Hyundai Files Draft Papers for Record Rs 25,000 Crore IPO

Hello,
Benchmark indices hit record highs on Friday due to continued optimism amongst investors. A total of 3(!) mainboard IPOs will hit D-street this week with all details given below. Hyundai filed its draft IPO papers over the weekend, while Tata looks to acquire Vivo’s India office and the FAME-3 subsidy will be worth $1.19 billion.

There will be no movements in the markets today on account of a bank holiday due to Eid. Eid Mubarak to all!

Markets📊 
As of 14/06/2024 Market Close

• The benchmark equity indices Sensex and Nifty reached new closing lifetime highs on Friday, driven by buying in market heavyweights HDFC Bank, Reliance Industries, and Mahindra & Mahindra, alongside positive export data.

• Both benchmarks have been consistently setting new peaks in the past week, buoyed by investor optimism surrounding the upcoming Union Budget, expected to be announced on July 22nd.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Prestige Estates Projects Ltd +2.32%

• The stock of this realty player surged to an all-time high of Rs 1,997 per share on June 14th, following a reiteration of a 'buy' rating and an increased target price of Rs 2,320 by global brokerage firm CLSA. This suggests a potential upside of over 16 percent from its current levels.

Balrampur Chini Mills Ltd (2.08%)

• Shares fell by 2 percent as investors sought to lock in profits following the previous session's surge in the stock.

• Meanwhile, sugar stocks saw significant gains in the last session amid expectations of a hike in the minimum sale price (MSP) for the 2024-25 season.

Weekend Highlights📒 

• The green buildings market in India is projected to grow to $39 billion by 2025. (ET)

• Adani has received environmental clearance for the Rs 45,000 crore ($5.38Bn) capacity expansion of Mundra Port. (ET)

• Marshall Wace has sold shares of One97 Communications (Paytm) and Shriram Finance worth Rs 419 crore ($50Mn). (BS)

• Gautam Adani has increased his stake in Adani Enterprises by 1.32%. (Moneycontrol)

• Central Park plans to list its realty business within the next two to three years. (ET)

• PwC India anticipates an increase in small and mid-size M&A transactions. (ET)

IPO / FPO / Issuances🚀 

• Hyundai Motor India has filed draft papers with SEBI for a record IPO estimated at around Rs 25,000 crore ($3Bn). (Moneycontrol)

• Godavari Biorefineries has filed for an IPO with plans to raise Rs 325 crore ($38.9Mn) through a fresh issue of shares. (BS)

• Ixigo stock is expected to list at a 30% premium to its IPO price on June 18. (Moneycontrol)

This week’s mainboard IPO schedule

• DEE Development Engineers (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 193-203

  • Lot Size: 73

• Akme Fintrade (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• Stanley Lifestyles (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

Deal Activity🤝 

M&A / Investments

• Essar plans to invest Rs 30,000 crore ($3.59Bn) in a green hydrogen plant in Gujarat over the next four years. (BS)

• Vodafone plans to sell its entire Rs 19,000 crore ($2.3Bn) stake in Indus Towers. (ET)

• Dixon plans to invest up to INR 1,800 crore ($215Mn) in India for significant acquisitions and to venture into the EV space. (BS)

• Zomato is in discussions to acquire Paytm's movies and ticketing business, with the deal valued at approximately Rs 1,500 crore ($179Mn). (ET)

• Tata Group is in discussions to acquire a majority stake in Vivo's India unit. (BS)

• Warburg Pincus and QIA (Qatar Investment Authority) are in discussions to mitigate risk related to their investment in a Shriram group arm. (BS)

Debt

• State-owned PFC (Power Finance Corporation) has signed an agreement with CVPPPL (Chenab Valley Power Projects Private Limited) for a Rs 1,870 crore ($223Mn) term loan. (BS)

Funds

• FAME-III is expected to be unveiled on Budget Day with an outlay of INR 10,000 crore ($1.19Bn). (ET)

• Lotus Herbals has established a Rs 417 crore ($50Mn) fund to invest in startups. (ET)

VC🤑

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