Swiggy IPO Launches Today: Are You Ready to Invest?

• Despite early losses, benchmark indices BSE Sensex and NSE Nifty 50 closed in positive territory today, overcoming market negativities. Gains were led by metal and financial services stocks, with the Nifty Metal index rising 3%.

• Positive sentiment was further supported by higher closing in Asia-Pacific markets, contributing to the domestic market's upbeat performance.

E2E Networks +5.00%

• E2E Networks' shares surged 5% to an all-time high following Larsen & Toubro's acquisition of a 21% stake. The deal is valued at Rs 1,000 crore, signaling strong interest from L&T in E2E’s growth potential. This acquisition marks a significant boost in E2E’s market positioning.

Amara Raja Batteries (3.98%)

• Amara Raja Batteries' stock fell almost 4% after its Q2 results missed market expectations. Despite the miss, Nuvama maintained a "buy" recommendation on the stock. The firm sees potential for recovery and growth in the long term.

• Nomura indicates a lack of optimism in the growth of festival sales. (FE)

• India plans to merge regional rural banks to strengthen their capital base. (ET)

• India's diesel market shows signs of concern as growth slows. (ET)

• A plan is in place to revamp the pension scheme for unorganized workers. (ET)

• The government aims to raise ₹5,000 crore ($594Mn) by selling a 2.5% stake in Hindustan Zinc via FPO. (Mint)

• Swiggy raised nearly Rs 5085 crore ($605Mn) from anchor investors. (MC)

• ACME Solar Holdings raised Rs 1,301 crore ($154Mn) from anchor investors. (MC)

This week’s mainboard IPO schedule

• Sagility India

  • Offering Period: 05 November- 07 November, 2024

  • Listing Date: 12 November, 2024

  • Issue Price: 28-30

  • Lot Size: 500

• Swiggy

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 371-390

  • Lot Size: 38

• Acme Solar Holdings

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 275-289

  • Lot Size: 51

• Niva Bupa Health Insurance

  • Offering Period: 07 November- 11 November, 2024

  • Listing Date: 14 November, 2024

  • Issue Price: 70-74

  • Lot Size: 200

M&A / Investments

• TPG plans to launch a green financing NBFC in India and aims to invest Rs 8,400 crore ($1Bn). (ET)

• L&T is set to acquire a 21% stake in E2E Networks for Rs 1,407 crore ($167Mn). (YS)

• Hero Electronix may sell up to a 30% stake in semiconductor firm Tessolve for Rs 1,009 crore ($120Mn). (BS)

• Tata Mutual Fund acquires stake in Motilal Oswal Financial Services for Rs 35 crore ($416k). (MC)

• IHCL has acquired a 55% stake in Rajscape Hotels for Rs 18 crore ($214k). (BS)

• Veefin acquired Singapore-based generative AI startup Walnut. (YS)

• KKR's arm and Singtel have received CCI approval to acquire a stake in STT GDC. (BS)

Debt

• IL&FS's InvIT will file new papers to raise Rs 8,500 crore ($1.01Bn) in debt. (ET)

VC