Wockhardt launches QIP to raise ₹1,000 crore

• Headline indices Nifty and Sensex closed lower on November 7, weighed down by a broad market sell-off. Metal stocks faced the steepest losses, as investor caution rose ahead of the US Fed's upcoming interest rate decision. The Fed later announced a rate cut of 25 bps.

• The decline followed a rally triggered by Donald Trump's presidential nomination, yet investors remained cautious with the Federal Open Market Committee (FOMC) decision set for Thursday.

Apollo Hospitals +6.34%

• Shares rose over 6.5% as investors responded positively to the company's impressive July-September earnings. The healthcare services giant reported a 59% jump in consolidated net profit to Rs 395.7 crore and a revenue increase of over 15% to Rs 5,589.3 crore for the quarter.

• These results exceeded Moneycontrol’s estimates of Rs 361 crore for profit and Rs 5,518 crore for revenue. The strong quarterly performance was driven by rising demand for its healthcare services, contributing to mid-teens growth across all segments.

Wockhardt (5.00%)

• Shares fell as much as 5% as investors sold off following the company’s launch of a Qualified Institutional Placement (QIP) at a significantly discounted floor price.

• The QIP aims to raise up to Rs 1,000 crore ($119 million), with an additional greenshoe option of Rs 200 crore. The issue price was set at Rs 1,105 per share, representing a 4.93% discount to the floor price of Rs 1,162.25 per share and a 12.98% discount from Wockhardt’s previous close (on Wednesday) of Rs 1,269.85 on the NSE.

• The QIP is also expected to dilute 5.57% of Wockhardt’s post-issue paid-up equity capital.

• Trump's victory may boost Starlink and Amazon's leverage for satcom expansion in India. (ET)

• IRDAI proposes amendments to regulatory sandbox norms. (YS)

• Intense competition for deposits may reduce banks' interest margins by 20 bps, says S&P. (ET)

• Trump's win may lead India to open market access for U.S. firms, sources say. (ET)

• Wockhardt launches QIP to raise up to Rs 1,000 crore ($118Mn). (MC)

• Sagility India's IPO was 3x subscribed by Day 3, with retail oversubscribed 4x. (MC)

• Swiggy IPO subscribed 35% by Day 2, with retail investors at 84%. (MC)

• ACME Solar Holdings IPO saw 70% subscription on Day 2, driven by retail investors. (MC)

• Niva Bupa Health IPO reached 65% subscription on Day 1, led by QIB interest. (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

• Brookfield India REIT to raise up to Rs 3,500 crore ($415Mn) through a unitholder issue. (BS)

• A Trent block deal sold 13.7 lakh shares for Rs 882 crore ($104Mn) post Q2 results miss. (MC)

• Macrotech acquires Bain Capital's stake in three logistics park companies for Rs 307 crore ($36.4Mn). (BS)

• Zoomcar To Raise Rs 77 crore ($9.15Mn) from Institutional Investors (SS)

• Tata Power acquires Paradeep Transmission for Rs 18.64 crore ($2.2Mn). (ET)

• Wealthtech platform Nivesh acquires Wealthzi for Rs 9 crore ($1.06Mn). (EN)

VC

• Northern Arc secures Rs 547 crore ($65Mn) debt commitment for its first climate fund. (YS)