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New Delhi, Former India coach <keyword id="19923639" type="General" weightage="20" keywordseo="Rahul-Dravid" source="keywords">Rahul Dravid</keyword> passed a lead to his successor <keyword id="19914485" type="General" weightage="20" keywordseo="Gautam-Gambhir" source="keywords">Gautam Gambhir</keyword> in taming the tough situations he is bound to encounter - "exhale, take a step back", a message that left the latter "emotional." Dravid vacated the hot seat after India's triumph in the T20 World Cup in the Americas last month, and Gambhir took over the reins of the team from the on-going whiteball tour to <keyword id="19931726" type="General" weightage="20" keywordseo="Sri-Lanka" source="keywords">Sri Lanka</keyword>. "From one Indian cricket coach to another, one last thing. In the most heated of times, exhale, take a step back. I wish you the very best Gautam. I am sure you will take the Indian team to even greater heights," Dravid said in a video posted by <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords">BCCI</keyword> on its 'X' handle. Dravid's dry wit came to the fore even amidst that touching message. "Even if it's difficult for you, crack a smile. Whatever else happens, that will shock people," he said, eliciting a wide smile from Gambhir. Gambhir sounded moved while thanking his predecessor for the wise words "I don't get too emotional but I think this message actually made me a lot emotional which normally I shouldn't. But it's a great message. "It's massive shoes that I can hopefully fill. Hopefully, I can do that with absolute honesty, transparency and hopefully, I can make the entire nation and more importantly, the person I have always looked up to - Rahul Bhai - proud," he said. Dravid was certain that Gambhir, who carried a never-say-die attitude in his playing days, will bring his fighting qualities to the coaching job as well. "As your teammate, I saw you giving it your all on the field. As your batting partner and fellow fielder, I saw your resilience and refusal to surrender. Across many IPL seasons, I noted your desire to win, your assistance to younger players and your drive to extract the best out of your team on the field. "I know how dedicated and passionate you are about Indian cricket and I am sure you will bring all these qualities into the new job," he said. The 51-year-old, however, offered a word of caution to his one-time teammate about living under constant scrutiny. "As you know, the expectations will be high and the scrutiny will be intense," he said, also reminding that there will be overwhelming support for him from all quarters. "But even in the worst of times you will never be alone. You will have the support of the players, your support staff, the leaders of the past, the management and never forget for whom you play - for fans who are very demanding but will always be behind the team." Dravid hoped that Gambhir will have a fully-fit squad to work with, and will have the assistance of fortune in crunch moments. "I also hope that you will also have the availability of fully fit players in every squad. Good luck with that. I also wish you a little bit of luck, as you know that all of us coaches need to make us look that little bit wiser and smarter than we actually are," he noted. The former Indian captain also urged Gambhir to forge a strong bond with the team members - something he managed to do during his tenure. "Hello Gautam, and welcome to the most exciting job in our world, as coach of the Indian cricket team. It's been three weeks since I ended my stint with the Indian team in a manner that was beyond my dreams, both in Barbados and a few days later in that unforgettable evening in Mumbai. "More than anything else I will cherish the memories and friendships I made in my time with the squad. As you take over the role of India coach, it's what I wish for you as well," he added. Gambhir imbibed Dravid's words in their true sense, and said he has not seen a more "selfless" servant of Indian cricket. "I don't know how to react because this message means so much to me. The reason is not because it comes from the person who I have succeeded but from a person who I have always looked up to when I was playing. "I have always felt that and I said it in a lot of my interviews - I think the most selfless cricketer I have actually ever played with. Rahul bhai has done anything and everything Indian cricket needed." Gambhir said Dravid's association with Indian cricket is a text book for others to learn from. "I think there is so much to learn from, not only for me but for the next generation and the current generation as well. That's how important Indian cricket is, not me, not individuals," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms" target="_blank">Apple to manufacture iPhone 16 Pro models in India soon after launch</a><a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms" target="_blank">Pixel 9 series design and specs revealed ahead of launch next month</a><a href="https://www.businessinsider.in/stock-market/webstories/akums-drugs-ipo-opens-soon-price-band-to-risk-factors-all-you-need-to-know/slidelist/112033450.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/akums-drugs-ipo-opens-soon-price-band-to-risk-factors-all-you-need-to-know/slidelist/112033450.cms" target="_blank">Akums Drugs IPO opens soon – Price band to risk factors, all you need to know</a>

In most heated of times, exhale, take a step back: Dravid''s message to Gambhir

<ul><li>The market regulator has tightened some regulations for companies that are launching IPOs to protect investor interest and prevent volatility in stock prices.</li><li>Along with new norms for IPOs, <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> has come up with stringent norms for winding up of a mutual fund scheme.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>India’s financial markets regulator has come up with a slew of measures to tighten the rules for companies coming out with an initial public offering (IPO) to protect investor interest and prevent volatility in such stocks. The new regulations pertain to change in lock-in period of anchor investors, utilisation of IPO proceeds, restrictions on large shareholdings and a cap on sale of promoter shares via IPO. This comes after shares of several IPOs including Paytm and Zomato facing huge volatility after anchor investors sold shares right after their 30-day lock-in period leading to a huge fall in the share price. Note that the share sale by big institutional investors shakes investors’ confidence, which can lead to hasty selling by investors. Securities and Exchange Board of India (SEBI) is trying to prevent this by increasing the lock-in period to 90 days from 30 days. Anchor investors can only sell 50% of their holding after 30 days. Anchor investors are institutional investors who are allotted shares just before an IPO opens for subscription. The market regulator has also addressed the ongoing trend of promoters selling their entire stake in the company through IPO. When promoters of companies or rather startups that are not doing well financially sell their entire stake in the company, it is bound to shake investor confidence in the IPO. From now, shareholders with over 20% stake can sell only half of its shares through the IPO. Here are the key changes put forward by SEBI: <ul><li>New regulation restricts large shareholders (with more than 20% stake) from selling their entire stake in the company. Now they can only sell half of their overall shareholding.</li><li>Companies can only use 25% of the IPO proceeds for unidentified acquisitions in the draft red herring prospectus (DRHP). This comes after companies not disclosing usage of IPO proceeds in detail.</li><li>Existing lock-in period of 30 days for anchor investors shall continue only for 50% of the holdings, the remaining 50% shares can only be sold after 90 days.</li><li>About 33% of the portion will be reserved for non-institutional investors (NIIs) with investment between ₹2 lakh - ₹10 lakh.</li><li>Remaining 66% of the portion will be reserved for NIIs with more than ₹10 lakh investment.</li><li>Winding up of mutual fund schemes would now be possible only after the consent of majority unitholders. </li></ul>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/sebi-doesnt-want-mutual-funds-diving-into-crypto-assets-at-least-until-the-crypto-bill-is-finalised/articleshow/88563302.cms">India’s market watchdog warns mutual funds to stay away from crypto assets at least until regulations come in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-company-ola-uber-are-not-the-best-places-for-gig-workers/articleshow/88561764.cms">Urban Company is not the best place for gig workers anymore and Ola, Uber are the worst</a>

SEBI comes out with stringent norms to save IPO investors from losing big money

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise over ₹400 crore through its fresh issue, which will be used for investments and acquisitions.</li><li>Rate Gain has over 1,434 customers, spread across 110 countries.</li><li>The company counts Lemon Tree, OYO and several other hotels and OTAs as its clients.</li><li>It will continue to focus on the US market after its public listing as well.</li></ul>Software-as-a-service startup (SaaS) RateGain Travel Technologies — which has less than 1% business coming from India — had decided, earlier this year, that it will get listed in its home country. This is rather odd as several tech entrepreneurs dream of getting their startups listed in American stock exchange Nasdaq. It’s not just a matter of pride, but also a strategic move. There are majorly two reasons for Indian tech startups to explore a Nasdaq listing — retail investors have better understanding of tech business in the US and/or majority of their revenue is coming from that market. Besides this, international listing gives Indian companies a larger and more diverse pool of capital. Whether it's the already listed Freshworks or soon-to-be-listed Icertis, <a href="https://economictimes.indiatimes.com/tech/startups/inmobi-prepares-for-nasdaq-listing-to-seek-15-billion-valuation/articleshow/81789159.cms">InMobi </a>or <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">PineLabs</a> — one of these three factors are the driving force of listing abroad. So it is quite amusing why RateGain would choose to get itself listed in India and that too in 2021 — potentially the worst time for any travel tech business due to the ongoing pandemic. Bhanu Chopra, the chairperson and managing director of RateGain told Business Insider that there were three reasons why the company decided not to go for a Nasdaq listing. First, the ability to drive up brand value being a local company is much higher. Second, they wanted to be the torchbearer of the first product SaaS company to list in India. Third, there were several logistical issues that couldn’t have been solved without making some organisational changes and it was quite cumbersome. Therefore, the company decided to stick to its home market and be the first SaaS company to list in India. Rate Gain has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. In order to serve the customers in these locations, RateGain has set up its subsidiaries in the United Kingdom, United States and Spain. It has also acquired three companies to date — US-based DHISCO and BCV, and<a href="https://www.businessinsider.in/business/news/ipo-bound-rategain-acquires-germany-based-myhotelshop/articleshow/86454447.cms"> Germany-based myhotelshop</a>. About 65% of RateGain’s revenue comes from the US market, while nearly 2% comes from India. The company will continue to focus on the US market even after the public listing as the majority of its customer base is settled or registered there. <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to list in India" msid="87269616" hostid="261"></div> The company — founded in 2004 and bootstrapped till 2017— intends to raise ₹400 crore through its fresh issue. Besides, the company will also sell 2.26 crore as offer for sale (OfS). This capital will be used to make strategic investments, acquisition and fund inorganic growth initiatives. Its last reported valuation was $133 million in 2015. But why now? <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India" msid="87286549" hostid="261"></div> It’s no secret that the travel and hospitality segment was severely hit since March 2020, when the world stepped into pandemic-induced lockdowns. As the entire segment was suffering, RateGain was bound to suffer too as they comprised its clients. The company decided to take a pause and arm itself with better products to meet the pent-up demand that may come back soon as people indulge in revenge travel and COVID-related restrictions are lifted. The company counts Lemon Tree, OYO and several other hotels and online travel aggregators (OTAs) as its clients. Besides this, the company believes that Indian investors are now ready to invest in tech businesses. Chopra believes that the investors' interest in Indian startups have increased in both private as well as public markets. This can be seen in terms of the number of unicorns -- private firms valued at or more than $1 billion -- that are being created as well as the number of companies hitting the public market. “My sense is that the Indian investor is now ready and they understand the future of any industry is digitisation. Now, RateGain is leading that effort in digitisation of the travel and hospitality industry” Chopra added. The pent-up demand of the travel industry and the positive global outlook is driving 26% compound annual growth rate (CAGR) growth. “Retail investors understand that the travel industry is recovering very fast and it is going to be the fastest growing industry in the next four-five years,” he added. Chopra believes that the ecosystem has developed enough for retail investors to understand the upcoming trends. In a <a href="https://www.businessinsider.in/business/startups/news/droom-founder-explains-why-he-is-considering-a-us-ipo-and-where-he-intends-to-spend-the-money/articleshow/84917608.cms">previous interaction</a> with Business Insider, Droom’s founder and CEO Sandeep Aggarwal highlighted that Indian investors now have a stock appetite to invest in tech businesses. Earlier, he was of that view that Indian new age businesses are not rewarded in the Indian stock exchange. WATCH ALSO: <div type="Video" msid="84897976" hostid="261" title="India's latest unicorn is prepping for an IPO now" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=84897976"></div> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/bharti-airtel-tech-mahindra-bajaj-finance-and-other-top-stocks-to-watch-out-for-on-october-26/slidelist/87268702.cms" data-type="tilCustomLink">Bharti Airtel, Tech Mahindra, Bajaj Finance and other top stocks to watch out for on October 26</a> <a href="https://www.businessinsider.in/international/news/elon-musks-wealth-surged-by-36-billion-the-largest-single-day-gain-bloombergs-ever-recorded/articleshow/87267131.cms" data-type="tilCustomLink">Elon Musk's wealth surged by $36 billion, the largest single-day gain Bloomberg's ever recorded</a> <a href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms" data-type="tilCustomLink">OPINION: The next four-letter word taking the world of finance by storm</a>

Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

<ul><li><keyword id="116253" type="COMPANY" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword> shares were issued at ₹755 each, but it listed at ₹661 at a discount of almost 13%.</li><li>While the <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> elicited strong interest from institutional investors, it has fizzled out since its debut earlier today.</li><li>Aggressive valuation and bad timing due to the ongoing coronavirus crisis could be the main reasons behind SBI Cards failing to dazzle.</li></ul>On another day, in another month SBI Cards could have had the bumper listing it hoped for. Today (March 16), as the <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> was in the midst of a bloodbath as it lost 2,700 points, there were but a few who rushed to buy it. The stock crashed by 13% on its listing debut. This is a rude shock for those who has received the allotment and were waiting with bated breath for listing gains. In the last session, on Friday (March 13), after a trading halt for 45 minutes the stock exchanges gained over a 1,000 points giving some hope for the stock’s listing. But it was not to be, as the BSE Sensex opened 2,000 points down and kept falling. Analysts expected at least 4-6% listing gains The <a href="https://www.businessinsider.in/sbi-cards-ipo-date-ipo-size-company-data-and-peer-comparison-with-hdfc-bank-icici-bank-and-axis-bank/articleshow/74297734.cms">SBI Cards IPO</a> was issued at ₹755, but it listed at ₹661. However, in better days, the grey market premium for SBI Cards hovered around ₹300-350 when the IPO was announced. As the date to list drew closer, stock markets caught the Corona fever, and the premiums had slowly climbed down to ₹50-100. On the actual date, the stock crashed by over ₹94. During the time of the sale offer, analysts were expecting the stock to list in the range of ₹780-800 at expected returns of 4-6%. Most analysts were upbeat about the IPO However, analysts are of the opinion that the bad sentiment is not the only reason for the lacklustre listing. In fact, most of the premiums that the market was expecting were on the back of an upbeat market sentiment coming after the Budget and a slow uptick in economic growth. In hindsight though, its pricing might have been quite aggressive. Based on SBI Cards’ net profit up to December 2019, the offer price <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/bullish-on-consumption-story-sbi-cards-looks-a-good-bet/articleshow/74310958.cms">demanded</a> a price-earnings multiple of 46. This valuation could be optimistic when compared to companies like American Express which have a P/E ratio of around 17. In spite of this, if the markets were in good shape, some of the expected premium could have been realised. When the IPO was announced, the markets were in a better mood as indicated by the interest it received. The IPO was oversubscribed 26.54 times, while institutional buyers oversubscribed by 57 times. In March alone, the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> and Sensex crashed by over 18% due to <a href="https://www.businessinsider.in/business/news/as-india-eyes-4-billion-worth-ipos-in-2020-fiis-have-pulled-out-over-3-billion-in-march-alone/articleshow/74605746.cms">massive sell-offs by foreign investors</a>, wiping billions of investor wealth in two weeks. The second biggest credit card issuer in India Yet, SBI Cards as a company has a few bright spots. It is the second biggest credit card issuer in India, after HDFC Bank. It also doesn’t have the baggage of a regular bank as the credit card business is separate from SBI’s banking operations. This means that SBI Cards is in an interesting position – it is a high-margin business. However, since it focuses only on unsecured credit cards, it has a higher risk of defaults when compared to its competitors HDFC Bank and ICICI Bank. Yet the business has huge potential. The Indian market is still untapped when it comes to credit card usage - there are only 50 million credit card users in India, as opposed to over 840 million debit card users. There is a lot of potential for SBI Cards to seize the opportunity and corner a big chunk of the market. And maybe when the tide turns for the better, it might be worth what it was when it was not listed. See also: <a href="https://www.businessinsider.in/business/news/sbi-cards-lists-12-4-below-offer-price-as-sensex-crashes-by-over-2000-points/articleshow/74645503.cms">SBI Cards lists 13% below offer price as Sensex crashes by over 2,000 points</a> <a href="https://www.businessinsider.in/business/news/sbi-cards-allotment-allotment-date-listing-date-and-more/articleshow/74589839.cms">SBI Cards allotment: Check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/irctc-doubles-investor-wealth-as-its-stock-surges-128-on-listing/articleshow/71580009.cms">IRCTC doubles investor wealth as its stock surges 128% on listing</a>

SBI Cards lists on the worst possible day and its stock slips 13% on debut

<ul><li>Tarsons Products is likely to announce its share allotment status today.</li><li>The grey market premium of the Indian labware company Tarsons Products has come down to ₹170 from ₹230 earlier.</li><li>The IPO of the company was subscribed 77.49 times on the last day of bidding.</li></ul>Indian labware company Tarsons Products is likely to announce the allotment status of its initial public offering (IPO) today, November 23. The IPO was open for subscription from November 15 to November 17. The company was looking to raise over ₹1,024 crore through the IPO of a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 1.32 crore equity shares that will be sold by promoters and an investor <keyword id="12496770" type="General" weightage="20" keywordseo="tarsons-products-ipo" source="Orion">Tarsons Products IPO</keyword> received subscriptions for 77.49 times the number of shares offered in the three days of IPO bidding process. The grey market premium of the company’s shares show a premium of ₹170 from the higher end of the price band. The portion reserved for retail investors was oversubscribed by 10.56 times on the last day of the IPO bidding process. Tarsons Products is engaged in designing, developing, manufacturing and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. Here is how to <keyword id="12587146" type="General" weightage="20" keywordseo="tarsons-products-ipo-allotment" source="Orion">Tarsons Products IPO allotment</keyword> status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘Tarsons Products’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘Tarsons Products’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/latent-view-ipo-may-list-on-a-positive-note-despite-a-weak-market/articleshow/87850476.cms">Latent View IPO that got bigger traction than Paras Defence may list on a positive note despite a weak market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-ccd-reliance-power-have-had-the-worst-stock-market-debut/slidelist/87845689.cms">Paytm, Cafe Coffee Day and Reliance Power — here’s are the worst stock market debut ever</a>

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In most heated of times, exhale, take a step back: Dravid''s message to Gambhir

PTI

SEBI comes out with stringent norms to save IPO investors from losing big money

Bhakti Makwana

Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

Kritti Bhalla

SBI Cards lists on the worst possible day and its stock slips 13% on debut

Rounak Jain

Tarsons Products IPO: Here’s how you can check the allotment status

Bhakti Makwana

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