📜 Awfis Set to Make History with India’s First Coworking Space IPO

Hello reader,
Markets ended on a positive note in both Friday and Saturday sessions capping off a strong 5-day increase for the benchmarks after consecutive losses in trading. Elsewhere, we have a new mainboard IPO this week of Awfis Space Solutions and Mizuho wants to buy a stake in InCred finance.

Markets

• On Friday, May 17, the Sensex ended 253 points higher, a 0.34 percent increase, closing at 73,917. Meanwhile, the Nifty 50 rose by 62 points, or 0.28 percent, finishing the day at 22,466.

• This marked the second consecutive session of gains for the benchmarks. Except for Wednesday, they closed in the green every day this week which was positive for investors after last week’s dismal returns.

• There was a special Saturday session on account of market close on Monday due to elections, markets continued their upward trend as both the benchmarks finished in the green.

Notable Gainer & Loser

Crompton Greaves Consumer Electricls Ltd (NSE: CROMPTON) +18.49%

• Shares soared by more than 18 percent after the FMEG company reported a 56 percent sequential increase in consolidated net profit.

• Revenue reached Rs 1,961 crore, a nine percent year-over-year rise from Rs 1,791 crore in the same quarter last year.

PB Fintech Ltd (NSE: POLICYBZR) (1.51%)

• Shares of PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, dropped by up to 3.8% to a low of Rs 1,296.60 during early trading on Friday after promoters reduced their stake.

• Co-founders and CEO Yashish Dahiya, along with Executive VP Alok Bansal, sold 83.7 lakh shares, representing a 1.86% stake in the company, during the pre-opening session, according to an exchange filing.

The Weekend’s Highlights

• Tata Motors Group increases investment budget to Rs 43,000 crore ($5.16 Bn) for FY25. (ET)

• Attero plans to invest over Rs 8,000 crore ($960Mn) in the next 5 years to enhance e-waste and battery recycling capacity. (ET)

• IFC grants HDFC Bank Rs 4,100 crore ($500Mn) loan to expand microloans for women borrowers. (ET)

• Artemis Medicare Services secures ₹330 crore ($40Mn) funding from IFC. (BS)

• Fusion MicroFinance to raise Rs 208 crore ($25Mn) from the United States International Development Finance Corporation (DFC). (ET)

• Reliance Capital seeks a10 day extension for asset transfer to Hinduja Group. (BS)

• Tea giant B&A Ltd expands into the retail sector. (ET)

IPO / FPO / Issuances

• OYO to refile IPO papers after Rs 3748 crore ($450Mn) refinancing. (ET)

• Orient Green Power plans to raise up to Rs 250 crore ($30Mn) through a rights issue. (BS)

• The Go Digit IPO was highly successful, being oversubscribed over six times by the final day. The strong demand was primarily driven by Qualified Institutional Buyers (QIBs). (Moneycontrol)

M&A / PE

• Godfrey expects an exit valuation of Rs 700-1,000 crore for 24Seven. (BS)

• Indian Oil Corp Ltd (IOCL), one of India's largest oil companies, has finalized the Rs 148 crore ($17.7Mn) agreement to acquire oil and gas company Mercator Petroleum. (ET)

• Serum Institute acquires a 20% stake in IntegriMedical to advance needle-free injection technology. (ET)

• Mizuho is in discussions to acquire KKR's partial stake in fintech firm InCred. (ET)

• NCLT Greenlights Merger of Reliance's Subsidiary Viacom18 and Star India. (BS)

• JSW Steel purchases Mozambique-based mining company for coking coal supply. (Moneycontrol)

• Debt and equity holders approve IDFC's merger with IDFC First Bank. (ET)

• NCLT approves Metalyst Forgings' acquisition by the Deccan Value-led group. (ET)

VC
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