Godrej Properties Launches ₹6,000 Crore QIP.

• Indian benchmark indices faced notable volatility on November 27 as a recovery in Adani Group stocks was counterbalanced by underperformance from major index players, resulting in sharp intraday swings. Despite this, the indices closed with robust gains.

• Market sentiment was bolstered by positive developments in the Middle East, with Israel and Hezbollah agreeing to a ceasefire, easing geopolitical tensions and lowering crude oil prices.

• Meanwhile, the Federal Reserve's November meeting minutes, released Tuesday, indicated officials’ confidence in easing inflation and a resilient labor market. This has fueled expectations of gradual interest rate cuts.

• India and the EU discuss Free Trade Agreement, security, and strategic cooperation. (FE)

• Gold prices are forecasted to rise to $3,150 per troy ounce, a 19% increase from current levels. (ET)

• Food items may be removed from the CPI basket. (ET)

boAT Prepares For $300-500 Million IPO

• IPO Details: Indian audio and wearables brand boAt is gearing up for a $300–500 million initial public offering (IPO), with ICICI Securities, Goldman Sachs, and Nomura as the lead bankers. This marks its second attempt after withdrawing a 2022 IPO plan and opting for a $60 million private funding round instead.

• Market Context: The announcement comes during a challenging period for India’s wearables market, which saw its first-ever decline—a 10% year-on-year dip in Q1-FY25. boAt's revenue also fell by 5% in FY24, amounting to ₹3,122 crore, while narrowing losses to ₹70 crore. However, limited festive-season growth in recent months suggests ongoing hurdles for topline recovery in FY25.

• Market Leadership: Despite headwinds, boAt retains a dominant position with a 26.7% market share, ahead of Noise (13%), Boult (8.1%), Fire-Boltt (8%), and OPPO (7.6%). This leadership underlines its strong brand recognition in the competitive wearables segment.

To go more in-depth, here is my LinkedIn post on the same.

• Godrej Properties launches ₹6,000 crore ($710Mn) QIP to fuel growth plans. (BS)

• Flipkart-backed Shadowfax selects bankers for ₹2,500 crore ($295Mn) IPO in 2025. (MC)

• Nazara Technologies raises ₹855 crore ($101Mn) via preferential share allotment. (YS)

• NTPC Green Energy shares closes 12.27% above IPO price. (Mint)

This week’s mainboard IPO schedule

• Enviro Infra Engineers

  • Offering Period: 22 November - 26 November, 2024

  • Listing Date: 29 November, 2024

  • Issue Price: 140-148

  • Lot Size: 101

M&A / Investments

• ZF Group sells 4.3% stake in its Indian subsidiary for ₹1,022 crore ($121Mn). (ET)

• Verlinvest leads bid for minority stake in Eye Foundation for ₹844 crore ($100Mn). (ET)

• Welspun Corp arm sells 5% stake in associate for ₹480 crore ($56.8Mn). (BS)

• Sudarshan Chemical Industries promoters sell 3% stake for ₹197 crore ($23.3Mn). (BS)

• Aster DM Healthcare to acquire the remaining 13% stake in Aster Aadhar Hospital. (BS)

• Nykaa acquires a majority stake in Earth Rhythm. (EN)

• NTT Data acquires cloud technology firm Niveus Solutions. (YS)

VC/Funds

• IIMA Ventures and Google team up to support 22 AI startups. (EN)