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<ul><li><keyword id="391336" type="General" weightage="100" keywordseo="ireda" source="Orion">IREDA</keyword> intends to raise ₹2,150 crore via the initial public offer.</li><li>It intends to use net proceeds to augment its capital base and onward lending.</li><li>Investors can bid for a minimum of 460 shares and in multiples of 460 thereafter. </li></ul>The initial public offer (IPO) of Indian Renewable Energy Development Agency (IREDA) will open for subscription on November 21 and close on November 23. It has fixed a price band of ₹30-32 per share. Investors can bid for a minimum of 460 shares and in multiples of 460 thereafter. The government of India promoted company intends to raise as much as ₹2,150 crore via the issue. The issue is a combination of offer for sale and fresh issue. The company intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and onward lending. IREDA is a public financial institution (PFI) registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (NBFCND-SI). It also has an Infrastructure Finance Company (IFC) status. The financial institution with over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects. It also serves energy efficiency and conservation projects. It provides financial products and related services, from project conceptualisation to post-commissioning, for and other value chain activities like equipment manufacturing and transmission. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to ₹47,514 crore. IDBI Capital Markets &amp; Securities Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers. Financial &amp; risk factors IREDA’s revenue from operations grew 24% in FY23, as compared to the year before. Its net profit grew 36% during the same period. Its capital to risk-weighted asset ratio (CRAR) stood at 18.8% for FY23. Its gross non-performing assets (NPA) stood at 3.21% by the end of FY23. Its listed peers in the market are REC and Power Finance Corporation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">FY23 </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;">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;">FY21 </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;">Revenue from operations </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;">₹3,373 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;">₹2,713 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;">₹2,564 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;">Net Profit </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;">₹1,139 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;">₹833 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;">₹569 crore </td></tr></tbody></table>Source: RHP IREDA’s finances are indirectly linked to that of state electricity distribution companies or discoms. The poor health of state discoms may lead to delays in payments to renewable energy projects that they finance. Certain discoms that purchase electricity from its borrowers sought revision in the terms of their existing power purchase agreements (PPAs). A downward revision in the tariffs could negatively affect its borrowers, impacting their repayment capabilities. Its NPAs may increase due to force majeure events, delay in project implementation and more, it said in its risk factors. A lot of its NPAs are concentrated around biomass power and cogeneration, hydro power and wind power projects. Apart from that, interest rate volatility, inherent risks in renewable projects, vagaries of nature, and highly competitive environment are listed as risk factors in its DRHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/business/corporates/news/bikaji-in-no-rush-to-take-a-big-bite-of-restaurant-biz-focus-stays-on-snacks-for-now/articleshow/105258190.cms">Bikaji in no rush to take a big bite of restaurant biz, focus stays on snacks for now</a>

IREDA IPO to open on November 21, price band fixed at ₹30-32/share

<ul><li>The stock closed at ₹59 as compared to the issue price of ₹32 on opening day.</li><li>The grey market was expecting 31% listing gains from the stock.</li><li>The market cap of the company is at ₹11,920 crore, according to Bombay Stock Exchange. </li></ul>State-run green financier IREDA’s stock made a dream debut on the bourses, providing its investors with 87% listing gains. It became one of the most successful PSU market debuts, second only to IRCTC’s stellar debut of over 100% listing gains. IREDA’s stock closed at ₹59 after gaining through the day – beating grey market expectations of 31% listing gains — by a large margin. The market cap of the company stood at ₹16,123 crore, according to Bombay Stock Exchange. Its ₹2,150 crore initial public offer (IPO) was subscribed 38.8 times the shares on offer, with substantial interest from institutional investors. The qualified institutional buyer (QIB) portion was subscribed 104 times. Due to the high number of applications, investors who missed the IPO allotment scrambled for the stock on listing day. “We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from long term funds. while those who failed to get allotments can accumulate on every dip for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential,” said Prashanth Tapse, senior VP of research at Mehta Equities. The last few market debuts saw mixed results ranging from muted debuts to sharp listing gains. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ASK Automotive </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">10% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ESAF Small Finance Bank </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">15% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Honasa Consumer </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Cello World </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">22% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4% </th></tr></thead><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> ‘Potential to upgrade to a Navratna’ IREDA is positioned as India's largest green financing NBFC. It has over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects. It also serves energy efficiency and conservation projects. Tapse says that IREDA has the potential to upgrade to a Navratna company. “The NBFC's financial autonomy is expected to boost its competitive edge,” he adds. The public financing institution (PFI) intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and onward lending. It provides financial products and related services, from project conceptualisation to post-commissioning, for and other value chain activities like equipment manufacturing and transmission. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to ₹47,514 crore. Its revenue from operations grew 24% in FY23, as compared to the year before. Its net profit grew 36% during the same period. Its capital to risk-weighted asset ratio (CRAR) stood at 18.8% for FY23. Its gross non-performing assets (NPA) stood at 3.21% by the end of FY23. SEE ALSO <a href="https://www.businessinsider.in/policy/economy/news/rupee-hits-a-new-low-in-november-despite-fall-in-dollar-index/articleshow/105551439.cms">Rupee hits a new low in November despite fall in dollar index</a> <a href="https://www.businessinsider.in/stock-market/news/november-rain-for-primary-market-great-ipo-party-helps-companies-mop-up-of-1-5-lakh-crore/articleshow/105470997.cms">November Rain For Primary Market: Great IPO party helps companies mop up ₹1.5 lakh crore</a>

Dream debut: IREDA’s stock zooms ahead with 87.4% listing gains

<ul><li>Qualified institutional buyer portion of the issue was subscribed over 100x.</li><li>The issue which closes on November 23, has fixed a price band of ₹30-32 per share.</li><li>It intends to use net proceeds to augment its capital base to meet future capital requirements and onward lending. </li></ul>Government of India-owned IREDA’s initial public offer (IPO) was subscribed 38.8 times the shares on offer. The ₹2,150 crore issue received outsized interest from qualified institutional buyers (QIBs), as this portion was subscribed 104 times. The non-institutional investor portion was subscribed 24 times while the retail portion was subscribed 7.7 times. The company has raised ₹643 crore from anchor investors like SBI Banking &amp; Financial Services Fund HDFC Mutual Fund, ICICI Prudential PSU Equity Fund and more; ahead of the IPO. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </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;">Qualified Institutional Buyers </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;">104.57 </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;">Non-institutional Investors </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;">24.16 </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;">Retail </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;">7.73 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.8 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: BSE IREDA’s IPO closes on November 23. It fixed a price band of ₹30-32 per share. Investors can bid for a minimum of 460 shares and in multiples of 460 thereafter. The public financial institution (PFI) has over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects. It also serves energy efficiency and conservation projects. The PFI intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and onward lending. It provides financial products and related services, from project conceptualisation to post-commissioning, for and other value chain activities like equipment manufacturing and transmission. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to ₹47,514 crore. Its revenue from operations grew 24% in FY23, as compared to the year before. Its net profit grew 36% during the same period. Its capital to risk-weighted asset ratio (CRAR) stood at 18.8% for FY23. Its gross non-performing assets (NPA) stood at 3.21% by the end of FY23. Its finances are indirectly linked to that of state electricity distribution companies or discoms. The poor health of state discoms may lead to delays in payments to renewable energy projects that they finance. Certain discoms that purchase electricity from its borrowers sought revision in the terms of their existing power purchase agreements (PPAs). A downward revision in the tariffs could negatively affect its borrowers, impacting their repayment capabilities.

IREDA IPO subscribed 38.8x as QIBs rush in

After turning <keyword id="176767" type="General" weightage="20" keywordseo="net-sellers" source="Orion">net sellers</keyword> in the past two months, <keyword id="2005494" type="General" weightage="20" keywordseo="fpis" source="Orion">FPIs</keyword> again made a comeback in the Indian stock markets in November and pumped in Rs 9,000 crore amid fall in <keyword id="105472" type="General" weightage="20" keywordseo="us-treasury" source="Orion">US treasury</keyword> <keyword id="35232" type="General" weightage="20" keywordseo="bond-yields" source="Orion">bond yields</keyword> and the resilience of the domestic market. Additionally, Foreign Portfolio Investors (FPIs) made a <keyword id="2609447" type="General" weightage="20" keywordseo="net-investment" source="Orion">net investment</keyword> of Rs 14,860 crore in the debt market last month, making it the highest level in six years, data with the depositories showed. Going forward, FPI response will be crucially determined by the market trend, which, in turn, will be influenced by the state election results, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. If the state election results turn out to be favorable for the ruling dispensation, the market will stage a rally, and overseas investors are unlikely to miss that rally by big selling, he added. According to the data, FPIs made a net investment of Rs 9,000 crore in Indian <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> in November. This came after FPIs dumped Indian equities worth Rs 24,548 crore in October and Rs 14,767 crore in September. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period. The latest inflow can be attributed to fluctuations in the US Treasury yields and crude oil prices. Last month, the market witnessed the remarkable listing of two IPOs - IREDA and Tata Tech - potentially indicating a positive trend for foreign investors, Bharat Dhawan, Managing Partner, Mazars in India, said. "While the decline in US treasury bond yields could have prompted FPIs to turn their focus back to the Indian market for better returns, listing of IPOs would have also bought foreign investors back," Himanshu Srivastava, Associate Director - Manager Research at Morningstar Investment Research India Private Limited, said. Additionally, the US Fed in its policy meeting last month agreed to proceed carefully and only raise interest rates if progress in controlling inflation faltered, but it did not provide any indication concerning the timeline for rate cuts. However, low chances of further rate hikes could have also boosted market sentiments leading foreign investors to take on some risk, Also, a fall in crude prices also provided positive support, Srivastava said. Overall, the cumulative trend for 2023 remains healthy, with FPIs pouring in Rs 1.15 lakh crore so far this calendar year. With regards to bonds, the debt market attracted Rs 14,860 crore in November, after receiving Rs 6,381 crore in October, data showed. This was the highest inflow since October 2017, when they had poured Rs 16,063 crore. The inclusion of Indian G-Sec in the JP Morgan Government Bond Index Emerging Markets has spurred foreign fund participation in the Indian bond markets. So far this year, overseas investors have net invested Rs 50,270 crore in the Indian debt market. In terms of sectors, FPIs might buy into financials where the valuations are fair, Geojit's Vijayakumar said.

FPIs infuse Rs 9,000 cr in equities in Nov; inflow in debt at 6-yr high

By Jimit Devani, Naman Shah and Jash Davda India has made revolutionary development in the renewable energy (RE) sector. In the last 7.5 years the RE installed capacity has increased by 286%, making India the fourth biggest in the world, for installed RE capacity. As of October 2021, India’s RE capacity has reached 149.57 gigawatts (GW), from 94.4 GW in 2020. The <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword>, 2021 outlined various reforms and initiatives towards boosting the non-conventional energy sector in India. The first one amongst it was the clarion call for ‘<keyword id="9210258" type="General" weightage="20" keywordseo="Atmanirbhar-Bharat" source="Orion">Atmanirbhar Bharat</keyword>’ and ‘Vocal for Local’, by introducing production-linked incentive (PLI) scheme of ₹4,500 crore for solar cells and modules. An overwhelming response from the industry to the PLI scheme led to further enhancement of the scheme to ₹24,000 crore to boost exports. Recently, on January 20, 2022, the Cabinet also approved capital infusion of ₹1,500 crore to the Indian Renewable Energy Development Agency (IREDA) as proposed in the Union Budget, 2021. However, the journey has just begun and much is yet to be accomplished. The RE sector has a mammoth target of 227 GW capacity generation in 2022, of which about 114 GW is planned for solar, 67 GW for wind and the remaining for hydro and bio, amongst others. Further, at the COP 26 climate summit in Glasgow, enhancing its commitment towards climate change India pledged five – ‘Panchamrits’ – to become a ‘<keyword id="13030731" type="General" weightage="20" keywordseo="net-zero-carbon-emitter" source="Orion">net zero’ carbon emitter</keyword> by 2070. To achieve this ambitious target, various reforms are expected in the Union Budget, 2022 to push the industry. A few of them are listed below: 1. Expansion of PLI schemes Presently, the PLI scheme only covers solar cells and modules. However, to boost domestic manufacturing it is also imperative to incentivise other limbs of the RE segment. This can be achieved by extending the benefits of the scheme with additional budgetary allocation to: <ol><li>Manufacturers of electrolysers to generate green hydrogen</li><li>Battery manufacturers for electric vehicles</li><li>Greening of Indian railways</li><li>Wind turbines.</li></ol>2. Tax incentives for green economy adoption Promoting green technology is critical to India’s commitment towards its ‘net zero’ emissions target. Countries across the globe are taking steps for furtherance of the green economy by providing free land, concessional power cost, funding at low interest costs, government incentives, etc in addition to concessional tax rates. To push the RE players and provide a level playing field globally, similar benefits may be provided in the upcoming Budget. With respect to tax related measures, it is expected that a concessional tax rate of 15% should also be extended to companies which invest in green technologies coupled with an additional deduction towards investment or purchase of green technology assets. 3. Promotion of social infrastructure projects like conversion of waste to energy In order to promote social infrastructure projects like waste to energy as well as projects that lead to transformation of waste to energy, it is recommended to include them under priority sector lending. This has been successfully implemented by municipal corporations of Indore and Nagpur. The government may, along with the state government/municipal corporation/gram panchayat develop a policy, setting a target to develop such social infrastructure projects in the respective localities. Companies participating in such projects should also be incentivised with subsidies on tariff rates, free land and other benefits. 4.Tax consolidation policy Typically, RE projects are domiciled in separate special purpose vehicles (SPVs) due to various reasons such as regulatory compulsion, banker’s comfort, and the need to segregate cash flows. Having multiple SPVs for a single line of business results in inefficiencies and increased compliance burden. Further, the losses of one SPV cannot be set-off against the profits of another SPV. All these factors make <keyword id="13030730" type="General" weightage="20" keywordseo="Tax-consolidation-schemes" source="Orion">tax consolidation schemes</keyword> a need of the hour and hence, consolidation of group tax may be considered for streamlining tax provisions and making more proceeds available in the hands of the investors. 5. Rationalising GST rates Goods and Services Tax (GST) rates on specified RE devices and parts have been increased from 5% to 12%, due to which effective GST rate for EPC contracts has increased from 8.9% to 13.8%. It is thus recommended to restore the GST rate of 5% so as to bring down the cost to companies. There are various other steps, which are required to be taken in order to bring in long-term policy stability and for promoting investments in the RE sector such as regularisation of payment from DISCOMs, land acquisition, and resumption of staggered projects. Thus, the RE sector expects <a href="https://www.cnbctv18.com/budget-2020/">Budget 2022</a> to step up towards achieving the ambitious dream of making India ‘net zero’ carbon emitter by 2070. Jimit Devani is Partner, Naman Shah is Senior Manager and Jash Davda is Deputy Manager with Deloitte Haskins and Sells LLP. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/future-retails-independent-directors-haved-turned-down-amazons-financial-support-offer/articleshow/89116781.cms">Future Retail's independent directors haved turned down Amazon's financial support offer </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzuki-shares-up-nearly-7-as-the-automaker-has-2-4-lakh-pending-vehicle-orders/articleshow/89116076.cms">Maruti Suzuki up nearly 7% as the automaker expects good demand at a time when industry is feeling the heat</a>

OPINION: Tax consolidation schemes is the need of the hour for India’s renewable energy sector

<ul><li>The stock listed at ₹456 as compared to its IPO price of ₹448.</li><li>The grey market is expecting 19% listing gains from the stock.</li><li>The company’s marketcap is at ₹2,610 crore, as per BSE. </li></ul>Pharma company <keyword id="14322188" type="General" weightage="20" keywordseo="innova-captab" source="Orion">Innova Captab</keyword> closed its maiden trading session with 21% listing gains. This is in line with the grey market's expectations of 19% listing gains. While the stock listed in the morning at a 1.8% premium, it gained rapidly during the trade. The company’s marketcap is at ₹2,610 crore, as per Bombay Stock Exchange. The ₹570 crore issue was subscribed four times the shares on offer. It received good interest from retail investors as compared to institutional investors.. Most of the stocks that listed in 2023 have given positive listing gains to investors. Here are the listing gains of the last few market debuts. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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;">Listing gains </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;">Azad Engineering </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;">29% </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;">Doms </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;">77% </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;">Tata Technologies </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;">162% </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;">Gandhar Oil </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;">78% </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;">IREDA </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;">87% </td></tr></tbody><tbody></tbody></table> The offering is a combination of fresh issue and an offer-for-sale. It intends to use proceeds from the fresh issue towards debt repayment, working capital and general corporate purposes. It’s an integrated pharmaceutical company with a presence across research and development, manufacturing, drug distribution and marketing and exports. Its business includes contract development and manufacturing organization (CDMO) business which provides manufacturing services to Indian pharmaceutical companies. “In Fiscal 2022, among Indian formulation CDMO players considered in the CRISIL Report, we recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed,” the company said in its DRHP. It also has a domestic branded generics business and an international branded generics business. “We have developed a diversified branded generics product portfolio including tablets, capsules, dry syrups, dry powder injection, ointments and liquid orals,” the company said in its DRHP. It has a dedicated R&amp;D laboratory and pilot equipment located at its manufacturing facility in Baddi, Himachal Pradesh. Torrent Pharmaceuticals, Laurus Labs, Ajanta Pharma, J B Chemicals and Pharmaceuticals Limited, and NATCO Pharma are some of its many listed peers.

Innova Captab closes maiden trading session with 21% listing gains

<ul><li>The stock listed at ₹207 as compared to its issue price of ₹230, on debut day.</li><li>Its market capitalisation is at ₹1,989 crore, according to Bombay Stock Exchange. </li></ul>Air conditioner manufacturer <keyword id="20187390" type="General" weightage="20" keywordseo="epack-durable" source="keywords">EPACK Durable</keyword> fell 9.7% below its issue price on debut day on Tuesday. The stock closed at ₹207 as compared to its issue price of ₹230. Its market capitalisation is at ₹2,155 crore according to <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. The benchmark indices too traded in the red on Tuesday, as Sensex shed over 800 50 points, and Nifty fell by 205 points. The grey market was expecting 2% listing gains from the stock. “EPACK listing was below our expectations due to market sentiments. We continue to remain positive on the company business model. EPACK holds a strategic long standing relationship position in the growing Indian Refrigeration and Air conditioning (RAC) industry and also extended relationships provide opportunities for cross-selling,” said Prashanth Tapse, senior VP of research at Mehta Equities. He recommends investors to hold on to the stock with a long-term perspective. The ₹640 crore initial public offer (IPO) was subscribed 16 times over the shares on offer. It has mobilized ₹192 crore from anchor investors ahead of its IPO from investors like <keyword id="19936607" type="General" weightage="20" keywordseo="societe-generale" source="keywords">Societe Generale</keyword>, Copthall Mauritius Investment, SBI Life Insurance Company and more. The year of 2023 has been good market debuts with many stocks providing investors with <a href="https://www.businessinsider.in/stock-market/news/ipo-gold-rush-all-but-4-ipos-in-fy24-gave-positive-returns-on-listing/articleshow/104174040.cms">positive listing gains</a>. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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;">Listing gains </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;">Jyoti CNC` </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;">30% </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;">Innova Captab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></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;">Azad Engineering </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;">29% </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;">Doms </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;">77% </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;">Tata Technologies </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;">162% </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;">IREDA </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;">87% </td></tr></tbody><tbody></tbody></table> The issue is a combination of a fresh issue and an offer for sale. It intends to use net proceeds from the fresh issue as capex for new or expansion of manufacturing facilities, loan payment, and general corporate purposes. The company is an outsourced design manufacturer of room air conditioners. Some of its customers include <keyword id="19906109" type="General" weightage="20" keywordseo="voltas" source="keywords">Voltas</keyword>, Blue Star, Daikin, Haier, Godrej and Boyce and more. It is the second biggest original design manufacturer (<keyword id="20382044" type="General" weightage="20" keywordseo="odm" source="keywords">ODM</keyword>) of room air conditioners in India, based on the number of units produced in FY23, as per a Frost &amp; Sullivan report, it says in the DRHP. It has three manufacturing facilities in Dehradun, Uttarakhand; Bhiwadi in Rajasthan; and Sricity in Andhra Pradesh. Apart from indoor units, outdoor units and window air conditioners; it manufactures mixer grinders, water dispensers. Moreover, it aims to expand its portfolios to other consumer goods like hair dryers, kitchen chimneys, domestic air coolers, tower fans and more. “EPACK Durable has a 24% market share in terms of domestically manufactured units by ODM in FY23. The plants are vertically integrated and automated would improve the margins going forward. The increase in wallet share from existing customers through cross-selling and expanding the customer base will increase the business going forward,” said a note by Arihant Capital which gave it a ‘subscribe for long-term’ rating.

EPACK Durable falls 9.7% below its issue price on debut day

<ul><li>Fedbank intends to raise ₹1,092 crore from the initial public offer.</li><li>Investors can bid for a minimum of 107 shares and in multiples thereafter.</li><li>It plans to use net proceeds to augment Tier-I capital base and others. </li></ul>The initial public offer (IPO) of Fedbank Financial Services will open for subscription on November 22 and close on November 24. Its price band has been fixed at ₹133-140 per equity share. Investors can bid for a minimum of 107 shares and in multiples thereafter. The company intends to raise as much as ₹1,092 crore via the IPO. The issue comprises a fresh issue aggregating up to ₹600 crore and an offer for sale by promoter Federal Bank, and selling shareholder of True North Fund VI LLP I. The Reserve Bank's circular increasing the risk weights on unsecured lending will increase the borrowing costs, but the negative market sentiment will not impact the offering, Managing Director and Chief Executive Officer Anil Kothuri told reporters at its IPO press conference. The non-banking financial company (NBFC) plans to utilize the net proceeds from the fresh issue towards augmenting its Tier – I capital base to meet future capital requirements, arising out of the growth of its business and assets. ICICI Securities, BNP Paribas, Equirus Capital Private and JM Financial are the book running lead managers to the Issue. The company &amp; financials It’s a retail focused non-banking finance company (NBFC) promoted by The Federal Bank. It has 584 branches, and is focussed on MSME loans, gold loan and more. It is one of the five private bank promoted NBFCs in the country. As on March 31, 2023, it has the third fastest assets under management (AUM) growth among NBFCs in the peer set in India. Its AUMs grew at 33% CAGR (compounded annual growth rate) between FY20 and FY23. Its AUMs stand at 94,34 crore as of end of June 2023. Its total revenues grew by 37% and 26% in FY23 and FY22 respectively. Its profit also grew by 74% and 67% during the same periods. As of June 30, 2023, its Gross non-performing assets (NPA) and Net NPA were at ₹189 crore and ₹147 crore, respectively. Its listed peers in the market are Aptus Value Housing, IIFL Finance, Five Star Business Finance, Manappuram Finance, Muthoot Finance and SBFC Finance. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">FY23 </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;">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;">FY21 </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;">Revenue from operations </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;">₹1,178 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;">₹869 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;">₹691 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;">Net profit </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;">₹180 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;">₹103 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;">₹61.6 crore </td></tr></tbody><tbody></tbody></table>Source: RHP Risk factors As much as 93% of its gross AUMs are concentrated around six states and two union territories of Gujarat, Maharashtra, Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Puducherry and Delhi. Any adverse developments in these regions could have an adverse effect on its business. It has a concentration of loans to emerging self-employed individuals and MSMEs accounting to 45% and 64.7% of its loan profiles, respectively. The risk of non-payment or default by our borrowers may adversely affect our business, results of operations and financial condition, it says. Since it handles high volumes of cash and gold jewelry in a dispersed network of branches, it’s exposed to operational risks, including employee negligence, fraud, petty theft, burglary and embezzlement. Its inability to maintain capital adequacy ratio, meet its financial and other covenants under our debt financing arrangements; and deterioration in receivables may adversely impact its financial performance. The company has undertaken 1,625 criminal proceedings amounting to ₹363 crore. It has three criminal proceedings against it, along with three tax proceedings, and one regulatory proceeding amounting to ₹46 lakh. The promoter has undertaken 61 criminal cases against it, with two material civil litigations amounting to ₹1,601 crore. The promoter also has one criminal case, 12 tax cases, one disciplinary action by stock exchanges/SEBI and two material civil litigations amounting to ₹17,41 crore. (With PTI inputs) SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/stock-market/news/ireda-ipo-to-open-on-november-21-price-band-fixed-at-30-32/share/articleshow/105263776.cms">IREDA IPO to open on November 21, price band fixed at ₹30-32/share</a>

Fedbank Financial Services IPO to open on November 22; price band fixed at ₹133-140/sh

<ul><li>The stock closed at ₹57, as compared to its issue price of ₹41.</li><li>The market capitalization of the company is at ₹518 crore, as per Bombay Stock Exchange.</li><li>The issue was subscribed 113x, with good interest from retail as well as institutional investors. </li></ul>Agri input manufacturer <keyword id="20214703" type="General" weightage="20" keywordseo="nova-agritech" source="keywords">Nova Agritech</keyword> landed a surprise by providing 39% listing gains to its investors on Wednesday. This is ahead of the grey market’s expectations of 37% listing gains. The stock closed at ₹57 as compared to its issue price of ₹41. The market capitalization of the company is at ₹518 crore, as per Bombay Stock Exchange. The ₹143.81 crore issue was subscribed 113 times the shares of the offer with good response from institutional and retail investors. It also raised ₹43.14 crore from anchor investors like Quantum-State Investment Fund, Neomile Growth Fund, AG Dynamic Funds Limited and <keyword id="20262846" type="General" weightage="20" keywordseo="saint-capital-fund" source="keywords">Saint Capital Fund</keyword> ahead of the IPO. The listing performance of companies in 2024 has been mixed in 2024, even as 2023 companies had stellar performance. EPACK Durable fell as much as 10% on Tuesday, as the <a href="https://www.businessinsider.in/stock-market/news/tepid-debut-epack-durable-lists-2-below-its-issue-price/articleshow/107247964.cms">benchmark indices were on a freefall</a>. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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;">Listing gains </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;">EPACK Durable </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;">-10% </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;">Jyoti CNC </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;">30% </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;">Innova Captab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></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;">Azad Engineering </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;">29% </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;">Doms </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;">77% </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;">Tata Technologies </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;">162% </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;">IREDA </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;">87% </td></tr></tbody><tbody></tbody><tbody></tbody></table> The IPO is a mix of fresh issue and an offer-for-sale (OFS). It plans to use net proceeds from the fresh issue as investment in its subsidiary, Nova Agri Sciences, establish a new formulation plant, and expand its current formulation plant. Nova Agritech operates as an agri-input manufacturer specialising in soil health management, crop nutrition, and crop protection products. The company adopts a technology-driven, farmer-centric approach, emphasising ecologically sustainable and nutritionally balanced solutions developed through its research and development initiatives. The company engages in the manufacturing, distribution, and marketing of various product categories, including soil health management, crop nutrition, bio stimulants, bio pesticides, Integrated Pest Management (IPM), new technologies, and crop protection. Currently, its subsidiary, Nova Agri Sciences, handles the production of crop protection products. As of November 30, 2023, Nova Agritech holds a total of 720 product registrations, spanning diverse categories such as soil health management, crop nutrition, bio pesticides, technical indigenous manufacturing, and crop protection. These registrations include 7 in soil health management, 176 in crop nutrition, 4 in bio pesticides, 7 in technical indigenous manufacturing, and 526 in crop protection. Nova Agritech's revenue from operations increased by 13.47% to ₹210.55 crore for the financial year 2022-23 from ₹185.56 crore for the financial year 2020-21. This growth was primarily driven by an increase in business volumes due to technical import registrations, expansion into new states like <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword>, and the consolidation of business in existing states, namely Telangana, <keyword id="19896313" type="General" weightage="20" keywordseo="andhra-pradesh" source="keywords">Andhra Pradesh</keyword>, and Karnataka. The profit after tax also witnessed a significant rise, increasing by 49.69% to ₹20.49 crore for the financial year 2022-23 from ₹13.69 crore for the financial year 2021-22.

Nova Agritech stock closes with 39% listing gains on debut day

<ul><li>The stock listed on D-Street at ₹1,400 as compared to an issue price of ₹790 per share. </li><li>The grey market had expected a 62% listing gain from the stock. </li><li>The market cap of the company is at ₹8,496.21 crore according to BSE.</li></ul>Stationary major <keyword id="7268674" type="General" weightage="100" keywordseo="doms-industries" source="Orion">Doms Industries</keyword> made its D-street debut at a 77% premium on Wednesday. The stock has listed at ₹1,400 as compared to the issue price of ₹790 per share. The grey market had expected a 62% listing gain from the stock. The market cap of the company is at ₹8,496.21 crore according to BSE. The ₹1,200 crore offer was subscribed as subscribed 93 times the shares on offer. Qualified Institutional Buyer (QIB) portion of the issue was subscribed 115 times the shares on offer. Retail investor portion was subscribed 69 times, and non-institutional investor (NII) portion was subscribed 66x. The issue had a price band of ₹750-790 per share. The company raised ₹537.7 crore from 55 anchor investors before opening it for the public. The issue is a combination of fresh equity to the tune of ₹350 crore and offer for sale component is at around ₹850 crore. The company intends to use net proceeds from the fresh issue to set-up a new manufacturing facility in addition to general corporate purposes. <table style="border-width: initial; border-style: none;"></colgroup><thead><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162% </th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gandhar Oil </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78% </th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fedbank Financial Services </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IREDA </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87% </th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ASK Automotive </th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </th></tr></thead></table> <cmsannotation type="cmsannotation" annotationid="Dominant player with high brand recall" comment="subhead" text="Dominant player with high brand recall">Dominant player with high brand recall</cmsannotation> The Gujarat-based stationery and art product maker is one of India’s largest such players with a wide distribution reach. It has a 12% market share in the organised stationery market with around 30% share in pencils and ‘mathematical instrument boxes’. “Doms in a different league altogether. Its distribution is good, and has shown a phenomenal growth since the Covid pandemic and its fundamentals are in place,” Arun Kejriwal, founder at Kejriwal Research &amp; Investment Services, tells Business Insider India. It also sells other scholastic stationery, art material, paper stationery, office supplies and more. “They have the widest breadth of product categories amongst their peers in India. Their presence across multiple categories and price points has enabled them to be the fastest growing such company in terms of revenue,” said a report by Anand Rathi. Its listed peers in the market are <keyword id="1889881" type="General" weightage="80" keywordseo="kokuyo-camlin" source="Orion">Kokuyo Camlin</keyword>, Linc and Pidilite Industries.

Doms Industries lists at over 77% premium exceeding grey market expectations

<ul><li>The company makes and markets the Flair brand of pens, with rights to brands like <keyword id="2099374" type="General" weightage="50" keywordseo="hauser" source="Orion">Hauser</keyword> and <keyword id="116476" type="General" weightage="50" keywordseo="pierre-cardin" source="Orion">Pierre Cardin</keyword>.</li><li>It intends to raise as much as ₹593 crore via the public issue.</li><li>Net proceeds from the issue will be to set-up a new facility in Valsad, amongst others. </li></ul>Mumbai-based stationery maker Flair Writing opens its initial public offer (IPO) for subscription on November 22, and closes on November 24. It has fixed a price band of ₹288-304 for the issue, and intends to raise as much as ₹593 crore via the issue. Investors can bid for a minimum of 49 equity shares and in multiples thereof. The company which manufactures and sells Flair brand of pens, also acquired rights to international brands like Hauser and Pierre Cardin’s writing instruments. Its products currently reach 3.15 lakh wholesalers and retailers. It’s also charting an expansion strategy, and is also expanding its manufacturing capacities. It’s also venturing into houseware and other school and office supplies. “We also seek to focus on growing our existing product portfolio and diversification of our product range, emphasise on mid-premium segment and premium segment to increase margins, continue to increase production capacity and enhance capacity utilization, strategically expand exports, deepen our sales and distribution network and further strengthen our brands,” the company said in its RHP. It’s also setting its sights on increased exports. The company has a market share of 7.1% in the export of writing and creative instruments industry in FY23. It’s expecting to gain from the China +1 strategy adopted by many international companies. “We have received feedback from many international OEMs to make vacuum bottles and more such. It’s a good business which can add to our topline and bottomline both,” Sumit Rathod, whole time director at Flair Writing Industries told Business Insider India. The issue comprises fresh issue to the tune of ₹292 crore; and an offer for sale of ₹301 crore. The net proceeds from the fresh issue will be used to set-up a new manufacturing facility for writing instruments in Valsad, Gujarat. It will use the rest to fund capex; working capital requirements, loan payment and more. Financials &amp; risk factors The company’s revenues have been growing at a compounded annual growth rate (CAGR) of 22.85% from FY21 to FY23. “We have been consistently growing and outperforming the market. We are confident that we will be able to keep up with the growth rates seen historically,” said Rathod. Its net profit almost doubled in FY23 as compared to the year before. “In FY23, the company’s operating margin moved upward as EBITDA margins increased 300 basis points and stood at 19.47% versus 16.9% on a YoY basis,” said a report by Kunvarji Wealth Solutions which gave a ‘subscribe’ rating to the IPO. The company’s peers in the market include the recently listed Cello World, Linc and <keyword id="1889881" type="General" weightage="50" keywordseo="kokuyo-camlin" source="Orion">Kokuyo Camlin</keyword>. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">FY23 </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;">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;">FY21 </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;">Revenue from operations </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;">₹942 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;">₹577 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;">₹297 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;">Net profit </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;">₹118 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;">₹55 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;">₹98 lakh </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: RHP Plant shutdowns, its inability to carry through its expansion plans, labour unrests, regulatory and other issues have been cited by the company as risk factors in its RHP. It also adds that increased competition could have a material impact on its business. In FY23, the market share of organized players in the writing instrument space is around 78-80% with the rest being catered to by unorganized players, according to CRISIL. “At times, retailers offer products from local manufacturers or unbranded items at lower prices or in ‘combo-offers’ with 45 other stationery items. Our inability to adequately address competitive pressures from the organized and unorganized players, may have a material adverse effect on our business, operations, prospects or financial results,” the company said in its RHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/stock-market/news/ireda-ipo-to-open-on-november-21-price-band-fixed-at-30-32/share/articleshow/105263776.cms">IREDA IPO to open on November 21, price band fixed at ₹30-32/share</a> <a href="https://www.businessinsider.in/stock-market/news/fedbank-financial-services-ipo-to-open-on-november-22-price-band-fixed-at-133-140/sh/articleshow/105292752.cms">Fedbank Financial Services IPO to open on November 22; price band fixed at ₹133-140/sh</a>

Flair Writing hopes to gain from the China +1 strategy

<ul><li>Flair’s stock listed at ₹452 as compared to its issue price of ₹304 per share.</li><li>The grey market was expecting 30% listing gains from the stock.</li><li>The company’s market cap stood at ₹5,301 crore according to Bombay Stock Exchange. </li></ul><keyword id="7090241" type="General" weightage="20" keywordseo="flair-writing" source="Orion">Flair Writing</keyword> made a stellar debut on the D-Street at a premium of 65% on early Friday. However, the stock corrected during the day, ending the day with 49% listing gains. This is much ahead of grey market predictions which was hoping for 30% listing gains from the stock. The stock closed at ₹452 as compared to its issue price of ₹304 per share. The company’s market cap stood at ₹5,301 crore according to Bombay Stock Exchange. The ₹593 crore issue was subscribed 46.6x with outsized interest from institutional investors. The QIB portion of the issue was subscribed 115.6 times the shares on offer. The optimistic mood seen in the markets with regards to public offers, can rub off, say experts. “We believe the healthy listing is justified on the back of high growth seen in the writing instruments and stationery segment etc. and ongoing expansion plans to tap the future growth. We recommend allotted short term investors to book profits over and above 25% gains while long term investors can hold,” said <keyword id="19676170" type="General" weightage="80" keywordseo="rajan-shinde" source="Orion">Rajan Shinde</keyword>, research analyst, Mehta Equities. Here are the listing gains provided by the companies that debuted on D-Street this week. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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;">Listing gains </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;">Grey market premium </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;">Marketcap </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;">Subscription details </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;">Flair Writing </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;">49% </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;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,301 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;">46.6x </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;">Tata Technologies </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;">162% </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;">75% </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;">₹52,734 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;">69x </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;">Gandhar Oil </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;">78% </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;">44% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,573 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;">64x </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;">Fedbank Financial 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;">0% </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;">NA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,161 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;">2.2x </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;">IREDA </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;">87% </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;">38% </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;">₹16,123 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;">38.8% </td></tr></tbody></table> The company which manufactures and sells Flair brand of pens, also acquired rights to international brands like Hauser and Pierre Cardin’s writing instruments. Its products currently reach 3.15 lakh wholesalers and retailers. The IPO comprises fresh issue to the tune of ₹292 crore; and an offer for sale of ₹301 crore. The net proceeds from the fresh issue will be used to set-up a new manufacturing facility for writing instruments in Valsad, Gujarat. It will use the rest to fund capex; working capital requirements, loan payment and more. The company’s revenues have been growing at a compounded annual growth rate (CAGR) of 22.85% from FY21 to FY23. Its net profit almost doubled in FY23 as compared to the year before. Plant shutdowns, its inability to carry through its expansion plans, labour unrests, regulatory and other issues have been cited by the company as risk factors in its RHP. It also adds that increased competition could have a material impact on its business. In FY23, the market share of organized players in the writing instrument space is around 78-80% with the rest being catered to by unorganized players, according to CRISIL. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a> <a href="https://www.businessinsider.in/stock-market/news/tata-tech-and-gandhar-oil-shine-on-debut-while-fedbank-falters/articleshow/105610067.cms">Tata Tech and Gandhar Oil shine on debut, while Fedbank falters</a>

You Searched For "ireda net proceeds" and got 12 results

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Flair Writing hopes to gain from the China +1 strategy

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