SEBI Clears Hyundai India’s $3B IPO, Biggest Ever

• Indian equity indices closed flat after a volatile session on September 24, despite Nifty surpassing 26,000 for the first time. Domestic benchmarks are striving to hold recent highs, supported by the US Fed’s aggressive rate cuts.

• Meanwhile, the Chinese central bank's rate cuts and additional stimulus measures boosted global investor sentiment, leading to gains in domestic metal stocks. In contrast, FMCG and banking stocks saw declines as investors booked profits at higher levels.

Reliance Power +4.98%

• The stock hit its 5 percent upper circuit after the Anil Ambani-led company announced a preferential issue of 46.2 crore equity shares valued at Rs 1,524.60 crore, priced at Rs 33 per share, which is 14 percent lower than the previous closing price.

• The issue is set to be offered to promoter Reliance Infrastructure Ltd and non-promoter entities, including Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd.

Indian Energy Exchange (11.52%)

• Shares of the electricity trading platform dropped 11.5 percent, pulling back from their 52-week highs following reports that the Centre is considering introducing market coupling for power exchanges.

• Under this model, buy and sell bids from all power exchanges in India would be aggregated and matched to determine a uniform market clearing price (MCP).

• NPCI plans to expand UPI's digital payment services into Africa and South America, according to its CEO. (BS)

• The GSTN CEO stated that the design architecture for B2C e-invoicing is mostly complete. (ET)

• Indian banks are expected to rely on certificates of deposit to meet year-end credit demand. (RT)

• Sebi is investigating six investment banks regarding their handling of SME IPOs, according to a report. (ET)

• A CIBIL report indicates that the slowdown in home loans has led to a moderation in retail credit in June 2024. (ET)

• Hyundai Motor India's $3 billion IPO has received approval from the market regulator SEBI. (BS)

• Fractal, India's first AI unicorn, is reportedly considering a Rs 4,181 crore ($500Mn) IPO. (MC)

• RPower is seeking shareholder approval to raise Rs 1,525 crore ($182Mn) through a preferential issue. (BS)

• Glottis has filed IPO papers with SEBI to raise Rs 200 crore ($24Mn). (MC)

• KRN Heat Exchanger and Refrigeration has raised over Rs 100 crore ($12Mn) from anchor investors. (MC)

• The Manba Finance IPO remains highly sought after, with 73 times subscription on day 2. (MC)

• Swiggy's confidential IPO filing has received SEBI approval, with a launch expected in November. (MC)

• Arkade Developers closed nearly 30% higher on its debut. (MC)

• Northern Arc Capital shares surged 23% on their listing day. (MC)

• Western Carriers shares had a lukewarm market debut, closing more than 7% lower. (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

• Helios Investment Partners led a Series D round in which M2P Fintech raised Rs 850 crore ($101Mn). (YS)

• Warburg Pincus has exited Cartrade Tech by selling an 8.64% stake for Rs 375 crore ($44.8Mn). (BS)

• TVS Holdings and two other companies have received CCI clearance to acquire stakes in Home Credit India. (BS)

• Neobanking startup Jupiter is exploring a stake in SBM Bank India. (TC)

Debt

• IIFL Finance plans to raise Rs 10,000 crore ($1.19Bn) through bond issuance. (MC)

• Aditya Birla Renewables has raised Rs 2,500 crore ($298Mn). (ET)

• Spandana Sphoorty Financial has sold Rs 304.41 crore ($36.4Mn) in stressed loans for Rs 16.74 crore. (CNBC)

VC