IPO Frenzy: 13 Companies Rush to SEBI in a Day

• The Indian market ended flat on Tuesday as investors struggled to gauge its direction amid mixed global cues and uncertain economic data.

• Although some stocks recorded modest gains, overall sentiment stayed cautious as traders evaluated the impact of a rebound in Chinese stocks along with upcoming economic data and corporate earnings.

National Aluminium Company +6.52%

• The stock jumped 6.5 percent to a record high of Rs 218.72 after Kotak Institutional Equities upgraded its rating to 'add,' highlighting an attractive risk-reward.

• KIE also increased its price target by 58 percent to Rs 235, indicating a potential 12 percent upside.

Muthoot Finance (3.93%)

• The stock fell 4 percent following the Reserve Bank of India's directive to gold financiers to review their processes, identify gaps, and implement corrective actions within three months—a move that brokerages believe could impact their growth.

• RBI is unlikely to cut rates or change its stance in the October 9 monetary policy, according to a BoB report. (ET)

• SEBI has mandated Qualified Stock Brokers (QSBs) to provide a UPI-based mechanism for the secondary market. (Inc42)

• ONDC strengthens its fintech presence with its first mutual fund transaction on the network. (MC)

• A full-scale Israel-Iran war could threaten India’s oil security. (ET)

• The government appoints three new members to join RBI's rate-setting panel. (RT)

• Godrej Properties' board approves a Rs 6,000 crore ($716Mn) fundraise through various securities. (BS)

• Vikram Solar files draft papers to raise Rs 1,500 crore ($179Mn) via IPO. (BS)

• Aditya Infotech files draft papers with SEBI for a Rs 1,300 crore ($155Mn) IPO. (MC)

• Varindera Constructions files draft papers with SEBI to raise Rs 1,200 crore ($143Mn) through an IPO. (MC)

• Vikran Engineering files draft papers for a Rs 1,000 crore ($119Mn) IPO. (MC)

• Midwest files DRHP with SEBI to raise Rs 650 crore ($77.6Mn) through an IPO. (MC)

• Jaro Education files draft papers to raise Rs 570 crore ($68.1Mn) through an IPO. (MC)

• Sambhv Steel Tubes files draft papers for a Rs 540 crore IPO ($64.5Mn). (MC)

• Rahee Infratech files DRHP for a Rs 420 crore ($50.02Mn) IPO. (MC)

• Auto component maker Viney Corporation files Rs 150 crore ($17.9Mn) IPO papers with SEBI. (MC)

• Plutus Wealth increases its stake in SpiceJet by purchasing shares worth Rs 50 crore ($6Mn). (BS)

• KRN Heat Exchanger shares are expected to list at over a 100% premium. (MC)

This week’s mainboard IPO schedule

• Diffusion Engineers

  • Offering Period: 26 September- 30 September, 2024

  • Listing Date: 04 October, 2024

  • Issue Price: 159-168

  • Lot Size: 88

M&A / Investments

• Adani Power signs an agreement to acquire Dahanu Power for Rs 815 crore ($97.3Mn). (BS)

• Pluckk has acquired the nutrition brand Upnourish for Rs 11 crore ($1.4Mn). (EN)

• Dr Reddy's completes the acquisition of Haleon's NRT portfolio. (ET)

Debt

• RInfra's board approves raising Rs 2,930 crore ($350Mn) through FCCBs. (BS)

• IDBI Capital invites bids for Rs 1,772 crore ($211Mn) SBI-led highway bad loans. (BS)

• CK Birla Healthcare plans to raise Rs 1,255 crore ($150Mn) to expand and reduce debt. (ET)

• WayCool has secured Rs 100 crore ($11.9Mn) in debt funding from Grand Anicut. (YS)

VC

• Peak XV Partners cuts fees and reduces its latest fund size by Rs 3,892 crore ($465Mn). (BS)