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In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

<ul class="summary-list"><li>Oregon's universal basic income measure failed, with 78.8% of voters opposing the policy.</li><li>The measure proposed giving $1,600 annually to state residents, funded by a corporate tax increase.</li></ul>Oregon's effort to institute a statewide <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-pros-and-cons">universal basic income</a> failed on November 5. With 73% of the total votes counted, The Associated Press reported that 78.8% of those voters opposed the policy.Measure 118 — also known as the Oregon Rebate — planned to give $1,600 annually to all residents who spend more than 200 days in the state. If it had passed, Oregon would have been the first state to implement a UBI policy giving all residents no-strings-attached cash. <a target="_blank" class="" href="https://www.businessinsider.com/us-sovereign-wealth-fund-alaska-universal-basic-income-2024-9">Alaska</a> also has a program that resembles basic income, but it's structured differently than Oregon's proposal.To fund the initiative, Oregon planned to increase the corporate minimum tax rate by 3% on in-state sales exceeding $25 million.Prior to November 5, the policy was <a target="_blank" href="https://www.businessinsider.com/oregon-rebate-universal-basic-income-ballot-measure-november-election-2024-8">unpopular among both Republicans and Democrats</a>, many of whom said the rebate could lead to increased prices for consumer goods and slower job growth. Major corporations also <a target="_blank" href="https://www.businessinsider.com/oregon-opposition-measure-118-basic-income-corporate-tax-2024-9">spent millions to oppose the measure</a>.The opposition movement to Measure 118 raised over <a target="_blank" href="https://yesonmeasure118.us12.list-manage.com/track/click?u=83d9dbb6664b4a19cbb44709d&amp;id=e6a64e8b7d&amp;e=f1e85bc7c7">$16 million</a> — more than <a target="_blank" href="https://yesonmeasure118.us12.list-manage.com/track/click?u=83d9dbb6664b4a19cbb44709d&amp;id=9037925dd4&amp;e=f1e85bc7c7">26 times</a> what the Oregon Rebate support PAC raised.The measure failure comes as basic income programs across the country <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">gain popularity</a> as an approach to poverty reduction. Advocates for Oregon's measure hoped that cash assistance would create a "fairer and more just economy" for state residents.<h2 id="c8a738cb-bbf3-486c-a8b4-1675fd1c244d">Oregon's UBI policy failed, but basic income is still gaining national momentum</h2>Business Insider has previously reported on<a target="_blank" href="https://www.businessinsider.com/basic-income-helps-people-get-jobs-earn-higher-pay-gbi-2024-9"> basic income research</a>, and state-level efforts to create lasting cash assistance programs. Oregon's ballot measure resembles basic income experiments in other <a target="_blank" href="https://www.businessinsider.com/which-states-cities-have-guaranteed-basic-income-programs-low-income-2024-4">cities</a> and <a target="_blank" href="https://www.businessinsider.com/countries-with-universal-basic-income">countries</a>.Over <a target="_blank" href="https://www.businessinsider.com/basic-income-gbi-ubi-low-income-americans-afford-housing-food-2024-5">100 guaranteed basic income pilots</a> have launched across the US, and participants told BI they used the money to pay for housing, groceries, childcare, transportation, and medical bills. These pilot programs are often funded through philanthropy, local governments, or private donors. Some states, like California and <a target="_blank" class="" href="https://www.businessinsider.com/immigrants-new-mexico-basic-income-for-housing-healthcare-ubi-gbi2024-5">New Mexico</a>, are also making efforts to incorporate basic income into state policy.But GBI differs slightly from UBI. Although the guaranteed basic income pilots offer no-strings-attached cash, the money is limited for a set time period and selected participants, many of whom are low-income and fit specific demographics such as single parents, artists, or students.Universal basic income would give everyone ongoing cash payments, regardless of their income level. A UBI program hasn't been successfully launched in the US.During his 2020 presidential run, Democratic Candidate Andrew Yang pitched the <a target="_blank" href="https://www.businessinsider.com/what-is-basic-income-2016-8">Freedom Dividend</a>, a federal basic income policy that would give $1,000 monthly to every American over the age of 18.<a target="_blank" href="https://www.businessinsider.com/alaska-permanent-fund-basic-income">The Alaska Permanent Fund</a>, which began in the 1970s, is a model similar to universal basic income. It gives state residents annual payments (which were $1,312 per person in 2022) funded through the state's oil revenue.Some <a target="_blank" href="https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7">tech leaders</a> have also suggested that cash assistance programs will become more necessary as artificial intelligence disrupts the job market.Still, any program like the Oregon Rebate would require funding and any major tax changes would need to be approved by voters.

Corporations raised $16 million to oppose Oregon's universal basic income plan. They won.

<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

<ul class="summary-list"><li>AI cloud startup Ori is raising up to $80 million in new funding, two sources have told BI.</li><li>Ori offers companies access to Nvidia GPUs, including the H100 and A100, to run AI applications.</li></ul>AI cloud computing startup Ori is in talks to raise up to $80 million in a fresh funding round, two sources told Business Insider.Launched in 2019, the startup builds infrastructure that gives companies access to Nvidia graphics processing units — known as GPUs — to train, deploy, and scale AI applications.The deal is not yet finalized and details relating to round size could still change. Sources spoke to BI on condition of anonymity because details of the deal are still private.According to a leaked deck seen by BI, Ori had about $42 million in annual recurring revenue as of the first quarter of 2024.The UK-headquartered startup had projected to book over $300 million in annual revenue by the fourth quarter of 2024, the leaked deck stated.The startup did not comment on the financing round.Instead, Ori cofounder and CEO Mahdi Yahya told BI that the startup is "deeply committed to growing the AI <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">sovereign cloud</a> in the UK," referring to a type of cloud computing that guarantees data is stored locally and not transferred across borders without authorization. Yahya added: "I was pleased to recently be at 10 Downing Street to discuss UK AI policy. Our plan is to invest nine figures in the UK AI infrastructure over the next 24 months."Ori previously raised $10.4 million in 2021 at a $39 million post-money valuation, per PitchBook.The startup bills itself as a GPU cloud provider, and the H100 and A100 are among the Nvidia chips that it gives companies access to.Startups building the <a target="_blank" class="" href="https://www.businessinsider.com/vcs-whats-hot-whats-not-ai-investing-2024-6">"picks and shovels" of AI </a>— such as the infrastructure layer needed to power the technology — are hot among investors.Ori is among a batch of GPU providers and <a target="_blank" class="" href="https://www.businessinsider.com/pitch-deck-semiconductor-startup-synthara-raises-11-million-2024-6">semiconductor startups</a> that have been in talks to secure funding in 2024. In May, rival AI infrastructure startup CoreWeave <a target="_blank" class="" href="https://www.cnbc.com/2024/05/17/ai-startup-coreweave-raises-7point5-billion-in-debt-blackstone-leads.html">secured $7.5 billion</a> in debt financing from Blackstone just weeks after it secured $1.1 billion in equity funding.

Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, sources say

Back in November 2022, when <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword> was launched for the public, interest around <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> reached new heights. The AI chatbot’s ability to respond to questions in a manner as if a human being was talking left many people surprised as well as awestruck. Soon, AI became a buzzword in the tech industry and investors started pouring funds heavily into AI companies. <h2><keyword id="19959576" type="General" weightage="100" keywordseo="Dunzo" source="keywords" meta.keywordsubtype="org" meta.entityname="Dunzo" meta.hostid="261" meta.entityid="Dunzo">Dunzo</keyword> co-founder staring his <keyword id="20128843" type="General" weightage="20" keywordseo="AI-company" source="keywords">AI company</keyword></h2>In May, an Economic Times report based on insights from market research firm Tracxn said that AI startups in India have already raised USD 91.7 million in funding so far this year, which is a significant increase from USD 29.6 million during the same period last year. And now, former <a href="https://www.businessinsider.in/business/startups/news/quick-commerce-platform-dunzo-lays-off-30-of-its-workforce/articleshow/99290084.cms" data-type="tilCustomLink" target="_blank">Dunzo </a>chief <keyword id="22628971" type="General" weightage="20" keywordseo="Mukund-Jha" source="keywords">Mukund Jha</keyword> is reportedly looking forward to start his own AI company. A Moneycontrol report citing sources said that Jha is in discussions to raise between Rs 50-80 crore (approximately $6-10 million) from <keyword id="22628972" type="General" weightage="20" keywordseo="Together-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Together Fund" meta.hostid="261" meta.entityid="Together Fund">Together Fund</keyword> for his new venture. This comes after Jha stepped down from the board of the cash-strapped startup Dunzo last year. Jha's new venture reportedly focuses on generative <a href="https://www.businessinsider.in/business/startups/news/ai-startup-neysa-raises-20-mn-from-matrix-partners-nexus-venture-partners-more/articleshow/109181059.cms" data-type="tilCustomLink" target="_blank">artificial intelligence</a> (Gen AI) and aims to automate quality assurance (QA) processes. "Think of it as a blend of AI and SaaS," an insider told Moneycontrol. QA involves creating and running tests, identifying errors, and providing feedback to ensure products meet quality standards. <h2>What happened with Dunzo?</h2>The delivery startup Dunzo delivers essential goods like groceries, household items, fruits and vegetables, pet supplies, pharmaceuticals etc to people locally. Supported by <keyword id="19901342" type="General" weightage="20" keywordseo="Reliance-Retail" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Retail" meta.hostid="261" meta.entityid="Reliance Retail">Reliance Retail</keyword>, the startup has faced strong competition from companies like Zepto, Swiggy, and BlinkIt. Despite raising around $500 million, Dunzo has struggled to secure additional investment and manage payroll. In February, there were rumors that Flipkart might acquire the platform, but there have been no updates on this matter since. Dunzo, on the other hand, was making headlines earlier this year for facing various financial struggles. The company’s top investor Lightbox also exited in May this year. On the other hand, the company is reportedly experiencing a cash crunch and owes approximately Rs 11.4 crore to various vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. <h2>About Together Fund</h2>Together Fund, from which Jha is reportedly going to raise funds for his new venture, has invested in over 20 companies across various SaaS sectors, including recruitment, sales intelligence, marketing, healthcare, and cloud solutions for connected devices. “Our areas of focus span across SaaS, enterprise software, developer tools, open source software, cloud-native infrastructure and API-first businesses. We typically invest early (seed, pre A or series A) to help founders through the crucial zero-to-one part of their journey,” the company’s website reads. Together Fund was founded in 2021 by Girish Mathrubootham of Freshworks, Manav Garg of Eka Software, and Shubham Gupta formerly of Matrix Partners India. It initially raised USD 85 million for its first fund and increased the total to USD 150 million with its second fund announced in 2023

Dunzo co-founder Mukund Jha plans to start his own AI company, seeks to raise up to Rs 80 crore from Together Fund

Founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> has invested Rs 830 crore through his Singapore-based entity Patient Capital in <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword>'s latest <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword> -- wherein the <keyword id="21745043" type="General" weightage="20" keywordseo="travel-tech-platform" source="keywords">travel tech platform</keyword> raised Rs 1,457 crore, sources said. Post the equity dilution in the <keyword id="22756111" type="General" weightage="20" keywordseo="Series-G-funding" source="keywords">Series G funding</keyword>, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI. According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices." <keyword id="20517346" type="General" weightage="20" keywordseo="Oravel-Stays-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Oravel Stays Ltd" meta.hostid="261" meta.entityid="Oravel Stays Ltd">Oravel Stays Ltd</keyword>, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round. The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8. The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The capital will be used to support OYO's growth and its global expansion plans, sources said.

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul><li><keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> and Hyundai are expected to hit Dalal Street with their stock market debut.</li><li>The two companies are expected to break records and emerge as the biggest <keyword id="20020566" type="General" weightage="20" keywordseo="IPOs" source="keywords">IPOs</keyword> in Indian history.</li><li>Here are the top five biggest IPOs in India’s history.</li></ul>India has witnessed several significant initial public offerings (IPOs) over the years that have not only redefined the country’s stock market landscape but also showcased its growing economic prowess. From the massive pub<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">lic</keyword> listings of state-owned enterprises such as Life Insurance Corporation (LIC) to debuts of private sector giants such as One97 Communications, these IPOs have played a crucial role in mobilising capital, driving economic growth, and expanding the investor base in the country. Here are the biggest IPOs in India’s history: <h2>Biggest IPOs in India</h2><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue Size </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer price </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 17, 2022 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21,008 Cr </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹949 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,051.30 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nov 18, 2021 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18,300 Cr </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2150 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹467.25 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nov 4, 2010 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,199 Cr </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹245 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹496.10 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Power </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feb 11, 2008 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,563 Cr </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹450 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27.34 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Insurance Corporation </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 25, 2017 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,175 Cr </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹912 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹402.20 </td></tr></tbody><tbody></tbody></table>Source: BSE, current price as of July 12, 2024. <h2>Reliance Jio, Hyundai IPOs to break records</h2>While the above companies have created major records, they are expected to be soon broken. Korean automaker Hyundai recently filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in what would have been the country’s<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms"> biggest IPO</a>. The automaker plans on raising around $3 billion (₹25,000 crore) through its IPO. If the listing gets the nod from the regulator, it will be the country’s biggest IPO, beating the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022. However, even before the news could settle, news about<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-mukesh-ambani-led-telco-might-be-gearing-up-for-indias-biggest-ipo/articleshow/111519009.cms"> Reliance Jio’s IPO</a> surfaced. As per existing rules, companies that are valued at ₹1 lakh crore or more need to sell at least 5% during an IPO. Jio is currently valued at $133 billion (₹11.11 lakh crore) as per Jefferies. A 5% stake sale would put the IPO at around ₹55,000 crore, beating LIC’s ₹21,000 crore IPO. This number could go further up by the time the company makes its stock market debut. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/defense/news/top-20-worlds-strongest-militaries-personnel-aircraft-tanks-and-more-heres-where-india-stands/slidelist/111661095.cms">Top 20 world’s strongest militaries – personnel, aircraft, tanks and more; Here’s where India stands</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-mukesh-ambani-led-telco-might-be-gearing-up-for-indias-biggest-ipo/articleshow/111519009.cms">Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO</a>

The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds

Dev Accelerator Ltd, which provides <keyword id="21009289" type="General" weightage="20" keywordseo="flexible-office-spaces" source="keywords">flexible office spaces</keyword>, has filed a draft document with <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword> to launch its initial public offering (IPO) to raise around ₹125 crore. Dev Accelerator (DevX) is promoted by the listed entity <keyword id="23437545" type="General" weightage="20" keywordseo="Dev-Information-Technology-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Dev Information Technology Ltd" meta.hostid="261" meta.entityid="Dev Information Technology Ltd">Dev Information Technology Ltd</keyword>. DevX's IPO is entirely a fresh issue of 2.47 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> (face value of ₹2), with plans to list on both the NSE and BSE. The company proposes to utilise ₹68.95 crore for "fit-outs" in the new centres and their security deposits. It proposes to use Rs 30 crore towards repayment and/or prepayment (in full or in part) of certain borrowings, according to the draft red herring prospectus (DRHP) filed with markets regulator Sebi. The remaining amount will be allocated for general corporate purposes, including strategic initiatives, strengthening marketing capabilities and brand-building exercises, payment of lease liabilities, among others. This <keyword id="20083428" type="General" weightage="20" keywordseo="capital-infusion" source="keywords">capital infusion</keyword> will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur. As of August 31, 2024, DevX had 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur. The collaboration between Dev IT's expertise in digital transformation and DevX's flexible workspace solutions creates a unique synergy, offering integrated solutions for enterprises looking to enhance operational efficiency. On the IPO, Pranav Pandya, Founder &amp; Chairman of Dev Information Technology Ltd, said, "This significant milestone underscores our commitment to the dynamic growth of the flexible workspace sector in India." The funds raised will be instrumental in accelerating DevX's <keyword id="20389247" type="General" weightage="20" keywordseo="expansion-plans" source="keywords">expansion plans</keyword>, enabling it to enter new markets, enhance infrastructure, and invest in technology that drives efficiency, he said. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms" target="_blank">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a>

Dev Accelerator plans ₹125 crore IPO amid high demand for flexible office spaces

<ul class="summary-list"><li>An Intel employee raised concerns about the upcoming US election's impact on CHIPS Act funding.</li><li>Intel invested billions in US factories but hasn't received CHIPS Act grants yet.</li></ul>Intel CEO Pat Gelsinger addressed an employee-submitted question about whether the upcoming US election would affect Intel's CHIPS and Science Act funding at an all-hands meeting on Friday.The US Commerce Department has awarded Intel, the largest recipient of the Act, <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html">$8.5 billion in grants</a> and $11 billion in loans. The government said it will pay out grants based on how companies meet benchmarks.During the all-hands, Gelsinger responded that the bill was "bipartisan," and the executive team reassured employees that Intel was a key part of the CHIPS Act as the only large-scale chip manufacturer in the US, according to an employee who listened to the meeting. The employee, whose identity Business Insider confirmed, asked to remain anonymous to discuss internal matters.Intel has privately <a target="_blank" class="" href="https://www.intel.com/content/www/us/en/newsroom/news/updates-intel-10-largest-construction-projects.html">invested billions </a>in factory expansions in New Mexico, Arizona, Ohio, and Oregon. It has not yet received the CHIPS grants.Gelsinger publicly addressed this topic in a Thursday <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-31/intel-ceo-pat-gelsinger-on-q4-forecast">interview with Bloomberg</a> after the third quarter earnings call."The CHIPS Act was a bipartisan act, and with that strong support from both sides of the aisle, we believe the importance of that in terms of industrial policy. The semiconductor is well-supported by Congress and both parties," Gelsinger said.He also addressed the delay of CHIPS Act funding distribution."We are disappointed by how long and how slow the dispensing of funds has been and it's well over two years at this point. I've invested 30 billion in capital and we've seen $0 of the grants at this point. So we do believe that that has been too slow, and we're somewhat frustrated by that," Gelsinger said in the Bloomberg interview.Policymakers recently in Washington, DC, have discussed whether Intel needs additional help beyond the CHIPS Act funding as <a target="_blank" href="https://www.semafor.com/article/11/01/2024/concerns-grow-in-washington-over-intel">a precautionary measure</a>, as Intel's success is key to evolving American manufacturing policies, Semafor reported.Government leaders are also monitoring the CHIPS Act funding delays. Ohio governor Mike DeWine said Wednesday that he <a target="_blank" href="https://www.10tv.com/article/news/local/intel-hasnt-any-chips-act-money-why-not/530-021a26ac-81cd-4146-852e-2b2172f2c5f7">contacted the White House</a> to ask it to speed up the distribution of funding from the CHIPS Act for its New Albany factory.The CHIPS Act was passed largely in a bipartisan fashion in 2022. Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation and the director of its Center for Life Sciences Innovation, previously told BI he <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">expects no "considerable change"</a> in approach whether presidential candidates Kamala Harris or Donald Trump are elected.Besides the delay in receiving CHIPS Act funds, Intel has faced a series of setbacks to its business. The S&amp;P Dow Jones Indices said Friday that <a target="_blank" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia would replace Intel </a>in the Dow Jones Industrial Average. This change indicates that Intel is no longer seen as a stable economic indicator.Intel's recent profitability was "negatively impacted" by cost reduction changes as the company is "maniacally focused on improving fab productivity," Gelsinger said during its third-quarter earnings call.Amid a challenging financial adjustment, Intel is relying upon the success of its <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/opinion/continued-momentum-intel-18a.html">18A chip</a>. In the past, the company has faced customer losses and delays in its 14-nanometer and 10-nanometer chips due to yield issues.Intel plans to reduce spending with a <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">cost</a>-<a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">savings plan</a> and <a target="_blank" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">has cut staff by 15%</a>.Got a tip about Intel? Contact this reporter at <a target="_blank" href="mailto:hli@insider.com">hli@insider.com</a> or use the secure messaging app Signal with the username hliwrites.99.

In an all-hands, Intel CEO addresses employee concerns about the US election and CHIPS Act funding

<ul class="summary-list"><li>High housing costs, driven in large part by a shortage of homes, are keeping inflation sticky.</li><li>Trump has pledged to lower housing costs.</li></ul>Housing costs were responsible for about 2/3 of <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">overall inflation</a> over the past year.President-elect Donald Trump has promised to lower those costs, and economists think some of his policy proposals could do just that. The most promising are cutting federal regulations on construction, opening up federal land for housing, and lowering energy costs.However, his proposals to increase tariffs, deport millions of immigrants, and cut housing assistance could increase home prices and rents. The inflationary effects of these policies could prevent the Federal Reserve from <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">continuing to cut interest rates</a>.Ultimately, housing policy experts and industry leaders say housing costs will largely depend on how much new supply can be delivered to the market, which is suffering from a <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">severe shortage of homes</a>.Karoline Leavitt, a spokesperson for the Trump-Vance transition team, told Business Insider in a statement that Trump "will deliver" on "lowering housing costs for all Americans."Here are the major Trump proposals and how they're expected to affect housing costs.<h2 id="83e6f785-033e-42e0-9de6-8470b9cef43d">Regulations</h2>Trump has <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">promised</a> to reduce federal regulations that make home building more costly "with the goal of cutting the cost of a new home in half," he said.When it comes to housing, state and local governments <a target="_blank" class="" href="https://www.businessinsider.com/america-build-like-tokyo-housing-crisis-doom-loop-2023-10">control the majority of regulations</a> that most inflate housing costs by limiting or slowing down construction. But federal regulations also play a role. Jim Tobin, CEO of the National Association of Home Builders, told Business Insider that he'd like Trump to roll back some of the Biden administration's energy efficiency requirements, streamline regulations under the Clean Water Act, and loosen a requirement that Federal Housing Administration borrowers' homes be up to code.But Trump hasn't always favored cutting regulations to encourage more development. During his first term, he rescinded <a target="_blank" class="" href="https://www.nytimes.com/2020/07/23/us/politics/trump-housing-discrimination-suburbs.html">an Obama-era</a> rule designed to reduce racial segregation and said he would <a target="_blank" class="" href="https://www.politico.com/news/2020/07/29/trump-housing-policy-low-income-suburbs-386414">protect the suburbs</a> from low-income housing by allowing them to maintain strict local zoning laws. Experts say that if Trump continues to protect single-family zoning, that would further limit construction."We need all options on the table when it comes to increasing housing supply, which means allowing more density in suburbs or cities to allow more units to be produced," Tobin said.<h2 id="433280bd-da72-477a-a5b0-a9fb98993d77">Building on federal land</h2>Last year, Trump rolled out a plan to build up to <a target="_blank" class="" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">10 "freedom cities"</a> on federal land, featuring plentiful single-family homes. Since then, the president-elect has said his second administration would create "ultra-low tax and ultra-low regulation" zones on federal land for "large-scale housing construction."There's some bipartisan support for building homes on federal land, and housing experts say the proposal has the potential to increase the housing supply, particularly in Western states like Nevada, Arizona, and Utah, which have large tracts of federally owned land."Building towards affordable housing on these lands could have a transformative impact, especially because land costs are a major barrier," Maurice Page, executive director of the nonpartisan Nevada Housing Coalition, <a target="_blank" class="" href="https://www.businessinsider.com/homes-free-government-land-real-estate-housing-prices-harris-trump-2024-8">recently told Business Insider</a>.<h2 id="3071e368-bbc9-4dcc-9220-fad6b12c7c9f">Energy costs</h2>Vice President-elect JD Vance <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">has promised</a> that the Trump administration would boost home building in part by drilling for more oil and making energy cheaper. Construction industry experts and economists say lower energy costs wouldn't hurt affordability but likely <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-drilling-oil-housing-rent-home-prices-construction-2024-10">wouldn't significantly increase construction or bring housing costs down</a>."Energy prices are significant, but they're not as significant as many other inputs," Anirban Basu, chief economist at the construction industry trade group Associated Builders and Contractors, recently told Business Insider.<h2 id="0aab8f5a-24a4-4d4b-af03-aa4d6c484f8b">Interest rates</h2>Trump has repeatedly said that his administration would tame inflation and, therefore, lower interest rates. During <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">a speech</a> at the Economic Club of New York in September he said he'd bring mortgage interest rates down to 3% or lower. His say over rates is limited; the Federal Reserve controls interest rates and operates <a target="_blank" class="" href="https://www.nytimes.com/2024/08/01/business/economy/trump-interest-rates-fed.html">independently of the president</a>.Tobin said he expects mortgage rates will settle into a "new normal" of about 5 to 5.5% by 2026, lower than the <a target="_blank" class="" href="https://www.reuters.com/markets/us/us-30-year-fixed-rate-mortgage-rise-four-month-high-679-2024-11-07/">current 30-year fixed rate of 6.79%</a> but above the prepandemic average. "It's going to be a bumpy ride down," he added, noting that mortgage rates <a target="_blank" class="" href="https://www.nytimes.com/2024/11/11/business/economy/mortgage-rates-trump-inflation.html">recently rose</a> to a four-month high even as the Federal Reserve cut its benchmark interest rates.Many economists say that Trump's proposals to cut taxes, impose significant new tariffs on imports, and deport millions of immigrants <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">would have an inflationary effect</a> and discourage the Federal Reserve — <a target="_blank" href="https://www.businessinsider.com/trump-inflation-interest-rates-fed-rate-cuts-fomc-meeting-outlook-2024-11">whose independence</a> Trump has threatened — from further cutting rates.When it comes to housing costs, <a target="_blank" class="" href="https://www.businessinsider.com/buying-home-not-easier-interest-rate-cuts-prices-rent-crisis-2024-8">many economists say</a> that even if mortgage rates come down, that could spur additional demand for housing, sending prices further up.<h2 id="4cba3ba3-082c-4c85-9e1e-0317e4daa343">Tariffs</h2>Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-enthusiasm-tariffs.html">campaigned</a> on imposing a 60% tax on products from China and 10 to 20% tariffs on most other foreign goods. These include key building materials like lumber and steel, which make up a significant portion of the cost of building a home. Tariffs would also impact the prices of other materials and finished products, like air conditioning units and garage doors.Biden has kept some of those tariffs in place and even <a target="_blank" class="" href="https://www.npr.org/sections/money/2021/12/07/1061329725/why-is-the-biden-administration-increasing-the-cost-of-building-houses">raised taxes on Canadian softwood lumber</a>, which is crucial to the US home-building industry. Expanding the tariffs further would likely drive up building costs."If there are huge tariffs getting thrown around, that really hurts home builders," Ben Metcalf, a housing policy expert at UC Berkeley, told Business Insider. "those could be huge drags on cost and therefore on supply."<h2 id="3fbffb09-3764-4c37-b965-c4165bd9b487">Mass deportations</h2>Trump and Vance have repeatedly argued that their plans to deport millions of immigrants will alleviate housing affordability issues by lowering demand.But many <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">economists</a> <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">disagree</a> and posit that mass deportations would actually inflate housing costs. The construction industry is already short around <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">500,000 workers</a>, and a further reduction in the labor force would <a target="_blank" class="" href="https://www.businessinsider.com/trump-deportations-immigration-homebuilders-remove-construction-workers-spike-costs-2024-11">slow down construction and inflate prices even more</a>. Immigrants are a key part of building housing as they make up <a target="_blank" class="" href="https://eyeonhousing.org/2023/12/immigrant-share-in-construction-highest-on-record/">about a quarter</a> of the construction workforce. An <a target="_blank" rel=" nofollow" class="" href="https://www.constructiondive.com/news/construction-workers-undocumented-presidential-election/729556/#:~:text=Immigrants%20entering%20the%20country%20illegally,all%20workers%20in%20construction%20jobs.">estimated 15 to 23%</a> of that overall workforce are undocumented immigrants."Just even the talk of mass deportations could send a chill through the entire immigrant employment sector," Tobin said. "Anything that constricts labor in the country will have an impact on us meeting those housing goals over the next few years."<h2 id="f3107caf-cafa-4d60-ad2b-15ff8c5770a5">Federal housing assistance</h2>During his first term, Trump repeatedly proposed major cuts to housing assistance for households with low incomes or members with disabilities. In <a target="_blank" class="" href="https://www.brookings.edu/articles/trump-administration-budgets-and-programs-for-people-of-limited-means/#housing-and-rental-assistance">each of his annual budgets</a>, he proposed stripping funding from many rental and homeownership assistance programs, including significantly cutting back on housing vouchers and <a target="_blank" class="" href="https://www.washingtonpost.com/news/wonk/wp/2018/04/25/hud-secretary-ben-carson-to-propose-raising-rent-for-low-income-americans-receiving-federal-housing-subsidies/">raising rent on low-income households</a> that receive federal aid.All of Trump's budgets also proposed dramatically cutting federal funding for programs that help build and renovate affordable housing. While Congress didn't approve those cuts, policy experts expect the next Trump administration to pursue the same goals. This would make it harder for lower-income Americans to afford homes and slow down affordable housing construction."I just don't think there's any interest by Trump or by a Republican Congress in investing in certain traditional HUD programs and investments," Metcalf said.

4 ways Trump's housing plans are expected to hurt homebuyers and 3 ways they could help

<ul class="summary-list"><li>China has announced a local government debt rescue program days after Trump won the US election.</li><li>Trump has threatened tariffs of 60% on Chinese goods, complicating China's economic gloom.</li></ul>China announced a debt rescue program to the tune of $1.4 trillion to save heavily indebted local governments and boost its economy.China's Standing Committee of the National People's Congress — its top legislative body — approved 6 trillion Chinese yuan to refinance local governments' hidden debt over three years, according to <a target="_blank" class="" href="http://politics.people.com.cn/n1/2024/1108/c1001-40357125.html">Xinhua state news agency.</a>Hidden debt refers to off-balance sheet liabilities issued by local government financing vehicles, or LGFV, to finance infrastructure investment.The plan also allows local governments to tap 4 trillion yuan in special local bonds over five years.The announcement came after the legislative body met from Monday to Friday.China's local governments have been struggling to repay their LGFV debt, which the <a target="_blank" class="" href="https://www.imf.org/en/Publications/CR/Issues/2024/08/01/Peoples-Republic-of-China-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-552803">International Monetary Fund</a> estimated to be around 60 trillion as of last year. It's another risk to China's economy, which has been struggling with a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-real-estate-property-market-speculation-debt-crackdown-xi-jinping-2023-8?utm_medium=ingest&amp;utm_source=markets">property crisis,</a> deflation, and high youth unemployment.Reuters reported last week that China's top legislative body was considering a plan to raise $1.4 trillion in extra debt over the next few years to fund part of an economic rescue package.As early as Monday, Chinese Premier Li Kiang drummed up market expectations for more <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-li-qiang-fiscal-stimulus-market-sentiment-us-election-2024-11">economic stimulus</a>, saying Beijing has "ample space for fiscal policy and monetary policy."The bumper stimulus came on the heels of Donald Trump's victory in the US presidential election earlier this week, which is likely to change Washington and Beijing's trade relationship.A China hawk, Trump has pledged to slap <a target="_blank" rel="" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5?utm_medium=ingest&amp;utm_source=markets">a 10% to 20% tariff</a> on all imported goods. He has threatened tariffs of 60% on goods imported from China.This would put further pressure on China's economy, which is still trying to recover following nearly three years of pandemic curbs.In late September, China rolled out <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9?utm_medium=ingest&amp;utm_source=markets">aggressive stimulus</a> that boosted sentiment and spurred a bull run in the stock markets. However, analysts say that Beijing still needs to do more to drive consumption.If Beijing's latest stimulus disappoints, it may be in part due to China's own policy conflicts between its socio-political and economic objectives and the constraints, Vishnu Varathan, Mizuho Bank's chief economist of Asia excluding Japan, wrote in a note a week before the debt rescue announcement.Notably, China may be still holding back to avoid one thing: "the optics of over-reacting to US elections," wrote Varathan.

China just announced an $1.4 trillion plan to rescue its local governments

<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>OpenAI is viewed as one of the most important startups in Silicon Valley. It now has a price tag to match.The high-profile startup announced the closing of a $6.6 billion funding round that valued it at $157 billion. It marks the largest VC round of all time and makes OpenAI one of the most valuable startups in the world, alongside Elon Musk's SpaceX and ByteDance, TikTok's parent company.So, who invested?Josh Kushner's Thrive Capital is leading the round. Repeat investors include Cathy Wood's Ark Venture Fund, Chase Coleman's Tiger Global, and OG OpenAI backer Microsoft. New faces include chip giant Nvidia and Masayoshi Son's SoftBank. Here's a <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">complete rundown of the backers</a>.The big news comes amid wider turmoil at the startup. Last week, Chief Technology Officer Mira Murati became the latest executive to depart the firm. That was coupled with news of OpenAI's plans to become a for-profit corporation.(OpenAI exec Kevin Weil told Business Insider's Rob Price the startup <a target="_blank" href="https://www.businessinsider.com/openai-kevin-weil-mira-murati-great-bench-cto-abrupt-departure-2024-10">still has a "great bench</a>," so there's that.)In the meantime, OpenAI's rivals like Anthropic and Perplexity <a target="_blank" href="https://www.businessinsider.com/openai-rivals-anthropic-perplexity-on-prowl-after-wave-exec-departures-2024-10">are pitching themselves as being about mission over profits</a>. And more exits could be coming since OpenAI is reportedly working on allowing its employees <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-stock-sale-artificial-intelligence-fundraising-valuation-sam-altman-2024-10">to sell their shares in the company</a>.<div type="image" title="Photo illustration of Sam Altman" height="2250" width="3000" msid="113912126" hostid="261" sizebytes="213128"></div>It's important to remember OpenAI's eye-popping valuation is just that … a valuation.Silicon Valley has a long list of high-flying startups that raised money on massive valuations that have proved difficult to maintain.Take the fintech Stripe, which was valued at almost $100 billion at its height in 2021 only to see its valuation get cut down amid a downturn in the industry. Even as it claws its way back, one of its backers has reportedly offered to buy its own investors' shares in the startup <a target="_blank" href="https://www.axios.com/2024/07/15/sequoia-capital-stripe">who want liquidity</a>.Which gets us back to $157 billion OpenAI. At that size, and with the current regulatory environment around AI and Big Tech, an acquisition is almost certainly out of the question. That leaves the public markets, another daunting task.If OpenAI were to IPO tomorrow at that value, it would be the second-largest American IPO by initial valuation, trailing only Alibaba, which went public in September 2014 at a $169.4 billion price tag."I hope and expect that the next step for OpenAI would be to go public," Altimeter Capital's Brad Gerstner, who is an OpenAI investor, <a target="_blank" href="https://www.geekwire.com/2024/openai-investor-says-the-next-step-for-the-chatgpt-maker-should-be-to-go-public/">said at a conference Wednesday</a>.But even if the IPO market can shake its current drought, questions remain if <a target="_blank" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">AI is just a bubble waiting to pop</a>. At the very least, turning a profit from the tech, which is costly to build and maintain, is proving difficult for just about everyone. OpenAI will reportedly lose as much <a target="_blank" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">as $5 billion this year</a>.On the other hand, if OpenAI can maintain its position as the go-to AI app, and the wider industry is as transformational as some believe it is, getting in at a $157 billion valuation might be a bargain.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Jordan Parker Erb, editor, in New York. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

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