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New Delhi: Shares of <keyword id="20599931" type="General" weightage="100" keywordseo="NTPC-Green-Energy" source="keywords">NTPC Green Energy</keyword> Ltd, the <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> arm of <keyword id="19903558" type="General" weightage="20" keywordseo="NTPC" source="keywords" meta.keywordsubtype="org" meta.entityname="NTPC" meta.hostid="261" meta.entityid="NTPC">NTPC</keyword>, listed with a premium of over 3 per cent against the issue price of Rs 108 on Wednesday. The stock made its debut at Rs 111.60, up 3.33 per cent from the issue price on the BSE. Later, it climbed 12.40 per cent to Rs 121.40. At the NSE, it listed at Rs 111.50, up 3.24 per cent. The company's market valuation stood at Rs 1,02,211.38 crore during the morning trade. Shares of NTPC climbed nearly 2 per cent to Rs 368.80 on the BSE. The <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> of NTPC Green Energy Ltd got subscribed 2.40 times on the closing day of the share sale on Friday. The Rs 10,000-crore share sale had a price band of Rs 102-108 per share. Proceeds from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, about Rs 7,500 crore at the upper band, will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, and a portion will be utilised for general corporate purposes. NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.

NTPC Green Energy shares debut with over 3% premium

<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!

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!

<ul class="summary-list"><li>OpenAI is changing its corporate structure.</li><li>The changes will likely give it more leeway over decisions and a defense against activist investors.</li></ul>OpenAI is in the midst of a <a target="_blank" href="https://www.businessinsider.com/what-openai-needs-to-do-to-become-for-profit-altman-2024-9">massive corporate restructuring</a>.The <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT maker</a> announced last month that it would transition to a public benefit corporation, in line with competitors like Anthropic and xAI.Since its launch in 2015, <a target="_blank" href="https://www.businessinsider.com/openai-valuation-funding-ai-race-competition-2024-10">OpenAI</a> has operated under the supervision of a nonprofit board, with a mission to develop artificial general intelligence that is safe and benefits humanity. It added a for-profit arm in 2019 to help it raise money to fund that mission.Now, as the company grows more valuable, its backers want to see returns on their investment. As part of the latest round of funding — the <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">$6.6 billion deal</a> it closed this month, one of the largest in Silicon Valley history — OpenAI will be transitioning to a regular for-profit structure. If it doesn't complete this transition within the next two years, its investors can ask for their money back, Axios reported.Public benefit corporations are for-profit businesses "created to generate social and public good, and to operate in a responsible and sustainable manner," <a target="_blank" href="https://www.law.cornell.edu/wex/public_benefit_corporation">according to the Legal Information Institute</a> at Cornell Law School.Unlike traditional for-profit businesses, which are primarily focused on maximizing shareholder value, public benefit corporations must balance stakeholder interests with those of their employees and customers.Travis Borden, the founder and president of advisory firm <a target="_blank" class="" href="https://www.keeneadvisors.com/about">Keene Advisors</a> helps purpose-driven companies like public benefit corporations raise capital, pursue mergers and acquisitions, and conducts a broad range of strategic consulting work. He told Business Insider that one of the benefits of OpenAI's proposed new structure is that it can serve as a bulwark against the demands of activist investors.In a regular company, "if their stock price is lagging and they're not growing as quickly as they could, activist investors can come in, take a position on the board, they can sort of threaten shareholder lawsuits and things like that and force the company to do really profit maximizing things," he said.In a public benefit corporation, however, the board has more discretion."They can say, well, in addition to making profit and maximizing value, we also have this public benefit that's in our charter that we are going to pursue. So it gives them some kind of cover to say, we don't have to maximize short-term profits at all costs," Borden said.Investors can also question why a company isn't progressing on its stated public benefit.Borden said that once OpenAI gets the approval of its shareholders to transition, it will need to change its structure under Delaware law — where many corporations are based — and its articles of incorporation, the legal documents filed with the state to create a corporation. It will also need to define its "public benefit" as part of its new corporate charter, he added.That public benefit, for now, is laid out in OpenAI's mission: to develop the technology in a way that is safe and benefits humanity.But OpenAI's restructuring comes when those inside and outside the company are questioning its commitment to that mission.Last November, the company's board <a target="_blank" href="https://www.businessinsider.com/what-sam-altman-did-so-bad-he-got-fired-openai-2023-12">unsuccessfully ousted Altman as CEO</a>, saying he was not "consistently candid in his communications." The ousting publicized a growing rift in the company between those looking to maximize profits and those worried about the dangers of too aggressively developing the technology. In the months since, <a target="_blank" href="https://www.businessinsider.com/openai-leaders-who-left-since-2023-sam-altman-leadership-struggle-2024-9">several high-profile researchers and executives</a>, many of them part of a team focused on safety, have left the company, including chief scientist and cofounder Ilya Sutskever, head of alignment Jan Leike, and most recently, chief technology officer Mira Murati.So as OpenAI restructures, the pressure is now on the company to clearly articulate its public mission and show that it's serious about it."I think that they talk about ensuring that it benefits all of humanity, and that may be part of what they would try to incorporate into their public benefit, that their tool will, in addition to obviously generating returns for shareholders, will benefit all of humanity," Borden said. But "that's a pretty broad statement."He said the good news is that once they've specified their mission, the board and management teams will have more "latitude" in decision-making.Jens Dammann, a professor at the University of Texas School of Law, told The Information that OpenAI would likely find that proposition attractive."If you can convey the idea to people that you are a good enterprise, a morally safe enterprise and that comes with very little constraints, that has to be tempting to entrepreneurs," she told the outlet.OpenAI did not immediately respond to a request for comment from Business Insider.

OpenAI will need to prove it's in the public's best interest as it becomes a for-profit company

<ul class="summary-list"><li>The growing partisan divide in Silicon Valley is playing out in messy, public social media battles.</li><li>Insults have grown personal, a new trend in a sector that usually bickers in private.</li></ul>In a LinkedIn post from late July, <a target="_blank" href="https://www.linkedin.com/pulse/why-im-speaking-up-a16zs-endorsement-rob-day-lwohe/?trackingId=az319BZiTwWYFSxMvCf5PA%3D%3D%C2%A0">venture capitalist Rob Day</a> reminded his followers that "we as longtime investors tend not to criticize each other."During this election cycle, at least, that's no longer the case. Some of Silicon Valley's biggest names are now waging partisan battles for all the internet to see.Day was reacting to famed investors <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">Marc Andreessen and Ben Horowitz</a>, who declared their support for former President Donald Trump in a nearly 90-minute podcast episode, and the resulting dispute that played out mostly on social media.Though Silicon Valley, nestled in the deep-blue Bay Area, has long been considered a liberal bastion, Andreessen and Horowitz are part of a rightward tilt among some of tech's biggest names. They're joined by <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a>, venture capitalist David Sacks, and PayPal cofounder Peter Thiel, among others."I think the divide is new, but the principles on which it's built are not," said Fred Turner, a communications professor at Stanford University who recently co-authored the book "Seeing Silicon Valley: Life Inside a Fraying America."Turner said that many successful tech companies are based on a technocratic ideology in which one expert exerts almost singular dominance: "The deep story, I think, is the way in which success in technocratic enterprise can seem to people on the outside to be models for political life."As disagreements swirl about regulation, AI safety, and crypto crackdowns, Silicon Valley's darlings are becoming more invested in — and vocal about — politics overall. Musk exemplifies this transformation. He said in 2015 that he tried to avoid getting involved in Washington but is now <a target="_blank" href="https://www.businessinsider.com/elon-musk-explains-why-hes-voting-republican-party-2024-7">supporting Trump's campaign with his words and his wallet</a>.This shift has ignited public spats for all to witness.<h2 id="b0d49e81-a60c-485b-b667-1c76148576ed">Debates that used to be held in private are now public</h2>Silicon Valley used to air its dirty laundry in private, if at all, rather than in lengthy threads on X."I think that there's conversations in public among circles that normally have those in private, but I'm not a part of that," Leslie Feinzaig, a venture capitalist who <a target="_blank" href="https://www.businessinsider.com/silicon-valley-leaders-support-harris-musk-andreessen-support-trump-2024-7">founded the group VCsForKamala</a>, told Business Insider. In part, she formed the organization in response to her sector's rightward shift and the resulting fallout.Many in <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Silicon Valley</a>, such as LinkedIn cofounder Reid Hoffman and Box CEO Aaron Levie, have <a target="_blank" href="https://www.businessinsider.com/election-business-leaders-billionaires-backing-kamala-harris-president-2024-7">aligned themselves against Trump</a>. Some have even joined VCsForKamala, but not all of them share Feinzaig's commitment to staying out of public spats.Hoffman and Sacks, both members of the so-called PayPal mafia who once worked side-by-side, are now publicly feuding over politics.Sacks shared on June 6 a 23-paragraph post on X endorsing Trump and announcing a fundraising event for the former president. Hoffman <a target="_blank" href="https://www.businessinsider.com/linkedin-cofounder-reid-hoffman-david-sacks-wrong-about-trump-2024-6">wasted no time responding</a> with a lengthy social media post of his own, in which he said that Sacks "got it wrong on just about every count."Hoffman attacked Sacks' multi-part argument and didn't mince words: "In tech, we call this 'being wrong.'"That was only the beginning.<h2 id="f5c34bea-8c54-4685-bbfc-6972e273c138">A new tone to Silicon Valley political discourse</h2>The public disputes intensified after Andreessen and Horowitz released <a target="_blank" href="https://www.businessinsider.com/marc-andreessens-endorsement-donald-trump-tech-industry-silicon-valley-2024-7">their podcast episode</a> on July 16.Disagreements again spilled onto X when venture capitalist Roger McNamee shared an article titled, "The Moral Bankruptcy of Marc Andreessen and Ben Horowitz.""Really Roger? We've known each other for 25 years, you invested in my company, you have my cell #, and your very first idea when we disagree is to attack me in a tweet? Good to know I guess," Horowitz responded.A day later, the insults got more personal.Paul Graham, the computer scientist and founder of venture capital firm Y Combinator, asked in <a target="_blank" class="" href="https://www.bloomberg.com/news/newsletters/2024-07-30/tech-vcs-publicly-fighting-over-trump-support-in-presidential-election?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=businessweek&amp;cmpid=socialflow-twitter-businessweek&amp;utm_source=twitter">a now-deleted post</a> whether Sacks is "the most evil person in Silicon Valley."Sacks didn't roll over. In an X post of his own, he called Graham "a bully and maybe something much worse."Other tech figures, including <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">OpenAI CEO Sam Altman</a>, began to take sides, throwing their weight behind either Graham or Sacks and drawing even more attention to the public fight.Then, on July 31, David Marcus, the former president of PayPal, decided that it was his turn to post a <a target="_blank" href="https://x.com/davidmarcus/status/1818700003810197698">detailed open letter on X</a>. He explained why he's endorsing Trump, saying that he "broke free" from old mental frameworks and that he has undergone "a gradual political 180."Levie, the Box CEO, responded: "Lots of fair feedback here that I hope the democrats listen to." Earlier that day, Levie had posted separately on X that he saw a legitimate shift in Silicon Valley toward Harris, who had just become the presumptive nominee after President Joe Biden dropped out of the race. Leaders saw her, he said, as "a more stable, pro tech, pro business President" compared to Trump.Despite Levie's apparent interest in listening and speaking across the partisan divide, <a target="_blank" href="https://x.com/levie/status/1818666165650309252">Joe Lonsdale, the cofounder of Palantir</a>, shot back that the argument was "silly" and called Harris anti-business."VCs went from very few pro-Trump to about half!" Lonsdale said. Levie replied, and other tech leaders chimed in on the drawn-out thread.While some of the back-and-forth is taking place on more organized forums and in more careful language — Hoffman, for example, <a target="_blank" href="https://www.businessinsider.com/reid-hoffman-linkedin-business-leaders-who-support-trump-2024-6">published an op-ed in The Economist</a> — most of it is playing out in the messy, typo-ridden, impulsive world of social media."I just felt like in our industry the conversation had turned very mudsling-y, and that's not at all anything I want to be a part of," Feinzaig, who organized VCsForKamala, said of the recent trend.Feinzaig said she doesn't think Silicon Valley is turning conservative, but rather that people have nuanced views and that conservative voices have recently become more comfortable speaking out.<h2 id="7fae0b99-bbbf-434c-865e-d0d54b5bb2be">Money simmers beneath the partisan divide</h2>Turner, the Stanford professor, attributes some of the shift to purely monetary incentives."These leaders are about making money," he said. "If the political winds shift right in Washington, it can behoove tech leaders to shift to the right as well."The relationship, he said, does not only go in one direction, as politicians are well attuned to the vast wealth nestled in Northern California."Money, money, money makes the world go round!" he said, quoting the musical "Cabaret." "It just does. Politicians need money in amounts that, for some Silicon Valley leaders like Elon Musk, are actually trivial. I think that that's something that's really important to remember."Already, that money is talking. Andreessen and Horowitz announced that they're giving millions to Trump. Reed Hastings, the cofounder of Netflix, <a target="_blank" href="https://www.businessinsider.com/reed-hastings-all-in-on-kamala-harris-7-million-donation-2024-7">donated $7 million to a PAC</a> affiliated with Harris.

Silicon Valley's political divide is now public — and petty

Tech giant <keyword id="19910716" type="General" weightage="20" keywordseo="IBM" source="keywords" meta.keywordsubtype="org" meta.entityname="IBM" meta.hostid="153" meta.entityid="IBM">IBM</keyword> on Monday announced the launch of its <keyword id="22332400" type="General" weightage="100" keywordseo="GenAI-Innovation-Center" source="keywords">GenAI Innovation Center</keyword> in <keyword id="19900813" type="General" weightage="20" keywordseo="Kochi" source="keywords">Kochi</keyword> which, it said, will enable enterprises, <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>, and partners to explore and build generative <keyword id="20125652" type="General" weightage="20" keywordseo="AI-technology" source="keywords">AI technology</keyword>. The centre will accelerate AI innovation, boost productivity and strengthen GenAI expertise in India, the company said in a release. "As organisations transition from AI experimentation to deployment for adding business value, they often find AI projects too complex or difficult to integrate due to limited skills or expertise," it said. According to the release, the centre would provide organisations with access to IBM experts and technologies geared to help build, scale and accelerate adoption of enterprise-grade AI. The centre is built on InstructLab, a new technology jointly developed by IBM and <keyword id="20245485" type="General" weightage="20" keywordseo="Red-Hat" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Hat" meta.hostid="153" meta.entityid="Red Hat">Red Hat</keyword> for enhancing Large Language Models (LLMs) with a client's own data, and will also take advantage of IBM '<keyword id="20249092" type="General" weightage="20" keywordseo="Watsonx" source="keywords">watsonx</keyword>' AI and data platform and AI assistant technologies. The GenAI Innovation Center will be a part of the IBM India Software Lab in Kochi, and be managed by IBM's technical experts. "With access to the latest in generative AI technology, LLMs, case studies, and IBM experts, the centre will nurture a community focused on harnessing the power of generative AI to address societal and business challenges ranging from sustainability, public infrastructure, healthcare education, and inclusion," IBM said.

IBM to launch GenAI Innovation Center in Kochi

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, Sebi chairperson <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword> on Monday said the capital markets regulator is seeing "signs" of price manipulation in the small and medium enterprises (<keyword id="19938687" type="General" weightage="20" keywordseo="sme" source="keywords">SME</keyword>) segment. The manipulation is both at the <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) and trading, <keyword id="20908618" type="General" weightage="20" keywordseo="buch" source="keywords">Buch</keyword> said, advising caution to investors. "We do see the signs (of price manipulation), we have the technology to do it. We are able to see certain patterns. I'd say it is still on the kitchen table, it's not yet gone into the oven," Buch said, speaking to women journalists on the sidelines of a conference here. The capital markets regulator is still working with advisors to understand all the dimensions and analyse the data, she said, adding that if it finds some malpractices the next step may be to issue a public consultation on it. She said the investors need to understand that the SME segment is different from the main board and it is necessary for Sebi to underline the same in terms of the rules on disclosures which are made to investors. Regulations governing the SME segment, the disclosures, and therefore, the nature of risk are all different, she added.

Seeing signs of price manipulation in SME segment: Madhabi Puri Buch

<ul><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of the business empire that now spans from ports to energy to cement. </li><li>Shares of Adani Enterprises Ltd (<keyword id="236769" type="General" weightage="80" keywordseo="ael" source="Orion">AEL</keyword>) have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore.</li><li>The group has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. </li></ul> Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s conglomerate on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of his sprawling business empire that now spans from ports to energy to cement. Adani Enterprises Ltd, the flagship firm of <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>'s richest person, will raise funds through the issue of fresh equity shares, it said in a stock exchange filing. The public offering will help Adani Enterprises Ltd (AEL), which is the business incubator for the group and currently houses businesses from civil aviation to data centres, diversify the shareholder base and build its credibility and acceptance among investors. Promoters currently hold 72.63 per cent shares of AEL. Of the remaining 27.37 per cent, almost 20 per cent is held by insurance companies and foreign portfolio investors. Shares of AEL have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore. Benchmark S&amp;P BSE Sensex index has risen just 5.4 per cent over the same period. In the stock exchange filing, AEL said its board of directors met on Friday and approved the "raising of funds by way of a further public offering through a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore." The company will seek shareholder approval for the offering through a postal ballot. The Adani group has previously stated that it is working on plans to increase the free float. Adani started AEL in 1988 with the commodity trading business and used it as an incubator of new businesses before spinning them off into separately listed firms. The group now has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. Recently, the group also entered the media business. Ports, power, transmission, green energy, gas and edible oil businesses are separately listed companies. The group has made forays into a diverse array of businesses with dealmaking in recent months. It recently acquired Holcim Ltd's India cement units for USD 10.5 billion, India's second-biggest deal of the year. It is also making a bid to take over New Delhi Television Ltd (<keyword id="6420486" type="General" weightage="50" keywordseo="ndtv" source="Orion">NDTV</keyword>). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uks-asian-rich-list-hinduja-family-retain-top-spot-uk-pm-sunak-his-wife-make-debut/articleshow/95761539.cms">UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/construction-cost-of-greenfield-infra-projects-increased-by-5-7-q32022-cbre/articleshow/95762330.cms">Construction cost of greenfield infra projects increased by 5-7% Q32022: CBRE</a>

Adani Enterprises to raise ₹20,000 crore via a follow-on public offer

<ul class="summary-list"><li><keyword id="6360409" type="UNKNOWN" weightage="60" keywordseo="nasa" source="Orion">NASA</keyword> ranked first and the Department of Homeland Security last among large agencies.</li><li>The Federal Trade Commission fell from its number two spot in 2020 to 22nd place among mid-sized agencies.</li></ul>In a week when the James Webb Space Telescope <a href="https://www.businessinsider.com/photos-james-webb-vs-hubble-universe-pictures-show-huge-improvement-2022-7">beamed otherworldly photos</a> back to Earth, the National Aeronautics and Space Administration can celebrate something more terrestrial: it's among the best places to work in the <keyword id="12160305" type="UNKNOWN" weightage="60" keywordseo="federal-government" source="Orion">federal government</keyword>, according to <a href="https://bestplacestowork.org/">a new study</a>. NASA, which placed first among large agencies in the annual Best Places to Work in the Federal Government report for the 10th straight year, has consistently made purposeful, transparent, and obvious investments in its people, said Loren DeJonge Schulman, vice president of research, evaluation, and modernizing government at the nonprofit <keyword id="13441601" type="UNKNOWN" weightage="60" keywordseo="partnership-for-public-service" source="Orion">Partnership for Public Service</keyword>, which co-sponsored the <a href="https://bestplacestowork.org/">study</a> with the Boston Consulting Group.The Department of Health and Human Services and Department of Commerce also ranked highly among large agencies. The Government Accountability Office and National <keyword id="11896083" type="UNKNOWN" weightage="60" keywordseo="science" source="Orion">Science</keyword> Foundation scored top marks among mid-sized agencies, while the Pension Benefit Guaranty Corporation, National Endowment for the Humanities and Office of Special Counsel ranked highly among small agencies.But as the federal government transitioned from the Trump administration to the Biden administration in the midst of the COVID-19 pandemic, not all government agency <keyword id="12122644" type="UNKNOWN" weightage="60" keywordseo="workforce" source="Orion">workforce</keyword> environments are healthy, the survey indicated.The Department of Homeland Security ranked last among large agencies for the 10th consecutive year. The Department of Justice and Social Security Administration also ended 2021 in the large agency division's basement.Among mid-sized agencies, the National Labor Relations Board and Court Services and Offender Supervision Agency were laggards, while the Federal Election Commission and International Boundary and Water Commission ranked last among small agencies.Meanwhile, the Federal Trade Commission fell from its number two spot in 2020 to 22nd place in the 2021 mid-size agency rankings while the Federal Mediation and Conciliation Service took a nosedive from 11th to 24th, signifying the largest drop among small agencies. Overall federal employee engagement and satisfaction decreased slightly from 2020 to 2021, and now stands at a score of 64.5 out of 100.<h2><div type="image" title="Social Security Administration" height="2533" width="3800" msid="92842638" hostid="261" sizebytes="1136124"></div></h2><h2>Reasons for change</h2>The rankings, in its 16th edition, offer a comprehensive assessment of how federal workers view their <keyword id="11899183" type="UNKNOWN" weightage="60" keywordseo="jobs" source="Orion">jobs</keyword> and workplaces, "providing employee perspectives on leadership, pay, innovation, work-life balance and other issues."The 2021 rankings include 503 federal agencies and subcomponents, the most in the history of Best Places to Work: 17 large agencies, 25 midsize agencies, 29 small agencies and 432 of those agencies "subcomponents". Among agency subcomponents, the National Science Foundation's Directorate for Education &amp; Human Resources ranked first, while the Social Security Administration's Office of the Inspector General finished dead last, at No. 432.The decrease in employee engagement and satisfaction came during President Joe Biden's first year in office, during which the administration saw more than half of its administration nominees requiring Senate confirmation fully confirmed. That's slightly higher than former President Donald Trump, but considerably lower than Barack Obama and George W. Bush.The leadership vacancy problem presents a major challenge for the administration, the report states. The Biden administration, per the report, said federal employees are the "backbone of our government" and that the administration stands to "make every federal job a good job, where all employees are engaged, supported, heard and empowered.""Noting that this is the first year of the Biden administration, it's going to be a period of dynamism and change for every agency as they get new leaders on board and they cope with priorities and new missions," Schulman told Insider.Schulman, who's served in key roles at both the National Security Council and Department of Defense, said while she can't speak much to agencies' individual experiences, employees' opinion of their leaders has consistently driven whether an agency receives a strong employee satisfaction score.Work-life balance, compensation, recognition, agency innovation, and how well an agency managed its COVID-related work policies also significantly factored into agencies scores — for better or for worse."Particularly around the FTC, I think looking at issues around leadership change and some of the issues associated with returning to the office, definitely impacted them as well," Schulman said. "And I think for any agency that is seeing that their rankings went down, should be paying very close attention to matters around effective leadership, particularly when it comes to senior leaders and supervisors." Among the survey's other findings across all agencies:<ul><li>Supervisors received a rating of 79.8 out of 100 for their leadership. But senior leaders rated considerably lower, at 56.1.</li><li>Employees gave their work units a score of 84.9 out of 100 based on "performance," but only 61.2 for satisfaction with pay and 59.8 for agency efforts to recognize good work through awards and advancement.</li><li>Federal employees aged 30 to 39 had the lowest employee engagement and satisfaction score of any age group.</li><li>Employees aged 60 and over registered the highest job satisfaction.</li><li>Low engagement and satisfaction scores were recorded for those identifying as LGBT as well as people with disabilities, Native Americans and Alaskans, and those who identified as being of two or more races.</li></ul>In an effort to respond to many of the concerns federal employees are raising, the Biden administration for 2023 has proposed one of the <a href="https://www.govexec.com/pay-benefits/2022/03/biden-proposed-raise-federal-workers-2023/363666/">largest pay raises for federal employees</a> — 4.6% — in the last 20 years. The raise is a significant improvement from the 1% across-the-board pay increase they saw in 2021.Schulman noted that the rankings are important, as it "serves as a great barometer and report card for agencies around what they're doing well and where they need to improve."It gives them a chance to listen to their employees around what's working and what's not," she said. "And when employees have better satisfaction, they are more likely to serve the American people better."At NASA, Chief Human Capital Officer Jane Datta explained her agency's vision as "people first, mission always" in an interview with <a href="https://www.youtube.com/watch?v=6J6Emhn1LDI">Michael Keegan</a>, host of The Business of Government Hour. NASA says it uses employee experience data to pinpoint where it's experiencing challenges and where it's seeing improvements.

You Searched For "Public Enterprises" and got 9 results

NTPC Green Energy shares debut with over 3% premium

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OpenAI will need to prove it's in the public's best interest as it becomes a for-profit company

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Silicon Valley's political divide is now public — and petty

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IBM to launch GenAI Innovation Center in Kochi

PTI

Seeing signs of price manipulation in SME segment: Madhabi Puri Buch

PTI

Adani Enterprises to raise ₹20,000 crore via a follow-on public offer

PTI

Working at NASA is out of this world, but Homeland Security employment is not so hot: report

Hanna Kang

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