SEBI Eyes New Rules to Address Small IPO Surge

• Indian stock markets saw a late-session surge, with the Sensex crossing 83,000 for the first time and the Nifty 50 reaching a new peak of 25,433 points, nearing the 25,500 mark.

• This rally was supported by strong performances in the banking, IT, and auto sectors, propelling the indices to fresh record levels. U.S. Foreign Portfolio Investors (FPIs) have remained net buyers in Indian stocks for three consecutive sessions.

IEX +2.29%

• Indian Energy Exchange (IEX) shares climbed more than 3%, reaching a 52-week high of ₹218 after Antique Broking raised its target price from ₹219 to ₹262, maintaining a 'Buy' recommendation.

• The brokerage highlighted IEX's strong double-digit volume growth in August 2024 and year-to-date as key factors for the upgrade.

Infibeam Avenues (4.40%)

• Infibeam Avenues shares fell as they turned ex-date for the upcoming spin-off, leading to a price adjustment. The stock typically experiences a decline following such events as the market recalibrates the company's value. Despite the drop, investor attention remains on the potential growth of the separated business units. The spin-off is seen as a strategic move to unlock value.

• India's palm oil imports have dropped as buyers switch to soyoil. (ET)

• Petrol and diesel prices might be cut if crude rates stay low, says the Petroleum Secretary. (ET)

• Paytm will reapply for the RBI's payment aggregator license following government approval. (BS)

• SEBI is considering new regulations to mitigate risks associated with the surge in small IPOs in India. (ET)

• The MCA has introduced new rules, exempting startups seeking to reverse flip from needing NCLT approval. (BT)

• The NCLT has approved Adani-owned Bridgeport Realtors' acquisition of Radius Estates. (ET)

• RBI's DG has urged NaBFID to create a self-sustainable business model independent of government support. (ET)

• The PN Gadgil Jewellers IPO was 59 times subscribed on the third day. (Mint)

This week’s mainboard IPO schedule

• Bajaj Housing Finance

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 66-70

  • Lot Size: 214

• Kross

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 228-240

  • Lot Size: 62

• Tollins Tyres

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 215-226

  • Lot Size: 66

• PN Gagdil Jewellers

  • Offering Period: 10 September - 12 September, 2024

  • Listing Date: 17 September, 2024

  • Issue Price: 465-480

  • Lot Size: 31

M&A / Investments

• Fireside Ventures, Peak XV, and others have sold Honasa shares valued at Rs 1,602 crore ($190Mn). (FE)

• LIC has raised its stake in the railway sector 'miniratna' PSU IRCTC to 9.3%. (BS)

• Yudiz has acquired a 51% stake in ABCM App as it enters the fintech sector. (BL)

• Moneyview has acquired Jify to enhance its financial services offerings. (YS)

Debt

• SBI has approved a ₹10,050 crore ($1.19Bn) loan for a 1,600 MW thermal power project. (LT)

• Panacea Biotec has received a Rs 167 crore ($20Mn) US government loan to expand its hexavalent vaccine capacity. (ET)

VC/Funds

• Proparco has invested Rs 41 crore ($5Mn) in Omnivore, its first VC investment in India. (YS)