Avanse files DRHP with SEBI for ₹3500 crore IPO

Hello,
Markets were choppy on Friday due to worries about the slow monsoon and the focus shifting to the upcoming GST meeting. SBI paid nearly a 7,000 crore dividend to the government, Zepto secured some massive funding reaching a valuation of $3.6 billion and 2 mainboard IPOs will be open for subscription this week.

Markets📊 
As of 21/06/2024 Market Close

• The benchmark indices experienced slight profit booking on Friday due to worries about the slow progress of the monsoon, leading to underperformance in the FMCG sector.

• The focus has now shifted to the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors will be discussed.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

GE Power India Ltd +3.50%

• Shares rose by over 6 percent following the company's receipt of a letter of intent (LoI) for a contract worth Rs 243.46 crore from NTPC GE Power Services Pvt Ltd (NGSL).

JM Financial Ltd (4.28%)

• Shares fell by up to 5.7 percent after the Securities and Exchange Board of India (SEBI) directed the company to stop accepting new mandates as a lead manager in public issues of debt securities until March 31, 2025, or until further notice from SEBI.

Weekend Highlights📒 

• India's electronic manufacturing sector could potentially reach $500 billion by 2030. (ET)

• Reliance shareholders approve Rs 33,300 crore ($4Bn) lease of retail unit to Jio Financial. (BS)

• The government approves transmission projects worth ₹13,595 crore ($1.62Bn). (bl)

• SBI pays Rs 6,959 crore ($834Mn) dividend to the government, BoM contributes Rs 857 crore ($102Mn) for FY24. (BS)

• Insurance companies cannot advertise ULIPs as investments and mislead customers, says IRDAI. (BS)

• Vodafone-Idea fulfils minimum rollout obligation for 5G networks. (BS)

• Swiss court acquits Hinduja family members of human trafficking charges. (BS)

IPO / FPO / Issuances🚀 

• Pine Labs intends to launch a Rs 8,300 crore ($1Bn) IPO in India following its relocation from Singapore. (Moneycontrol)

• Prestige Estates plans to raise up to ₹5,000 crore ($600Mn) through QIP for its hotels business. (Mint)

• Warburg Pincus-backed Avanse Financial Services has filed draft papers for a Rs 3,500 crore ($419Mn) IPO. (BS)

• In preparation for its IPO, Stanley Lifestyles has raised Rs 161 crore ($19Mn) from anchor investors. (YS)

• The Akme Fintrade IPO received nearly 54 times subscription on its final day. (Moneycontrol)

• On the first day of its IPO, Stanley Lifestyles' issue was subscribed 1.44 times, with retail investors and High Net Worth Individuals (HNIs) showing strong interest. (Moneycontrol)

This week’s mainboard IPO schedule

• Stanley Lifestyles (RHP)

  • Offering Period: 21-25 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

• Vraj Iron and Steel (RHP)

  • Offering Period: 26-28 June, 2024

  • Listing Date: 03 July, 2024

  • Issue Price: 195-207

  • Lot Size: 72

Deal Activity🤝 

M&A / Investments

• Zepto secures Rs 5,547 crore ($665Mn) in funding, reaching a valuation of Rs 30,000 crore ($3.6Bn). (YS)

• BII is bullish on Indian EV sector, to invest Rs 2,502 crore ($300Mn) in 3 years says MD. (BS)

• WestBridge Capital sells a 1.2% stake in IndiaMART for Rs 190 crore ($22Mn). (YS)

• After 7 years and a Rs 10,000 crore ($1.2Bn) investment, ONGC offers a stake in the Deen Dayal gas field. (BS)

• Adani Group may consolidate all cement assets into a single entity, said Jefferies. (CNBC)

VC🤑

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