Swiggy to File Draft Papers for Rs 10,911 Cr IPO by September

• On Tuesday, August 20, the Indian stock market experienced strong buying, with the Nifty 50 and Sensex indices closing up by 0.5%, largely due to positive global trends.

• Major markets in Asia and Europe also rose on Tuesday, fuelled by expectations that US Fed Chair Jerome Powell will give clear guidance on the potential rate cut size in September during the Jackson Hole Symposium this week.

• Experts believe the market has already priced in a 25 bps rate cut for September, though some are speculating on a 50 bps cut next month.

IndusInd Bank +2.55%

• Shares rose by 2.6 percent after the RBI approved a plan to establish a wholly-owned asset management subsidiary.

• Nomura views this as a positive development, marking the bank’s entry into direct para-banking, which could set a precedent for smaller banks to follow. However, they caution that the impact on valuations is likely to be modest in the medium term.

Ola Electric (5.87%)

• Shares fell nearly 6 percent, trading over 14 percent below the record high of Rs 157.4 reached earlier in the day on the NSE.

• Concerns about its pricing strategy within the EV industry, coupled with some profit booking, contributed to the decline.

• Swiggy plans to file draft papers for a Rs 10,911 crore ($1.3Bn) IPO by the first week of September. (YS)

• Manjushree Technopack files draft papers to raise Rs 3,000 crore ($357Mn) through an IPO. (MC)

• Sanathan Textiles files IPO papers for the third time, aiming to raise Rs 800 crore ($95.3Mn). (MC)

• Unimech Aerospace aims to raise Rs 500 crore ($59.6Mn) through an IPO and has filed its DRHP with SEBI. (MC)

• Innovision plans an IPO with a draft filing for a fresh issue of Rs 315 crore ($37.5Mn). (MC)

• Orient Technologies raises Rs 64.4 crore ($7.67Mn) through an anchor book, with the IPO set to open today, August 21. (MC)

• Saraswati Saree Depot shares surged 31% on debut yesterday, hitting the upper circuit limit. (MC)

• Interarch Building Products IPO is 10.84 times subscribed on day 2, with the QIB portion fully booked. (MC)

• Shapoorji Pallonji plans to list its real estate arm within two years, according to reports. (BS)

This week’s mainboard IPO schedule

• Interarch Building Products (RHP)

  • Offering Period: 19 August - 21 August, 2024

  • Listing Date: 26 August, 2024

  • Issue Price: 850 - 900

  • Lot Size: 16

• Orient Technologies (RHP)

  • Offering Period: 21 August - 23 August, 2024

  • Listing Date: 28 August, 2024

  • Issue Price: 195 -206

  • Lot Size: 72

M&A / Investments

• CCI approves Warburg Pincus and Shriram Housing's Rs 4,630 crore ($551Mn) deal. (BS)

• CG Power and Industrial completes the acquisition of G G Tronics for Rs 319 crore ($38Mn). (BS)

• Aye Finance secures approximately Rs 209 crore ($25Mn) from Goldman Sachs (India) Finance. (ET)

• ZUZU Software, Zaggle’s top public shareholder, has sold a 4% stake worth Rs 177 crore ($21.1Mn). (NDTV)

• KKR, TPG, and other PE firms are looking to acquire India’s largest cardiac stent maker, SMT. (ET)

• IndusInd Holdings receives approval to acquire a majority stake in two Invesco entities. (BS)

• Zappfresh has acquired Bonsaro to expand its presence in Mumbai. (EN)

Debt

• Phoenix seeks bids from ARCs for the sale of Rs 3,550 crore ($422Mn) in retail NPAs. (BS)

• Tata Chemicals raises Rs 1,700 crore ($210Mn) via NCDs through private placement. (BS)

VC/Funds

• SEBI releases borrowing guidelines for Category-I and II AIFs. (BS)

• Arka Investment Advisory has completed the final closing of its inaugural fund. (YS)

• Ankur Capital has secured commitments from BII and MacArthur Foundation for its third fund. (EN)