Leela Palaces to Launch Record ₹5,000 Cr IPO

• Indian stock market benchmarks, the Sensex and Nifty 50, surged over 1% to reach new record highs in early trade on Friday, September 20. Gains in the US markets overnight, along with rising expectations of a future RBI rate cut, boosted sentiment.

• Strong buying across major markets in the US, Europe, and Asia, driven by the US Fed's 50 bps rate cut and signals of more to come, also supported the rally. Banking stocks, which carry significant weight in the indices, saw robust buying, further lifting both the Sensex and Nifty 50.

Patel Engineering +2.56%

• Patel Engineering shares gained over 2%, reaching Rs 60.4 in the afternoon on September 20, following the announcement of a Rs 240-crore NHPC contract for the Teesta-V Power Station.

• The contract includes civil and hydro-mechanical work to convert the diversion tunnel into a tunnel spillway arrangement at the Teesta-V Power Station in Sikkim, as per the company’s regulatory filing on Friday.

Spicejet (3.25%)

• SpiceJet shares fell over 3% after the Supreme Court upheld a High Court order directing the airline to return three engines to lessors due to unpaid dues. The court dismissed SpiceJet's plea and advised the airline to negotiate directly with the lessors.

• India and Germany have agreed to expand their cooperation in the clean energy and mobility sectors. (BS)

• Gold prices have surged due to strong demand from rural recovery and the festive season, reports the World Gold Council. (ET)

• The central bank warns that food-price volatility may pose a risk to India's inflation. (RT)

• RBI economists state that NBFCs remain resilient under the SBR framework. (ET)

• RBI economists indicate that lending to the priority sector enhances banks' asset quality. (ET)

• SEBI has revised the framework for valuing investment portfolios of Alternative Investment Funds (AIFs). (BS)

• A hacker has used Telegram chatbots to leak data from Star Health, a leading Indian insurer. (ET)

• HDFC Credila has chosen five investment banks for its Rs 5,000 crore ($597Mn) plus IPO. (MC)

• Leela Palaces is set to file for a Rs 5,000 crore ($597Mn) IPO, potentially the largest ever in the hotel sector. (MC)

• HDB Financial has approved an IPO with a Rs 2,500 crore ($298Mn) fresh issue and an offer for sale. (MC)

• Reliance Infrastructure has received a Rs 1,100 crore ($131Mn) infusion from its promoters. (BS)

• Anand Rathi plans a Rs 1,000 crore ($119Mn) IPO, making it the first brokerage firm to go public since 2020. (MC)

• Manba Finance has raised over Rs 45 crore ($5.38Mn) from anchor investors. (MC)

This week’s mainboard IPO schedule

• Manba Finance

  • Offering Period: 23 September- 25 September, 2024

  • Listing Date: 30 September, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• KRN Heat Exchanger

  • Offering Period: 25 September- 27 September, 2024

  • Listing Date: 03 October, 2024

  • Issue Price: 209-220

  • Lot Size: 65

M&A / Investments

• Adani Group aims to acquire a 46.64% stake in ITD Cementation India for Rs 5,888.57 crore ($704Mn). (BS)

• OYO is set to acquire G6 Hospitality for Rs 4,390 crore ($525Mn) from Blackstone Real Estate. (YS)

• PE firm EQT has acquired Indostar Home Finance for Rs 1,750 crore ($209Mn). (YS)

• Vanguard Group has purchased shares worth Rs 1,000 crore ($119Mn) in seven companies through bulk deals. (MC)

• Moglix plans to invest Rs 418 crore ($50Mn) in the expansion of Credlix into the US and Mexico. (YS)

• L&T has acquired a 12.25% stake valued at Rs 12.5 crore ($1.5Mn) in a quality management firm. (BS)

Debt

• Mankind Pharma plans to raise up to Rs 10,000 crore ($1.19Bn) through debt instruments. (BS)

• Adani Total Gas has secured Rs 3,136 crore ($375Mn) in funding to expand its city gas network. (FE)

VC/Funds

• Capital A has launched its second fund, raising Rs 400 crore ($47.8Mn) for fintech and deep tech startups. (YS)