OfBusiness Plans Rs 8,300 Cr IPO for H2 2025

• On Tuesday, September 3, the Sensex and Nifty 50 closed flat as weak global cues and a lack of fresh catalysts left investors cautious.

• The Sensex ended its 10-day winning streak, and the Nifty saw its 13-day rally come to a halt.

Kaynes Technology India +3.98%

• Kaynes Technology shares jumped nearly 4 percent after the Central government approved the company's chip proposal under the semiconductor scheme.

• Union Minister Ashwini Vaishnaw announced on September 2 that the Cabinet has greenlit a Rs 3,300 crore proposal from Kaynes Tech to establish a semiconductor packaging plant with a daily production capacity of 60 lakh chips.

Adani Green Energy (2.66%)

• Shares dropped over 2 percent amid weak markets, despite the company's announcement of a binding agreement for a joint venture with TotalEnergies Renewables Singapore, involving a $444 million investment into a new entity.

• This follows a previous $300 million deal between the company and the French oil major to develop renewable energy capacity in India, where coal remains the primary energy source.

• The World Bank urges India to increase labour-intensive exports to create more jobs. (RT)

• A Reuters poll suggests that the luxury property boom will drive up home prices in India. (RT)

• Companies and banks are struggling to implement TRAI's URL whitelisting norms. (ET)

• New-age consumer brands in India are increasingly attracting VC investors. (ET)

• The SBI chairman says banks lack the skills to lend to new sectors. (ET)

• OfBusiness plans a Rs 8,300 crore ($1Bn) IPO in the second half of 2025. (Mint)

• Brigade Enterprises has launched a QIP issue to raise up to Rs 1,500 crore ($179Mn). (BS)

• The Indian government proposes to sell up to 6.8% of its stake in insurer GIC. (Mint)

• Premier Energies' share price ended 15% lower than the listing price, despite doubling IPO money. (MC)

• ECOS Mobility shares are expected to list at a 45% premium over the IPO price on September 4. (MC)

• Baazar Style Retail's IPO was subscribed 40.66 times on Day 3. (MC)

• Gala Precision Engineering's IPO was subscribed over 52 times on Day 2. (MC)

This week’s mainboard IPO schedule

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

• Gala Precision Engineering

  • Offering Period: 02 September - 04 September, 2024

  • Listing Date: 09 September, 2024

  • Issue Price: 503 - 529

  • Lot Size: 28

M&A / Investments

• Adani Green has formed a new Rs 3,721 crore ($444Mn) joint venture with TotalEnergies. (FE)

• Hero MotoCorp plans to invest Rs 900 crore ($107Mn) in the 3-wheeler startup Altigreen. (BS)

• Globalbees has increased its stake in Brainbees Solutions' subsidiaries for Rs 106 crore ($12.6Mn). (YS)

• CarDekho Group has invested in the fleet management services company Carrum. (YS)

• The CCI has approved General Atlantic's acquisition of Actis Holdings. (BS)

• The CCI has approved the Canadian pension fund's additional stake purchase in Highway Infrastructure Trust. (ET)

Debt

• Mankind Pharma plans to raise Rs 9,000 crore ($1.07Bn) for the acquisition of Bharat Serums. (BS)

• Infratech startup Mytek Innovations has raised Rs 6 crore ($715k) in debt funding. (EN)

VC/Funds

• NABARD and the government have launched a Rs 750 crore (89.4Mn) fund to support agri-startups. (YS)