Bajaj Housing Finance IPO Shares Soar 130%, Doubles Fortunes

• Indian frontline indices closed Monday’s session with slight gains, even after touching new record highs. Investors were cautious ahead of the Federal Reserve's upcoming policy meeting, where a rate cut is expected for the first time since 2020.

• The Sensex and Nifty posted a slight uptick in the final hour of trading, supported by robust buying in banking, construction, power, and metal stocks.

• Sugar stocks saw a sharp rally, rising by as much as 8.7%, following the Department of Food and Public Distribution's approval for sugar mills and distilleries to produce Rectified Spirit (RS) and Extra Neutral Alcohol (ENA) from sugarcane juice and B-heavy molasses.

• The rupee ended flat, while forward premiums rose on expectations of a Fed rate cut.

Adani Power +5.45%

• Shares jumped nearly 6 percent on September 16 after two Adani group companies announced receiving a Letter of Intent (LoI) to supply 6,600 MW of hybrid solar and thermal power to Maharashtra State DISCOM.

Bajaj Finserv (2.02%)

• Shares dipped 2 percent following the listing of Bajaj Housing Finance on the stock exchanges. The stock had a strong debut, listing at Rs 150 on the BSE, representing a 114.28 percent premium over its IPO issue price of Rs 70.

• SEBI has shortened the time required for trading and transferring bonus shares. (BT)

• CAIT has urged the RBI to end cashback offers on e-commerce platforms. (Inc42)

• JSW MG Motor India will launch a luxury car brand, with the first model expected by March 2025. (RT)

• Crude oil prices have stabilized ahead of the US Fed's interest rate decision. (BS)

• Laxmi Dental has filed draft papers with SEBI to raise Rs 150 crore ($17.8Mn) through an IPO. (MC)

• Oriental Trimex plans to raise Rs 48.51 crore ($5.78Mn) through a rights issue opening on Thursday. (BS)

• Fabtech Technologies has filed draft papers with SEBI to raise funds through an IPO. (MC)

• Bajaj Housing Finance shares surged nearly 136% on debut, hitting the upper circuit limit. (MC)

• PN Gadgil Jewellers is expected to list with a 60% premium over its IPO price today. (MC)

• Kross shares had a flat market debut at the IPO price, missing GMP estimates. (MC)

• Tolins Tyres shares listed flat, with a muted debut near the IPO price. (MC)

• Western Carriers' IPO was subscribed 4.84 times on the second day of bidding. (MC)

• Northern Arc Capital IPO fully subscribed on day 1; HNI and retail investors lead. (MC)

• Arkade Developers' IPO was 5.8 times oversubscribed on day 1, with the retail portion 8 times oversubscribed. (MC)

• Reliance Infra's board will meet on September 19 to discuss a preferential issue. (BS)

This week’s mainboard IPO schedule

• Western Carriers

  • Offering Period: 13 September- 18 September, 2024

  • Listing Date: 23 September, 2024

  • Issue Price: 163-172

  • Lot Size:

• Arkade Developers

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 121-128

  • Lot Size: 110

• Northern Arc Capital

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 249-263

  • Lot Size: 57

Debt

• Cyqure India plans to raise Rs 3,000 crore ($357Mn) through debentures to finance the purchase of RCap. (BS)

VC