SEBI Approval Granted for Emcure Pharmaceuticals' IPO Launch

Hello,
Markets were very volatile yesterday as most Nifty sectoral indices were quite mixed with their returns.

Markets📊 
As of 20/06/2024 Market Close

• The Indian equity market closed positively on June 20, despite volatility, with the Nifty ending above 23,550, driven by gains in metal, oil & gas, and realty stocks.

• There was selling pressure in auto, pharma, and PSU bank stocks, while buying interest was noted in the metal, capital goods, realty, and oil & gas sectors.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

DCB Bank Ltd +4.61%

• Shares of the lender increased by over 4.6 percent after brokerage Motilal Oswal upgraded the stock to ‘buy’ from ‘neutral,’ setting a target price of Rs 175 per share due to attractive valuations and strong growth prospects.

Sun Pharmaceutical Industries Ltd (1.80%)

• The stock of this pharmaceutical giant dropped by 1.8 percent on June 20 after receiving a warning letter from the United States Food and Drug Administration (USFDA) for current Good Manufacturing Practice (cGMP) violations at its Dadra facility.

IPO / FPO / Issuances🚀 

• Ola Electric receives SEBI approval for a Rs 5,506 crore ($660Mn) IPO. (EN)

• Emcure Pharmaceuticals has received approval from SEBI to launch its IPO. (ET)

• The Dee Development Engineers IPO was subscribed 8.99 times on the second day of the offer. (BS)

• The Akme Fintrade IPO received 11.61 times subscription on the second day of the offer. (BS)

This week’s mainboard IPO schedule

• DEE Development Engineers (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 193-203

  • Lot Size: 73

• Akme Fintrade (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• Stanley Lifestyles (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

Deal Activity🤝 

M&A / Investments

• WestBridge Capital has sold a 1.7% stake in AU Small Finance Bank, amounting to Rs 845 crore. (BS)

• Yatra Online has acquired an additional 45% stake in ANN. (BO)

• According to reports, IHH Healthcare and Sunway Group are among the bidders for Affinity's Malaysian hospital. (BS)

• The Hinduja Group has initiated the bond sale process to finance its acquisition of Reliance Capital. (ET)

• Private equity firm Olympus plans to sell up to a 10% stake in Aster DM Healthcare on Friday. (ET)

Debt

• Tata Communications secures a Rs 2,085 crore ($250Mn) sustainability loan from DBS, ANZ, and EDC. (BS)

• Vedanta plans to raise $120 million through the issuance of non-convertible debentures. (BS)

VC🤑

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