📜 OYO Withdraws IPO Application for the Second Time

Hello reader,
Markets were on the up and volatility decreased in yesterday’s session. Vedanta is seeking board approval for a $1 billion fundraise, BluSmart raised additional funding from existing investors and Awfis’ IPO was met with optimism from anchor and retail investors alike.

Instead of a featured highlight today, we will be doing a poll and collecting your responses. Don’t forget to vote!

Markets

• Despite weak global signals, the Indian stock market's benchmark index, Nifty 50, closed in positive territory for the fifth consecutive session on Wednesday, May 22. This gain was driven by strong performances from Reliance Industries, Infosys, Hindustan Unilever (HUL), ITC, and HDFC Bank.

• Over the past five sessions, the Nifty 50 has risen by around 2 percent. Market volatility remained low on Wednesday, with the India VIX, a measure of market fear, decreasing by 1.6 percent to 21.5.

Notable Gainer & Loser

BEML Ltd (NSE: BEML) +8.92%

• Shares of BEML surged by 9 percent after securing a Rs 250 crore order from Northern Coal Fields Limited for dump trucks. The stock also reached an all-time high.

• Over the last five trading sessions, BEML has jumped nearly 20 percent, further boosted by the announcement of significant growth in its Q4 FY24 results.

Global Health Ltd (NSE: MEDANTA) (7.10%)

• Shares fell by 7 percent, marking the third consecutive session of losses following the release of the company's Q4 earnings. The decline was driven by concerns over slow margin expansion due to capital expenditure plans, high valuations, and profit-taking activities.

Yesterday’s Highlights

• Vedanta is seeking shareholders' approval for a Rs 8,500 crore (1.02Bn) fundraising initiative. (BS)

• Wow Skin Science is seeking to raise Rs 624 crore ($75Mn) in fresh funding. (Mint)

• The BCCI has inked an IPL sponsorship agreement with Wonder Cement valued at Rs 250 crore ($30Mn). (SC)

• BluSmart is set to raise INR 200 crore ($24Mn) in fresh funding from new and existing investors. (Inc42)

• Sachin Bansal’s fintech Navi has raised Rs 150 crore ($18Mn) through non-convertible debentures (NCDs). (EN)

• Incofin and Maj Invest have invested Rs 100 crore ($13 Mn) into SAVE Group to support rural financial empowerment. (YS)

• Mahindra & Mahindra Finance has obtained an IRDAI license to provide customized insurance plans. (ET)

• VC firm Lightbox has exited the Dunzo board. (YS)

• Under the newly introduced corporate governance regulations, the insurance market is poised for competitive premiums, aligning with the revised IRDAI commission norms. (ET)

IPO / FPO / Issuances

• Awfis Space Solutions' IPO witnessed a subscription of 2.03 times on the first day, with the retail portion oversubscribed by 6 times. (Moneycontrol)

• Ixigo and Bansal Wire have received clearance from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). (ET)

• Oyo has withdrawn its IPO application for the second time and decided to pursue private funding instead, accepting a 70% cut in its valuation. (ET)

M&A / PE

• Disney is set to sell a 30% stake in Tata Play to the Tata Group, valuing the company at Rs 8,300 crore ($1 billion). (ET)

• Continuum Green Energy is aiming to secure funds from two private equity investors, with a valuation pegged at Rs 8300 crore ($1 billion). (ET)

• Zee Entertainment incurred merger costs amounting to Rs 432 crore in the unsuccessful deal with Sony. (BS)

• Bose-backed Noise has acquired SocialBoat to enhance AI capabilities for their wearables. (bl)

VC