Lenskart Begins Talks for ₹8,500 Crore IPO

• Indian stock market benchmarks, the Sensex and Nifty 50, fell 0.80% in intraday trade on Thursday, January 9, marking their second consecutive session of losses.

• The decline was driven by weak global cues, a strengthening US dollar, and rising bond yields.

• Traders remain cautious ahead of December quarter earnings, which, while expected to improve compared to the previous two quarters, are unlikely to deliver exceptional results.

• The US dollar has reached its highest level in over a year, and the 10-year US Treasury yield, now at 4.67%, is near its highest since April 2024. Strong US macroeconomic data and reduced expectations for a significant rate cut by the Federal Reserve this year have further fuelled these trends, negatively impacting emerging markets like India by prompting foreign capital outflows.

Marico +4.34%

• Marico shares surged to a six-month high of ₹668 today, driven by Ambit Capital's recent 'buy' rating, with a target price of ₹736, reflecting strong investor sentiment.

• The FMCG sector also showed positive momentum, with the FMCG index rising 1%. Additionally, brokerage firm CLSA highlighted the consumer staples sector as its top anti-consensus call for 2025.

Tata Motors (1.70%)

• Tata Motors shares declined after Jaguar Land Rover's Q3 sales update.

• JLR reported a 3% YoY increase in wholesale volumes to 1,04,427 units, indicating recovery from earlier supply chain issues, while retail sales dropped 3% to 1,06,334 units.

• Internet shutdowns cost India ₹322 crore ($37.6Mn) in 2024: Report. (Inc42)

• Govt to launch new credit guarantee scheme for MSMEs up to ₹100 crore ($11.7Mn). (YS)

• Government plans incentives for battery component manufacturing to boost the electric vehicle industry. (ET)

• RBI accepts 77% of January government-security buyback bids. (ET)

• DPIIT held discussions with stakeholders to enhance the promotion of FDI. (YS)

• Lenskart begins talks with bankers for ₹8,500 crore ($1Bn) IPO. (BS)

• Vodafone Idea raises ₹1,903 crore ($222Mn) through preferential share allotment. (BS)

• Adani Commodities to sell 20% stake in Adani Wilmar through OFS. (BS)

• Quadrant Future Tek IPO Day 3: Issue subscribed 186.66x. (Mint)

• Capital Infra Trust InvIT IPO subscribed 2.8x on the final day. (MC)

• Integris Health secures primary capital in preparation for its upcoming IPO. (TH)

This week’s mainboard IPO schedule

• Standard Glass Lining

  • Offering Period: 06 January - 08 January, 2024

  • Listing Date: 13 January, 2024

  • Issue Price: 133-140

  • Lot Size: 107

• Quadrant Future Tek

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 275-290

  • Lot Size: 50

• Capital Infra Trust

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 99-100

  • Lot Size: 150

M&A / Investments

• Avendus launches third private credit fund with ₹4,000 crore ($466Mn) target. (YS)

• BluSmart is in discussions to raise ₹428 crore ($50Mn) in Series B funding. (YS)

• Tata Capital’s Healthcare Fund invests ₹171 crore ($20Mn) in Harsoria, a medical devices maker. (YS)

Debt

• Indian Overseas Bank to sell ₹11,500 crore ($1.34Bn) NPAs to improve asset quality. (BS)

• Hindalco's arm Novelis plans to raise ₹6,429 crore ($750Mn) through 5-year bonds. (BS)

• TVS Mobility raises ₹1,800 crore ($210Mn) in debt from multiple investors. (ET)

VC