Whatfix Lands $125M, Closing in on Unicorn Status

• The bulls remain resilient, overcoming a weak start with a strong recovery in the final hour of trading. This rebound pushed both the Nifty 50 and Sensex to new milestones, marking their fifth straight session of gains.

• The late rally was fueled by Power Grid Corporation, Axis Bank, NTPC, Grasim Industries, and Bajaj Finserv.

Zee Media Corporation +11.88%

• The stock jumped 13 percent on September 25, following the private news broadcaster's announcement that its board will meet later this week on Friday to explore various fundraising options.

• The company aims to raise funds by issuing permissible instruments or securities in multiple tranches.

Dabur India (4.34%)

• Shares of Dabur India fell over 4 percent after Swiss brokerage UBS downgraded the FMCG major from 'buy' to 'hold.' UBS raised concerns about the company's high valuations and potential risks to beverage sales growth.

• The growing popularity of cola drinks and rising competition in the coconut oil segment were cited as key challenges to Dabur's sales outlook.

• DPIIT Secretary states that efforts are being made to further streamline the FDI clearance mechanism. (FE)

• Silver reaches an all-time high of Rs 90,324 per kg due to increased industrial demand. (ET)

• Macquarie Capital reports that Indian banks' credit losses on credit cards are nearly 6%. (ET)

• An investigation into the EY India office has revealed that it did not possess a labor welfare permit. (BS)

• Australia and India are strengthening economic ties during trade talks in Adelaide. (FE)

• M&B Engineering files DRHP with SEBI to raise Rs 653 crore ($78Mn) via IPO. (MC)

• ArisInfra Solutions files draft papers with SEBI for a Rs 600 crore ($71Mn) IPO. (MC)

• Indogulf Cropsciences files for an IPO to raise Rs 200 crore ($24Mn). (MC)

• Highway Infrastructure files draft papers to raise Rs 105 crore ($12.5Mn) through an IPO. (MC)

• Diffusion Engineers has raised over Rs 47 crore ($5.6Mn) through its anchor book. (MC)

• Manba Finance IPO bought 224.1 times on final day. (MC)

• The KRN Heat Exchanger and Refrigeration IPO was subscribed more than 24 times on its first day. (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

• Diffusion Engineers

  • Offering Period: 26 September- 30 September, 2024

  • Listing Date: 04 October, 2024

  • Issue Price: 159-168

  • Lot Size: 88

M&A / Investments

• Warburg Pincus invested in a Rs 1,045 crore ($125Mn) Series E funding round for Whatfix. (YS)

• Promoter Nishant Pitti has sold a 14% stake in EaseMyTrip for Rs 920 crore ($110Mn). (BS)

• SBI Mutual Fund raises its stake in KPR Mill to 7.7% by acquiring 2.85% for Rs 900 crore ($107Mn). (BS)

• UBS Group completes its acquisition of HDFC Bank shares worth Rs 543 crore ($64Mn). (BS)

• HomeLane to acquire DesignCafe, backed by Rs 225 crore ($27Mn) funding. (EN)

• Coromandel International plans to acquire an additional 8.82% stake in BMCC for Rs 32 crore ($3.8Mn). (BS)

• SaaS fintech Zaggle has acquired a 26% stake in Mobileware Technologies for Rs 15 crore ($1.79Mn). (ET)

• Nomura and Mizuho are the leading bidders for a majority stake in Avendus Capital. (BS)

• Carlyle Aviation affiliates have reduced their stake in SpiceJet from 3.75% to 2.34%. (ET)

Debt

• Shriram Finance has raised Rs 4,181 crore ($500Mn) from investors through USD Social Bonds. (BS)

• Aditya Birla Renewables has raised Rs 2,500 crore ($298Mn) through non-convertible debentures (NCDs). (RM)

VC