New Delhi, Fintech unicorn <keyword id="19944449" type="General" weightage="20" keywordseo="incred" source="keywords">InCred</keyword> on Wednesday reported 132 per cent growth in profit before tax to Rs 298 crore in the third quarter of the current fiscal year (FY24), from Rs 129 crore in the corresponding period last year. InCred Finance's core loan book witnessed 55 per cent growth (on-year), crossing Rs 8,000 crore in Q3 FY24. The cost-to-income ratio saw a healthy decline from 56 per cent to 44 per cent. InCred has been valued at $1.04 billion and became the second company to gain the unicorn status last year. "The impressive growth in our profitability is a testament to our 'Risk First' ethos, our best-in-class product delivery, and the commitment of our 1,600+ InCredibles spread across the country," said <keyword id="20317479" type="General" weightage="20" keywordseo="bhupinder-singh" source="keywords">Bhupinder Singh</keyword>, Founder and Group CEO, InCred. InCred's equity investors include KKR, ADIA, TRS, OAKS, INVESTCORP, Moore Capital, Elevar Equity, <keyword id="19960529" type="General" weightage="20" keywordseo="ranjan-pai" source="keywords">Ranjan Pai</keyword> and <keyword id="20317478" type="General" weightage="20" keywordseo="gaurav-dalmia" source="keywords">Gaurav Dalmia</keyword>, etc. Incred had posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth. Last December, the fintech lender became India's second unicorn of 2023 (the other being quick commerce startup Zepto) after raising $60 million from new and existing investors. <keyword id="20112130" type="General" weightage="20" keywordseo="incred-wealth" source="keywords">InCred Wealth</keyword>, the wealth management subsidiary of InCred, led the funding round with investing $36.76 million, followed by MEMG Family Office at $9 million.

Fintech unicorn InCred reports 132% growth in profit in Q3 FY24

Amid the ongoing startup gloom comes good news in fintech unicorn <keyword id="19944449" type="General" weightage="20" keywordseo="incred" source="keywords">Incred</keyword> which has posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth. Incred's revenue surged 77.46 per cent to Rs 866 crore during FY23 from Rs 488 crore in FY22, according to its financials with the Registrar of Companies (RoC). The finance cost (interest expenses) was up 62.6 per cent to Rs 356 crore in FY23 from Rs 219 crore in FY22, as the company scaled its operations, according to an Entrackr report. Incred has likely built a loan book of Rs 7,500 crore within the last six years. Late last month, the fintech lender became India's second unicorn of 2023 (the other being quick commerce startup <keyword id="19939134" type="General" weightage="20" keywordseo="zepto" source="keywords">Zepto</keyword>) after raising $60 million from new and existing investors. <keyword id="20112130" type="General" weightage="20" keywordseo="incred-wealth" source="keywords">InCred Wealth</keyword>, the wealth management subsidiary of InCred, led the funding round with investing $36.76 million, followed by MEMG Family Office at $9 million. Ravi <keyword id="20112129" type="General" weightage="20" keywordseo="pillai" source="keywords">Pillai</keyword>, Chairman at RP Group of Companies, and <keyword id="19960548" type="General" weightage="20" keywordseo="ram-nayak" source="keywords">Ram Nayak</keyword>, Co-Head of Deutsche Bank, invested $5.4 million and $1.2 million, respectively. InCred Special Opportunities Fund VCC, Singapore-registered entity of InCred, Varanium Capital Advisors and NABS <keyword id="20112128" type="General" weightage="20" keywordseo="vriddhii" source="keywords">Vriddhii</keyword> also participated in the round. With this funding, InCred is now valued at more than $1.03 billion. The firm last raised $68 million in a debt funding round from public sector banks and public financial institutions. <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> in 2022 entered into a strategic partnership with fintech lender InCred for "hassle-free" credit facilities. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/mercedes-benz-gls-gets-11-lakh-more-expensive-in-india-after-facelift/slidelist/106637475.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/mercedes-benz-gls-gets-11-lakh-more-expensive-in-india-after-facelift/slidelist/106637475.cms" target="_blank">Mercedes-Benz GLS gets ₹11 lakh more expensive in India after facelift</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-squad-for-afghanistan-show-world-cup-trials-are-on/slidelist/106633092.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-squad-for-afghanistan-show-world-cup-trials-are-on/slidelist/106633092.cms" target="_blank">New and veteran names in India’s T20 squad for Afghanistan show World Cup trials are on</a><a href="https://www.businessinsider.in/business/auto/webstories/top-10-electric-cars-sale-in-india-in-december-2023/slidelist/106627784.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-10-electric-cars-sale-in-india-in-december-2023/slidelist/106627784.cms" target="_blank">Tata Motors dominates the EV car market in December with Tiago leading the charge</a>

Fintech unicorn Incred logs Rs 109 cr profit in FY23, revenue up over 77%

<ul><li>Financial services firm <keyword id="8331532" type="General" weightage="50" keywordseo="incred-capital" source="Orion">InCred Capital</keyword> announced the acquisition of <keyword id="6571307" type="General" weightage="80" keywordseo="orowealth" source="Orion">Orowealth</keyword>, an alternate asset advisory firm.</li><li>With this acquisition, <keyword id="4331504" type="General" weightage="100" keywordseo="incred" source="Orion">InCred</keyword> will enter the wealth-tech segment with the launch of <keyword id="15944055" type="General" weightage="50" keywordseo="incred-money" source="Orion">InCred Money</keyword>.</li><li>The <keyword id="9750911" type="General" weightage="50" keywordseo="incred-group" source="Orion">InCred Group</keyword> has over ₹15,000 crore assets under management (AUM), and its businesses include an NBFC and an institutional wealth and asset management platform.</li></ul>Financial services firm InCred Capital announced the acquisition of Orowealth, an alternate asset advisory firm, on Monday, in an all-cash deal. The deal value has not been revealed. With this acquisition, InCred will enter the wealth-tech segment with the launch of InCred Money. It will be led by Orowealth’s co-founder <keyword id="14427300" type="General" weightage="50" keywordseo="vijay-kuppa" source="Orion">Vijay Kuppa</keyword>. InCred has two other businesses – InCred Finance, a new-age non-banking finance corporation (NBFC) focused on lending, and InCred Capital, an institutional, wealth and asset management platform. “In the next decade, the democratization of investment opportunities covering the mass affluent and retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors,” said <keyword id="117981" type="General" weightage="50" keywordseo="bhupinder-singh" source="Orion">Bhupinder Singh</keyword>, founder and group CEO of InCred Group. The acquisition of Orowealth adds over ₹1,100 crore to the assets under management (AUM) of the InCred Group – which itself has an AUM of ₹15,000 crore (before the acquisition). The company also said it has a team of over 100 private bankers and caters to the high networth and ultra-high networth segments. Orowealth’s acquisition now allows it to cater to the retail and mass-affluent space. “With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family,” Singh added. InCred Money will be targeted at customers, and also serve as a platform for other businesses which want to serve customers. As far as the platform services are concerned, InCred Money plans to integrate a network of Independent Financial Advisors (IFA) across the country. “There is a growing demand for non-traditional investment assets from mass affluent and retail investors due to rising income levels and greater awareness. We are addressing this massive demand by putting together a suite of carefully curated products and solutions,” said Vijay Kuppa, co-founder, Orowealth and now the CEO of InCred Money. Orowealth offered users options to invest in bonds, mutual funds, peer-to-peer loans, invoice discounting, fractional real estate and more. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a>

InCred Capital acquires alternate asset advisory firm Orowealth

<ul><li>The two businesses will now operate under <keyword id="4328684" type="General" weightage="20" keywordseo="incred-finance" source="Orion">InCred Finance</keyword>’s brand names.</li><li>The duo believes that the merger would create a “leading” NBFC.</li><li>KKR India Financial Services is a subsidiary of Reliance Jio’s investor KKR.</li></ul><keyword id="4331504" type="General" weightage="20" keywordseo="incred" source="Orion">InCred</keyword> Financial Services and KKR India Financial Services (KIFS), on Tuesday, announced that they have completed the merger of their lending businesses. A deal to merge the non-bank lending business of these two entities was announced in August last year. The two businesses have been engaged in extended talks for over a year before sealing the deal. The merged business will now operate under the name of InCred Finance, with a balance sheet of $600 million and an equity base of $300 million. “The strategic partnership with KKR significantly accelerates our ability to deliver our class leading offerings at a large scale and to capitalize on the enormous credit opportunity in India,” said Bhupinder Singh, founder and CEO of InCred Group. Singh, who founded InCred in 2016 to provide tech-enabled loans to MSMEs, consumers and even education loans – will also lead the new merged entity. The duo believe that the merger would create a leading Indian non-banking finance company (NBFC). “This merger combines the strengths of InCred Finance and KIFS to create a market-leading lending platform with the enhanced resources and expertise to meet the diverse funding needs of Indian customers. KKR is pleased to remain involved with the business as a strategic partner,” Gaurav Trehan, partner and CEO of KKR India, added. KKR India Financial Services is a subsidiary of global investment firm KKR, which is an investor in Reliance’s Jio Platforms, Reliance Retail, Max Healthcare, LivSpace, JB Chemicals &amp; Pharmaceuticals and more. The lending subsidiary is focused on wholesale or corporate loans. InCred Finance was founded by Singh in 2016. It offers loans to customers, businesses and students through both online and offline mediums. The company claims that its loan book is already touching $500 million in a span of seven years. InCred has raised close to $300 million to date. It counts INVESTCORP, OAKS, Moore Capital, Elevar Equity, Paragon Partners, Cantor Fitzgerald’s Anshu Jain, Manipal Education and Medical Group’s Ranjan Pai, and Dalmia Group Holdings’ Gaurav Dalmia as investors. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/rbi-governors-recipe-for-banks-of-the-future-oodles-of-social-media-new-tech-a-dash-of-human-touch/articleshow/93138812.cms">RBI governor’s recipe for banks of the future: Oodles of social media, new tech &amp; a dash of human touch</a> <a href="https://www.businessinsider.in/business/ecommerce/news/e-commerce-platform-shopify-lays-off-1000-employees/articleshow/93151446.cms">E-commerce platform Shopify lays off 1,000 employees</a> <a href="https://www.businessinsider.in/business/news/indias-newly-digitized-msmes-need-offline-marketing-as-much-as-online/articleshow/93138395.cms">India’s newly digitized MSMEs need offline marketing as much as online</a>

InCred, KKR India Financial Services complete merger, hope to become a ‘leading’ NBFC

Mumbai, The Gautam Singhania-led <keyword id="244481" type="General" weightage="20" keywordseo="raymond-group" source="Orion">Raymond Group</keyword> on Thursday announced its exit from the consumer care business by selling condom brands KamaSutra and Premium and deodorant brands <keyword id="416499" type="General" weightage="20" keywordseo="park-avenue" source="Orion">Park Avenue</keyword> and DS to the Godrej Group for Rs 2,825 crore in an all-cash deal. However, the Raymond group will continue to manufacture these brands, sell them to B2B consumers and export. This means that Raymond will contract-manufacture and sell these brands to <keyword id="99744" type="General" weightage="20" keywordseo="godrej-consumer" source="Orion">Godrej Consumer</keyword> Care. It also means the exit is only from the consumer facing side of this business in the domestic market. Its condom plant is in Aurangabad, Maharashtra, while it sources the deos from contract manufacturers. The Raymond Group also announced the demerger of its consumer facing/lifestyle businesses into Raymond Consumer Care (RCCL), which will, upon merger, get listed. Raymond shareholders will get four shares of the RCCL for every five shares they hold. The group expects the demerger process to be completed over the next 15 months. Group chairman and managing director Singhania, who owns 49 per cent in RCCL, said, he will not take a single penny from the sale but the entire proceeds will go into the company (RCCL). A portion of the money will be used to completely repay the net debt of the group, which as of December 2022 stood at Rs 920 crore, and gross debt of Rs 2,000 crore. "In 2019, I infused Rs 350 crore into the company (real estate arm) when we sold a portion of our land. In the similar manner more than Rs 1,000 crore from this sale will go into RCCL, which has been a debt free entity all through, only, and the rest of the proceeds will be sued to make the group debt-free and the balance will be used for other business purposes, taking the promoter's equity infusion to Rs 1,400 crore," Singhania said. Post demerger, the group will have two independent net debt-free listed entities for lifestyle, which will be under RCCL, and real estate businesses which will be under Raymond, already a listed entity, he said. Raymond will now be a pure-play realty business entity along with investments in engineering (JK Files, which is the world's largest files maker) and denim businesses, he added. In a separate statement, Godrej Consumer Products (GCPL) said with this acquisition the company is entering the deodorants and sexual wellness categories. The Godrej Group expects the all-cash deal, through a slump sale route, to be completed by May 10, 2023. Godrej said these four brands - the condom brands KamaSutra and Premium, and the deodorant brands Park Avenue and DS -- through a slump sale, had revenue of Rs 411 crore in FY21, Rs 522 crore in FY22 and Rs 622 crore in FY23, valuing the deal almost five times the revenue. Sudhir Sitapati, managing director and chief executive of GCPL, said this acquisition "allows us to complement our business portfolio and growth strategy with under-penetrated categories that offer a long runway of growth". The deodorants and sexual wellness categories have the potential to deliver double-digit multi-decade growth given the low per capita consumption compared to similar emerging markets. Per-capita consumption of deodorants is 0.4x that of Indonesia, 0.05x of that in Brazil and 0.04x that in the US, he said. Singhania said the demerger will facilitate focused investor opportunities and better access to capital with a clear strategy and specialisation for sustainable growth and profitability for both lifestyle and real estate business. Describing the exit and demerger as value creation, Singhania said, "in line with our commitment for creating shareholder value, we have taken an affirmative action by demerging our lifestyle business that will be a separate listed entity with zero net debt." "At Raymond Group, the realty business will also be the listed entity through Raymond Ltd. At promoter level, we continue to remain committed, and the efforts have been demonstrated by infusing funds generated from monetisation of assets," Singhania said. Amit Agarwal, the group chief financial officer, said the swap ratio was finalised by KPMG and BDO along with a fairness opinion issued by ICICI Securities. InCredMAPE, the investment banking arm of InCred Group, said it has acted as the exclusive M&amp;A advisor on the landmark transaction in the consumer sector involving Godrej Consumer Care and Raymond Consumer Care's FMCG business. Bhupinder Singh, Group CEO of InCred Group, said, "This is a landmark event in the consumer sector with some of India's best-known brands from the Raymond's stable now entering new stewardship at Godrej in an exciting journey. We at InCred are privileged to have advised on this strategic transaction." The lifestyle business consists of suiting business with manufacturing plants, B2C shirting and MTM businesses, branded apparel with its portfolio of brands and subsidiaries including garmenting business with manufacturing facilities and B2B shirting business with manufacturing plants will be demerged into RCCL. Raymond is the largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. Its brands portfolio include Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure, and Ethnix by Raymond, amongst others. Raymond has one of the largest exclusive retail networks with around 1,400 stores across 600 towns. The group has presence in engineering space engaged in precision engineered products. Raymond made a foray into realty sector through the launch of its maiden project TenX spread across 14 acres housing 3,100 residential units and has recently launched a premium residential project -- The Address by GS -- in Thane which has a revenue potential of around Rs 5,000 crore. On the long pending IPO plans for JK Files, Singhania said the plan is on hold due to the poor market conditions.

Raymond group sells FMCG biz to Godrej for Rs 2,825 crore in all-cash deal

<ul class="p-rich_text_list p-rich_text_list__bullet"><li>Most <keyword id="260273" type="General" weightage="20" keywordseo="srei-group" source="Orion">Srei Group</keyword>’s lenders have either already recognised it as a non-performing account, or are planning to do so over the next three months.</li><li>Some of the biggest lenders to the group that is known for funding infrastructure projects include <keyword id="49007" type="General" weightage="20" keywordseo="uco-bank" source="Orion">UCO Bank</keyword>, <keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword>, Bank of India and <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, among other public sector and private banks.</li><li>Srei told Business Insider that the amount due to its lenders is ₹28,000 crore (about $4 billion).</li></ul>Kolkata-based Srei Group that runs non-bank lender <keyword id="3187701" type="General" weightage="20" keywordseo="srei-equipment-finance-ltd" source="Orion">Srei Equipment Finance Ltd</keyword>., among other entities, has run into more trouble as its lenders have either already classified or are planning to recognise its borrowings as non-performing. Some of the biggest lenders to the group that is known for funding infrastructure projects include UCO Bank, Canara Bank, Bank of India and Axis Bank, among other banks, said two people aware of the development, who spoke to Business Insider requesting anonymity. The persons cited above said that the group owes ₹30,000 crore, whereas the company, which disputed the figure, told Business Insider that the amount due to the lenders is ₹28,000 crore (about $4 billion). “The company’s total liabilities are around ₹18,000 crore of bank loans and another ₹10,000 crore of external commercial borrowings and bonds. However, realizable assets, including arbitration awards, are higher. Therefore, we believe we can pay all our creditors over a period of time if structured in line with cash flows,” said a company spokesperson in an email reply to Business Insider’s queries. Loans given to Srei Group, according to the first of the two people cited above, who is a senior executive at one of the lenders to the group, have already been tagged as non-performing. The bank, he said, has been waiting for a go-ahead from the banking regulator on further action. The restructuring option proposed by the Group, the executive said, would allow lenders to recover just 30% of their dues over a nine-year period, even if a moratorium was to be offered initially. As no sustainable recovery options emerged, he said, it felt prudent to recognise Srei’s loans as NPA. The second of the two people cited above, who is also an official at one of the banks that had lent to Srei, told Business Insider that it was in the process of recognising Srei’s loans as non-performing over the next three months, as no resolution plan has been agreed upon between Srei and its creditors. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7315356"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Recovery efforts at Srei Group" comment="subhead" text="Recovery efforts at Srei Group">Recovery efforts at Srei Group</cmsannotation> In October 2019, Srei had transferred all the assets and liabilities of Srei Infrastructure Finance Ltd. to its wholly-owned subsidiary Srei Equipment Finance Ltd. via a slump exchange. The business transfer agreement, the company said, was executed after getting approvals from its shareholders, debenture trustees, few lenders, stock exchanges and an in-principle approval from some of the domestic lenders including lead banks. But the company's already stressed balance sheet suffered a major blow during the pandemic, further impairing its ability to repay dues. "Owing to the Covid-19 pandemic, including the second wave followed by extended lockdown from time to time and the moratorium, collection from borrowers and the lessees were severely impacted. In addition, it adversely affected the company’s liquidity during the year resulting in a cash flow mismatch as NBFCs like Srei Equipment Finance Ltd. were not allowed any similar moratorium by banks and financial institutions," Srei said in its emailed response. <div type="javascript" title="CardEmbed" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315676"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> Later, in Oct. 2020, Srei Equipment Finance approached the Kolkata bench of the National Company Law Tribunal for debt realignment and seeking creditor approval on its business transfer agreement. The restructuring options proposed by the group, however, did not get a go-ahead from all its creditors. "To pay back its lenders in a structured and orderly manner, the company submitted a scheme in October 2020 for paying back principal and interest over time to banks and financial institutions. The company also offered the option of modifying the proposed repayment schedule to be suggested by the creditors," the company said in the emailed reply. While a section of creditors agreed to the respective schemes that proposed payment over time, a few others, including banks, are yet to agree or offer Srei a modified repayment schedule on how they would like to be paid over time, it said. Even as Srei remains in discussion with its creditors, it said in July that the group had got term sheets from Singapore's Makara Capital Partners for an investment of ₹2,200 crore, and from US-based Arena Investors for investment of ₹2,000 crore. On Sep. 10, the group also sold one of its subsidiaries, Trinity Alternative Investment Managers Ltd. for ₹1.32 crore. But talks of a potential investment or the debt restructuring options offered by Srei have failed to strike a chord with its creditors. Lenders don’t want to give any leeway and so, the incoming bad bank may be an option As of March this year, an escrow account with Srei’s lead banker UCO Bank had collected ₹1,568 crore, as per its latest annual <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/7fe5e539-f9d1-4625-9741-ca7e60a89014.pdf">report</a>. The Trust and Retention Account (TRA) allows Srei’s lenders to control all its cash flows, including business and operational payments. “Nevertheless, banks are already controlling the company’s cash flows since November 2020, and substantial collections have happened. It has enabled the bankers to distribute the money among themselves. At present, a payment schedule from them is awaited in view of the modification to the scheme submitted to the Honorable Tribunal,” it said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315489"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> But debt resolution remains elusive as Srei continues to suffer a severe cash crunch. As of June 30, the group’s net worth had fully eroded and it was not able to comply with various regulatory ratios/limits, it said in a stock exchange filing on Aug. 14. “All this may have an impact on the Group's ability to continue its operations in normal course in future and to meet its financial commitments as and when due,” it said. Besides, an inspection by the Reserve Bank of India on Srei Infrastructure Finance and Srei Equipment Finance in March last year showed loans being potentially extended to related companies. The group’s total exposure to such borrowers, it said, is ₹7,961 crores as on June 30, 2021. Based on Srei’s current state of affairs, said Jignesh Shial, head of Banking, financial services and insurance sector at InCred Capital, it makes more sense for lenders to recognise it as NPA on their books, and then the RBI could take charge of its resolution. “It is possible that the lenders may want to sell down Srei's bad loans assets to the National Asset Reconstruction Company Ltd. at a later stage, but even that option is not immediately available,” he said. On Sep. 16, the central government cleared a proposal to provide ₹30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL), as part of resolution of bad loans. NARCL, or the proposed bad bank, is an asset reconstruction company set up by Indian banks to help them consolidate and take over existing stressed assets for their subsequent resolution. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-cards-is-down-as-carlyle-dumps-shares-but-the-credit-cards-business-is-bouncing-back/articleshow/86390713.cms">SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-to-canada-travel-open-check-out-covid-19-rules-and-air-ticket-price/articleshow/86390653.cms">Air Canada, Emirates, Air India and other airlines resume flights to Toronto and the tickets are priced up to ₹5 lakh</a>

Srei Group may leave a $4 billion hole in some of India’s biggest lenders

<keyword id="1878218" type="General" weightage="20" keywordseo="Rishabh-Instruments" source="Orion">Rishabh Instruments</keyword>, a global energy efficiency solution company, has filed preliminary papers with markets regulator Sebi to mop-up funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP). Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose of 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company. Going by the draft papers, the firm may explore a pre-IPO placement aggregating to Rs 15 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. Proceeds from the issue worth Rs 59.50 crore will be utilised towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes. The Nashik-based firm focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power, automotive and other industrial sectors. It is one of the leading companies in terms of manufacturing and supply of low voltage current transformers and analog panel meters. The equity shares of the company are proposed to be listed on both –- NSE and BSE. DAM Capital Advisors, Mirae Asset Capital Markets (India) and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue. For the financial year ended March 2022, the company's net profit stood at Rs 49.65 crore, whereas its revenue from operations rose to Rs 470.25 crore in FY22, as compared to Rs 389.96 crore in the previous fiscal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a>

Rishabh Instruments files draft papers with SEBI to mobilise funds via IPO

The Gordian knot enveloping the <keyword id="6362586" type="General" weightage="100" keywordseo="naga" source="Orion">Naga</keyword> peace talks could not be untied through the year gone-by, as a final agreement acceptable to all sides remained elusive with Naga rebels and the Centre agreeing to disagree on two key issues. The coming of Centre's new interlocutor for Naga Peace talks, A K <keyword id="6377546" type="General" weightage="50" keywordseo="mishra" source="Orion">Mishra</keyword> to Dimapur in <keyword id="50015" type="General" weightage="80" keywordseo="nagaland" source="Orion">Nagaland</keyword> earlier last year and holding parleys with representatives of various Naga groups and other stakeholders in an effort to resolve the vexed problem had spread hope that a solution to the decades long insurgency in the state would come as a welcome Christmas gift. Mishra met the leadership of National Socialist Council of Nagaland (Isac-Muivah) including veteran leader <keyword id="172954" type="General" weightage="50" keywordseo="th-muivah" source="Orion">Th Muivah</keyword> inside the group's headquarters in Hebron, a first in the history of such talks. A former special director of the Intelligence Bureau, Mishra succeeded the last Interlocutor and Nagaland Governor R N Ravi, who was transferred to <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> as the Governor in September last year. After this, the negotiations continued in Delhi with Muivah and other leaders of the group for several rounds, but a final settlement remained elusive, as the NSCN-IM remained adamant on its demand for a separate flag and constitution for the Nagas. A demand, which till now has not favour with the Centre. However, while marking the 25th year of ceasefire with the Centre, the NSCN-IM has assured it will continue to uphold the ceasefire. The reassurance was made by the Ceasefire Monitoring Cell (CFMC) of the NSCN-IM on completion of 25 years of ceasefire agreement with the GoI entered on July 25, 1997. The Government of India has been holding separate dialogue with the NSCN-IM and the Working Committee of Naga National Political Groups (NNPGs) since 1997 and 2017 respectively. NNPGs comprise of at least seven Naga groups. It inked the Framework Agreement with NSCN-IM in August 2015 and the Agreed Position with NNPGs in November 2017. While NNPGs have agreed to accept a solution and continue the dialogue, the NSCN-IM has been rigid on its demand for a separate flag and constitution for the Nagas. "They (Naga negotiators) have come back from Delhi and nothing is likely to happen before Christmas as talks will resume only after the festive season," Nagaland Chief Minister Neiphiu Rio had said last month. On the other hand, the Centre heeded to the cry of the people of the State for removal of Armed Forces Special Powers Act (AFSPA) 1958 from Nagaland. On March 31, the Centre announced withdrawal of AFSPA 1958 from 15 police stations in 7 districts in Nagaland with effect from April 1, which was welcomed by the State government but rejected by Naga civil societies demanding complete repeal of the Act from the State. AFSPA was imposed in the entire state of Nagaland from 1958 to curb the Naga insurgency movement. A demand from people residing in six districts supported by the Eastern Nagaland People's Organisation (ENPO) for a separate state – 'Frontier Nagaland' – too remained a chimera. The ENPO, an apex body of the seven tribes from the six districts – Mon, Tuensang, Longleng, Kiphire, Noklak and Shamator, had started seeking a separate state from 2010 and in August this year announced a boycott of the Hornbill Festival held from December 1 to 10, to highlight the demand . SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cardekho-logs-1600-cr-in-revenue-in-fy22-narrows-losses-by-28/articleshow/96678054.cms">CarDekho logs ₹1,600 cr in revenue in FY22, narrows losses by 28%</a>

Naga peace accord: A tale of so near, yet so far

<ul><li>Shares of Global Health that operates Medanta Hospitals listed at ₹398.15 against the allotment price of ₹336 per share.</li><li>The IPO was subscribed 9.58 times amidst volatile market conditions.</li><li>The market capitalisation of the company stood at ₹10,677 crore. </li></ul>Shares of Global Health that operates Medanta Hospital rallied on the day of its debut, on Wednesday. It closed 23.7% higher than its issue price at ₹415.6. The stock had listed at an 18.5% premium to its issue price, which was at ₹336 per share. At the end of the day, investors were rewarded with <keyword id="428830" type="General" weightage="20" keywordseo="listing-gains" source="Orion">listing gains</keyword> of ₹79.6 per share. These gains are around four times the grey market predictions, that expected gains to the tune of ₹20 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. The market capitalisation of the company stands at ₹10,677 crore, according to BSE data. The IPO was subscribed 9.58 times amidst volatile market conditions. The qualified institutional buyer portion was subscribed 28.64 times. The reserved portion of non-institutional investors witnessed a subscription of 4.02 times. Retail portion saw poor demand as it had a subscription of just 0.88 times. This year, 26 IPOs made their stock market debut on the BSE mainboard. Most of them gave positive listing gains, except seven issues. Here are the top five IPOs with highest listing gains in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest listing gains per share </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsha Engineers International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155.90 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dreamfolks Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹136.65 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aether Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134.75 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DCX Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹101.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Syrma SGS Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹93.05 </td></tr></tbody><tbody></tbody><tbody></tbody></table>(Source: BSE) The proceeds from the IPO will be invested in two of its subsidiaries -- Global Health Patliputra and Medanta Holdings in the form of debt or equity, for payment of debt. The company has key specialities in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. Global Health is backed by private equity investors such as Carlyle Group and Temasek. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,339 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹91 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹876 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹899 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: DRHP While Covid-19 had initially impacted the health of the company, its profitability showed a dramatic turnaround in the last two fiscal years. However, the risk of future Covid variants remains and may impact its financial condition in the future. “Further, as a result of the detection of new strains, evolving variants such as the ‘Omicron variant’ and subsequent waves of Covid-19 infections throughout the world, we may be subject to further lockdowns or other restrictions in the subsequent years, which may adversely affect our business operations,” said the company in the red herring prospectus. Another drawback concerning the firm is continuing losses by subsidiaries, which may impact the parent company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/whenever-small-caps-trade-at-a-discount-to-nifty-they-have-given-outsized-returns-incred-wealth/articleshow/95536784.cms">Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth</a>

Medanta Hospitals operator Global Health extends listing gains to close 24% higher than issue price

<ul><li>In Q2 FY23, Tata Steel, HUL, Bharat Electronics, ITC, Zomato were among the highest-bought stocks in the <keyword id="725142" type="General" weightage="100" keywordseo="fpi" source="Orion">FPI</keyword> list.</li><li>Shares of index heavyweights like Reliance Industries, the top four IT giants and Kotak Mahindra Bank witnessed heavy selling by FPIs during the September quarter.</li><li>FPI flows more than halved in the September quarter, which saw an infusion of ₹48,570 crore compared to ₹1.07 lakh crore in the previous quarter of June.</li><li>Further, analysts believe buying will accelerate when the dollar index – currently at 106 – falls below 103, and there is a cool off in crude oil prices and treasury yields.</li></ul>Foreign capital flows into Indian equities remain volatile, even though India has outperformed most other peers for a large part of this year. Foreign investors are largely betting on defensive stocks and those that are attractively valued. Some of their favourite stocks in the September quarter were Zomato, Hindustan Unilever, ITC and Tata Steel. However, they continued to sell index heavyweights during the same period. Despite a revival in portfolio flows in July and August, foreign portfolio investor (FPI) inflows more than halved in the September quarter – investment dropped to ₹48,570 crore from ₹1.07 lakh crore in the previous quarter, shows data from Prime Database Group. This resulted in the share of FPI holdings in the market declining to a 10-year low of 19.03% as on September 30, 2022, down by 17 basis points from 19.20% as on June 30, 2022. “This further showcases the rise of domestic investors and the huge counter-balancing role they have played to foreign investors. To also put this in perspective, as on March 31, 2015, FPI share was 23.30% while the combined share of DII (domestic institutional investors), retail and HNI (high networth individuals) was just 18.47%,” said Pranav Haldea, MD at Prime Database Group. Keeping aside the first half of November when FPIs poured in ₹28,888 crore, they have been selling aggressively in the last couple of months because of macro concerns and weak inflation data in India. “<keyword id="6368141" type="General" weightage="20" keywordseo="fiis" source="Orion">FIIs</keyword> sold heavily in the September quarter because they were not expecting inflation to come down. Also the dollar index was rising. However, now, with positive data coming in, FIIs have bought a good amount of equities in November so far. In the near future, the street is expecting inflation in the US to come down,” Shrikant Chouhan, head of equity research (retail) at Kotak Securities told Business Insider India. Chouhan sees FIIs buying internet and software-based companies where earnings have come in strong. Also, “BFSI, capital goods and real estate are prime sectors where they are focusing and which will witness inflows in next six months,” said Chouhan. In Q2 FY23, Tata Steel, Bharat Electronics, ITC, Zomato were among the highest-bought stocks in the FPI list. Companies that saw the highest buying by FPIs in September quarter <div type="image" title="FPI buys 2" height="900" width="1200" msid="95580439" hostid="261"></div> Food delivery company Zomato, which debuted in the secondary market in July 2021, is also among FII favourites. FPIs bought shares of Zomato worth ₹8,057 crore during the quarter. Note that the company has erased 51% of its share value so far in 2022 due to constant losses. “They are also buying companies where valuation is comfortable and where downside is protected like Zomato,” said Chouhan. Further, analysts believe buying will accelerate when the dollar index – currently at 106 – falls below 103, and there is a cool off in crude oil prices and treasury yields. “Real buying will come when the dollar index is trading below 103, if Brent crude starts below $90 and 10-year treasury falls below 3.50%,” said Chouhan. Shares of index heavyweights like Reliance Industries, the top four IT giants and Kotak Mahindra Bank witnessed heavy selling by FPIs during the September quarter. Heavy sell off in these top IT companies have led to a correction of 10-40% in these stocks this year. Companies that saw the highest selling by FPIs in July-September <div type="image" title="fpi sale 2" height="900" width="1200" msid="95580521" hostid="261"></div> There were 11 companies in which promoters, FPIs and DIIs have increased their stakes during the quarter, these stocks were – Astral, Uno Minda, Atul, Maharashtra Seamless, Share India Securities, Mirza International, Sarda Energy &amp; Minerals, Meghmani Organics, Mrs.Bectors Food Specialities, NCL Industries and Poddar Housing &amp; Development. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/whenever-small-caps-trade-at-a-discount-to-nifty-they-have-given-outsized-returns-incred-wealth/articleshow/95536784.cms">Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a>

These stocks are hot favourites of FPIs even as they sell index heavyweights

<ul><li>Four initial public offerings (IPOs), namely, Sah Polymers, Rex Sealing and Packing Industries, SVS Ventures and Chaman Metallics are open for subscription this week.</li><li>The four IPOs are expected to collectively raise almost ₹110 crore.</li><li>Sah Polymers, a polymer manufacturer and packaging solutions provider, will be launched on the main board of the BSE and NSE.</li><li>Rex Sealing and Packing Industries, real estate developer SVS Ventures and steel producer Chaman Metallics will be listed on the small and medium enterprise (SME) indices.</li></ul> The first week of 2023 has kicked off with four initial public offerings (IPOs) that will either launch or are already open for subscriptions, carrying forward the momentum of the year before – when 38<a href="https://www.businessinsider.in/stock-market/news/best-and-worst-performing-ipos-of-2022-in-india/articleshow/96160391.cms"> companies launched their issues</a> despite volatile market conditions. While three IPOs – that of Sah Polymers, Rex Sealing and Packing Industries, and SVS Ventures – are currently open for investor subscription, that of Chaman Metallics will open on January 4. These four IPOs are expected to collectively raise almost ₹110 crore. Sah Polymers, a polymer manufacturer and packaging solutions provider, will list on the mainboard of the BSE and NSE. However, Rex Sealing, real estate developer SVS Ventures and steel producer Chaman Metallics will be listed on the small and medium enterprise (SME) indices. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO size </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sah Polymers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹66.3 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rex Sealing and Packing Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹8.09 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SVS Ventures </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.24 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chaman Metallics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 6, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹24.21 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <keyword id="13674457" type="General" weightage="20" keywordseo="Sah-Polymers-IPO" source="Orion">Sah Polymers IPO</keyword> to raise ₹66.3 crore Udaipur-based Sah Polymers opened its initial public offering (IPO) on December 30 and will close on January 4, 2023. The price band of the IPO is set at ₹61-65 per share. The company’s ₹66 crore IPO is a complete fresh issue of 10.2 million shares, with no offer for sale (OFS) component. The shares of the company are currently commanding a grey market premium (GMP) of ₹9 per share. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded </a>in an unofficial market before they are listed on the stock exchanges. The company is primarily engaged in manufacturing and selling of polypropylene (PP) and high density polyethylene (HDPE) bulk bags (or FIBC bags), woven sacks, and HDPE/PP woven fabrics. Sah Polymers intends to use part of its net proceeds from the IPO to establish a new facility with an additional installed capacity of 3.96 billion tonnes per annum to manufacture different variants of FIBC products. Once set up, it will double the company’s total production capacity to 7.92 billion tonnes per annum. The company also intends to use a part of the proceeds to repay debt, fund working capital requirements and for other general corporate purposes. Rex Sealing IPO to be listed on SME exchange Rex Sealing opened its IPO last week and will close on January 4. The price of the IPO is set at ₹135 per share. The company plans to raise ₹8.09 crore through a fresh issue worth ₹4.05 crore, and an offer for sale by promoters and shareholders worth ₹4.04 crore. The IPO will be listed on the BSE SME exchange. The company intends to use proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. The shares of the company are currently indicating a grey market discount of ₹5 per share. The company is a manufacturer and exporter of sealing packing and insulation products including jointing sheets, fabric expansion joints, and ceramic fibre products. Rex Sealing and Packing Industries is in the process of setting up an additional manufacturing facility at Ambernath, measuring 4,000 square metres for expansion of business and manufacture of all types of asbestos-free gasket sheets for automotive, steel and other processing units. SVS Ventures IPO to raise ₹11.24 crore The real estate developer also opened its IPO last week and will close on January 4. The price of the issue is set at ₹20 per share. The company plans to raise ₹11.24 crore through a complete fresh issue of shares. The IPO will be listed on the BSE SME exchange. The company intends to use proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. The shares of the company are currently indicating a grey market discount of ₹5 per share. The company is in the business of construction and real estate development, focusing primarily on residential and commercial projects in and around Ahmedabad, Gujarat. The company’s business operations include development of real estate projects in the residential segment comprising apartment type complexes, villas, largely catering to the middle income and high income group. Its projects are marketed and sold under the brand name of "SVS Ventures (formerly known as Vijay &amp; co.) <keyword id="15944882" type="General" weightage="20" keywordseo="Chaman-Metallics-IPO" source="Orion">Chaman Metallics IPO</keyword> to open on January 4 Steel producer Chaman Metallics’ IPO will open on January 4 and close on January 6. The price of the issue is set at ₹38 per share. The company plans to raise ₹24.21 crore through a complete fresh issue of shares. The IPO will be listed on the NSE SME exchange. The company intends to use proceeds from the fresh issue to meet working capital requirements and for general corporate purposes. The shares of the company are currently commanding a grey market premium of ₹23 per share. Chaman Metallics is primarily engaged in the business of manufacturing and selling of direct reduced iron (i.e. sponge iron). Sponge iron is mainly used as a raw material for making steel in electric arc furnaces and induction furnaces. It operates a manufacturing facility located in Chandrapur, Maharashtra with an installed sponge iron production capacity of 72,000 metric tonnes. The company sells its products primarily in the states of Maharashtra, Odisha and Chhattisgarh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-picks-for-2023-lt-sbi-axis-bank-among-top-brokerage-picks-for-the-new-year/articleshow/96667625.cms">Stock picks for 2023: L&amp;T, SBI, Axis Bank among top brokerage picks for the new year</a>

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