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New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>Headline inflation cooled as expected in August, rising 2.5% from a year ago.</li><li>But core inflation came in hotter than expected, driven by housing costs.</li></ul><a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-causes-inflation">Inflation</a> slowed in August in line with expectations.The consumer price index, published by the Bureau of Labor Statistics, increased 2.5% over the year from August 2023 to this past August, matching the <a target="_blank" href="https://www.investing.com/economic-calendar/cpi-733">forecast</a> of 2.5% and below July's 2.9% rate.But the core CPI reading rose unexpectedly to 0.3%, from 0.2% the previous month, driven by higher housing costs.The new data will factor into the Federal Open Market Committee's interest-rate decision next week, with the hot core figure decreasing the odds of a jumbo 50-basis-point cut. The CME FedWatch tool — which calculates the market's probabilities for rate cuts of specific sizes — is now assigning just a 15% likelihood to a bigger move, down from where it was after the August jobs report.Softening but still relatively strong <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-interest-rate-cuts-federal-reserve-recession-2024-9">labor market data</a> will also weigh on the Fed's decision. Data from the Bureau of Labor Statistics out last Friday showed unemployment dropped from 4.3% in July to 4.2% in August, and monthly job growth has cooled during the summer."The question will be whether the totality of the data, the evolving outlook, and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market," Fed Chair Jerome Powell said in a July press conference following the FOMC policy interest rate decision. "If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September."Powell also said during that conference that "we will be data dependent but not data point dependent, so it will not be a question of responding specifically to one or two data releases."This is a developing story. Please check back for updates.

The inflation report dashes hopes of a jumbo rate cut next week

<ul class="summary-list"><li>Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire.</li><li>The company went public on Monday, becoming the largest Malaysian IPO in seven years.</li></ul>Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status.He founded the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-convenience-store-market-in-malaysia-2019-2022-the-industry-is-witnessing-fast-developments-and-presents-huge-potential-for-convenience-store-players-1029242346">convenience store</a> chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-08/malaysia-s-biggest-ipo-in-7-years-to-turn-99-speed-mart-founder-into-billionaire?srnd=homepage-asia">Bloomberg's</a> Billionaires Index.Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult to find work. He turned to entrepreneurship, selling snacks from a stall to support himself."I have to help myself. Nobody would hire me due to my physical limitation," Lee told <a target="_blank" href="https://www.forbes.com/global/2010/0315/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html">Forbes</a> in 2010.He opened his first grocery store in 1987 at the age of 23. Over the next decade, his business grew into a chain of eight stores under the name Pasar Mini 99.Lee's wife, Ng Lee Tieng, joined the company in 1997 as a purchasing executive. Together, they built what would become the largest mini-mart chain in Malaysia, with 2,651 stores nationwide, according to the company's IPO <a target="_blank" href="https://anns.sgp1.cdn.digitaloceanspaces.com/3473571.pdf">prospectus</a>.Until this week's IPO, the couple fully owned the business. Lee will remain its majority shareholder, controlling up to a combined 79.7% stake. He will continue as the company's CEO. Ng will hold a 3.2% stake in the company.The company has a 40% share of the mini-mart market in Malaysia and controls nearly 12% of the overall grocery sector, according to the prospectus.The IPO attracted 14 major investors, including firms like abrdn Asia and UOB Asset Management, Bloomberg reported. The company plans to use over half of its IPO proceeds to add another 250 stores a year until it reaches about 3,000 outlets in three years, set up new distribution centers, and purchase new delivery trucks.The company saw a second-quarter profit of 125.5 ringgit — a 66.3% year-over-year increase, <a target="_blank" href="https://www.reuters.com/business/retail-consumer/99-speed-mart-opens-121-higher-debut-malaysias-biggest-ipo-7-years-2024-09-09/#:~:text=99%20Speed%20Mart%2C%20founded%20by,%2C%202023%2C%20its%20prospectus%20showed.">Reuters</a> reported on Monday. 99 Speed Mart also posted a revenue of over 9,000 million ringgit in 2023, over four times that of its main competitor, 7-Eleven Malaysia, per its IPO prospectus.99 Speed Mart didn't immediately respond to a request for comment from Business Insider.

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> is set to open four new retail stores in India by next year.</li><li>The company is looking to recruit around 400 employees in India for these stores.</li><li>Here’s everything you need to know about the job opening at Apple.</li></ul> Cupertino tech giant Apple is expanding its retail presence in India amid a rise in sales of the iPhone. The company recently announced the launch of four new retail stores in Bengaluru, Delhi-NCR, Mumbai and Pune. Ahead of the launch of these stores, the company is now looking to hire 400 employees in the country. The company has revealed that it is looking to recruit around 400 people for these stores. The company has listed several new <keyword id="20076347" type="General" weightage="20" keywordseo="job-openings" source="keywords">job openings</keyword> on its website ahead of next year’s store launch. Apple currently employs around 100 employees at its stores in Delhi’s Select City Walk and Mumbai’s BKC. <h2>400 job openings at Apple</h2>The 400 job openings announced by Apple include both full-time and part-time roles. The roles announced include Business Pro, Operations Expert, Technical Specialist and more. “As a Business Pro, you help customers discover how Apple products can transform the way they work — and you build loyalty by maintaining those customer relationships. In this role, you serve as both a resource and a mentor to your fellow <keyword id="11919569" type="General" weightage="20" keywordseo="Apple-store" source="Orion">Apple Store</keyword> team members. You also partner with store leadership to find opportunities to connect customers with powerful tools and solutions that help their business thrive,” reads the Business Pro job description on the company’s website. The jobs are aimed at recent graduates looking to earn money and experience by working flexible shifts at the Apple Store. In addition to hiring through its website, the company has also started recruiting people through job platforms such as LinkedIn. "It's amazing to see Apple expand across this incredible country in Delhi, Mumbai, Pune and Bengaluru. We are looking to talk to people across many roles,” an Apple recruiter said on LinkedIn. To apply, you can visit the<a href="https://jobs.apple.com/en-in/search"> company’s website</a>, which currently has over 600 job openings or contact the recruiters on LinkedIn. <h2>Apple’s push in India</h2>India is now emerging as a key market for India as the customers in the world’s second-biggest smartphone market are on the premiumisation bandwagon. There has been a steady increase in the sale of iPhones in the country. Apple recorded a 33% growth in India in the previous fiscal year, recording sales of over INR 65,000 crore. As per IDC, Apple is expected to sell 12 to 12.5 million iPhones in 2024, a 25% year-on-year growth. <div type="Article" hostid="261" msid="112653019" title="The iPhone Pro models will be made in India for the first time this year" mstype="2" mssubtype="0"></div> Apple has also made a manufacturing push in India, with the entire iPhone 16 lineup being<a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms"> produced</a> in the country, a first for the company. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/nvidia-and-reliance-industries-to-build-ai-computing-infrastructure-in-india/articleshow/114551439.cms">NVIDIA and Reliance Industries to build AI computing infrastructure in India</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/snapdragon-8-elite-announced-to-power-iqoo-13-oneplus-13-xiaomi-15-series-and-more/articleshow/114463844.cms">Snapdragon 8 Elite announced, to power iQOO 13, OnePlus 13, Xiaomi 15 series and more</a>

Apple is hiring 400 employees in India – roles, how to apply and all you need to know

<ul class="summary-list"><li>Mark Zuckerberg is committed to building a winning open-source platform.</li><li>On a podcast, Zuckerberg discussed the ideological tug-of-war between open- and closed-source tech.</li></ul>Meta CEO <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> wants to go all in on open-source.At a <a target="_blank" class="" href="https://www.businessinsider.com/meta-mark-zuckerberg-acquired-podcast-sold-out-stadium-2024-9">live show of the "Acquired" podcast</a> hosted in San Francisco last week, Zuckerberg spoke about Meta's competition and the next frontier of the <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-technical-skills-important-leadership-management-2024-9">tech industry</a>, including the "ideological battle" over closed and open models."We face a lot of competition in a lot of different aspects of what we do," Zuckerberg said while talking about the operating systems of the future."Are they going to be the closed integrated model that Apple has always done? Which, again, there are multiple good ways to build things," he said. "In the PC era, Windows with the open ecosystem was the leader."The closed model is often more secure because the software's source code is not publicly available. Meanwhile, an <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-open-source-software">open-source model</a> can help a technology develop more quickly and become more democratic because the source code is available to the general public, who can modify and redistribute it."Part of my goal for the next 10-15 years, the next generation of platforms, is to build the next generation of open platforms and have the open platforms win," Zuckerberg said. "I think that's going to lead to a much more vibrant tech industry."Zuck has already made strides in that direction. In 2023, Meta released <a target="_blank" rel="" href="https://www.businessinsider.com/meta-llama2-ai-uses-almost-twice-water-as-llama-2023-7">Llama 2</a>, a <a target="_blank" class="" href="https://www.businessinsider.com/meta-llama-2-ai-model-not-open-source-2023-7">(mostly) open-source AI model</a> that quickly became a hit among the tech community.It's <a target="_blank" class="" href="https://www.businessinsider.com/meta-llama2-open-source-mark-zuckerberg-balls-replit-amjad-masad-2023-10">not without risks</a><a target="_blank" href="https://www.businessinsider.com/meta-llama2-open-source-mark-zuckerberg-balls-replit-amjad-masad-2023-10">,</a> though. Bad actors can co-opt open-source models. Meta's Llama 2 could give users <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-senate-ai-forum-llama-2-gives-anthrax-instructions-2023-9">detailed instructions on how to make anthrax</a>, something Zuckerberg faced some heat for on Capitol Hill. He argued that similar information can be found elsewhere, too.In July, Zuckerberg received props across the tech industry when <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-llama-ai-model-praise-open-source-musk-2024-7">Meta released the open-source Llama 3.1</a>, which some industry execs called an "incredible gift" at the time.

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IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

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Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

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