launched, collectively valuing a substantial $186 million, marking a change in comparison to the previous quarter when no IPOs were observed. Further, the quarter saw three QIPs amounting to an impressive $1.2 billion. Notably, the banking sector played a dominant role in the QIP market, contributing a significant 54% to the overall QIP values for the quarter. This uptick in IPO and QIP activity shows a growing investor appetite and interest in the sector’s offerings. Global investors are showing increased interest in financial services, particularly lending- focused businesses, due to elevated global interest rates. Key areas for credit growth in India include affordable housing, MSMEs, and education. The insurance sector is also poised for growth with regulatory changes and global standards gaining prominence, although substantial investments are yet to come. Fintech remains attractive to investors, but data privacy, influenced by the DPDP Act, 2023, will significantly impact the financial services sector, particularly fintech companies, prompting a re-evaluation of their operational strategies.

Deal Tracker: PE investments fall by 30% to $1.7 bn in September quarter, BFSI rules the roost

PE inflows into Mumbai realty drop sharply, NCR emerges as top favourite in 9MFY23: Anarock

<ul><li><keyword id="15532259" type="General" weightage="20" keywordseo="Cello-World" source="Orion">Cello World</keyword> is a Mumbai-based family owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more.</li><li>The family-owned business has a presence across 30,000 retail outlets through more than 300 distributors.</li><li>ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion.</li></ul><keyword id="521692" type="General" weightage="20" keywordseo="ICICI-Venture-Funds" source="Orion">ICICI Venture Funds</keyword> Management, an alternative asset arm of ICICI Bank, has announced an investment of ₹360 crore in Cello World, a branded consumer houseware company. Cello World is a Mumbai-based, family-owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more. The company was founded in 1967 but this is the time it has divested stake to a PE firm. “We are excited to welcome ICICI Venture Funds as our first investor in Cello World. We are confident of company maintaining its growth and profitability trajectory while providing the consumer with quality products. We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and MD at Cello World. The business has a presence across 30,000 retail outlets via 300 distributors with focus on steel and plastic bottles, thermoware, along with glassware/opalware. The company says that the houseware industry has witnessed secular growth along with a shift from being an unorganised to organised industry. Cello believes that it has been at the forefront of new product introduction with presence across materials i.e., plastics, steel, glass, opal, melamine, copper etc. “Cello World under the leadership of Rathod Family, its capable management team and its pan -India distribution network has demonstrated industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, senior director, private equity, ICICI Venture. ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion. The company has a presence across four verticals i.e., private equity, real estate, infrastructure and special situations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/elon-musks-weight-loss-mantra-is-not-new-but-heres-how-to-do-it-right/articleshow/95550740.cms">Elon Musk’s weight loss mantra is not new, but here’s how to do it right</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-flat-amid-mixed-global-cues/articleshow/95548382.cms">Indian markets open flat amid mixed global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medanta-hospitals-operator-global-health-lists-at-18-5-premium-3x-the-premium-quoted-by-grey-market/articleshow/95546750.cms">Medanta Hospitals operator Global Health lists at 18.5% premium, 3x the premium quoted by grey market</a>

You Searched For "PE investment" and got 9 results

Real estate hit its highs in 2023 but slipping PE investments a worry

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SIMPLY PUT: Why investing in SME IPOs should not be on top of your adventure to-do list!

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Real estate sector sees private equity investments slip 20% in first half of 2023

Deal Tracker: PE investments fall by 30% to $1.7 bn in September quarter, BFSI rules the roost

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