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Future Supply Chain IPO opens on Dec 6, price band at Rs 655-660 per share

Most of the proceeds from the issue will go to the Griffin while the rest to the promoter group, Mayur Toshniwal.

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IPO News : Future Supply Chain Solutions, the logistics arm of the Kishore Biyani-led Future Group, today said the promoters and PE investor Griffin will together sell 24.43 per cent to raise up to Rs 650 crore through the initial public offer that hits the market on December 6.

The company has fixed a price band of Rs 655-660 for the issue which will offer up to 9,784,570 equity shares that has a face value of Rs 10 each, and an offer-for-sale of up to 7,827,656 shares or 20 per cent equity by Griffin Partners.

That apart, the promoters, Future Enterprises, will dilute up to 1,956,914 shares constituting 4.43 per cent of equity, through the issue which will close on December 8. The offer constitutes up to 24.43 per cent of the post-offer paid up equity share capital, the company said.

Most of the proceeds from the issue will go to the Griffin while the rest to the promoter group, Mayur Toshniwal, manager director Future Supply Chain said.

Griffin Partners held 40 per cent in the company and it will offload 20 per cent of this stake through the IPO, post which the PE will continue to hold 15.1 per cent, Toshniwal said.

In the run-up to the IPO, SSG Capital–the parent of Griffin Partners– had on November 20 sold 19.63 lakh shares aggregating to 4.9 per cent stake to two Edelweiss Group- managed entities–Edelweiss Crossover Opportunities Fund and EW Clover Scheme-at Rs 636.60 a share, according to an earlier exchange filing by the company.

Click to Read → Future Supply Chain IPO Share Price

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Mahindra Logistics IPO price band fixed at 425-429; to raise Rs 829 cr

The issue of MLL comprises sale of 1,93,32,346 shares

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Mahindra Logistics Ltd (MLL), part of diversified Mahindra Group, has fixed a price band of Rs 425 to 429 per share for its initial public offer(IPO), according to a regulatory filing.

At the upper end of the price, the share sale would fetch little over Rs 829 crore.

“The price band for the offer has been fixed at Rs 425 to Rs 429 per share of Rs 10 each of MLL with an employee discount of Rs 42 that will be offered to eligible employees,” Mahindra & Mahindra said in a regulatory filing.

Last week, Mahindra Logistics had received go-ahead from markets regulator Sebi for the initial share sale.

The issue of MLL comprises sale of 1,93,32,346 shares, including offloading of 96,66,173 shares — amounting to 13.74 per cent stake — by the parent firm Mahindra and Mahindra.

Besides, Normandy Holdings would sell 92,71,180 shares, while Kedaara Capital would offload 3,94,993 scrips. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.

Click to Know More → Mahindra Logistic IPO

New India Assurance Rs 9,600 cr IPO opens Nov 1, price band: Rs 770-800

The company’s initial share sale will close on November 3

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India’s state-run New India Assurance Co Ltd has set a price band of Rs 770 to Rs 800 a share for its initial public offering (IPO) opening on November 1, sources with direct knowledge of the deal told Reuters on Tuesday.

At the upper end of the price range, the IPO would raise Rs 9,600 crore ($1.48 billion).

The sale will close on November 3, said the sources, declining to be identified as the details are not public.

($1 = Rs 64.9825)

Click here to know more → New India Assurance IPO

GIC Re IPO opens today. Should you invest?

GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017

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General Insurance Corporation of India Limited (GIC Re’s) initial public offer (IPO) opens today for subscription. The company aims to garner over Rs 11,000 crore. The price band has been fixed at Rs 855 – Rs 912 per share. The IPO would be India’s third biggest ever, after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues.

The IPO consists of an offer for sale (OFS) of 10.75 crore shares (12.5% stake pre-issue) worth Rs 9,804 crore at the higher price band and a fresh issue of 1.72 crore shares worth Rs 1,569 crore. The amount raised from the fresh issue will be used for augmenting the capital base to support future business growth and to maintain current solvency levels.

GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017. The company, according to CRISIL Research, accounted for nearly 60% of the premiums ceded by Indian insurers to reinsurers in FY17.

Should you subscribe to the IPO? This is what leading brokerages and research houses across the country

Click to see suggestions from: → GIC IPO

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Bharat Matrimony IPO opens today: Should you invest?

The offer (price band: Rs 983 – 985) consists of an offer for sale (OFS) and fresh issue

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Latest News –  Matrimony.com Ltd (Matrimony) is one of the leading providers of online matchmaking services in India. It has two business segments – matchmaking services (96% of FY17 revenue) and marriage services (4%).

The company has one of the largest databases (3.08 million active profiles as of Jun’17) on its portal. It owns brands like Bharatmatrimony.com, EliteMatrimony.com, AssistedMatrimony.com and CommunityMatrimony.com.

The offer (price band: Rs 983 – 985) consists of an offer for sale (OFS) and fresh issue. OFS is from private equity (Rs 325 crore) and promoters (Rs 46 crore). The fresh issue of Rs 130 crore, will be used for repayment of debt (around Rs43 crore), purchase of land for office (around Rs 43 crore) and advertising (Rs 20 crore).

So, should you subscribe for Bharat Matrimony IPO? Here’s what leading brokerages suggest:

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IPO proceeds are expected to be gainfully utilised leading to higher revenues from increased brand awareness and lower rentals and interest expenses. Focused expansion of its marriage services business through cross selling and assisted services could also help the company move up the value chain.

The stock is available at ~51x FY17 P/E with a 10% discount to retail investors. It may be noted that the nature of the Matrimony.com business is not comparable to that of Just Dial and Info Edge. We recommend Subscribing for listing gains… Read Full Article

Will NSE IPO hit the market in 2017?

Exchange’s pending co-location issue with Sebi has caused uncertainty

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Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi on Monday said the National Stock Exchange (NSE) may have to refile the offer document for its much-awaited initial public offer (IPO), which could potentially raise more than Rs 10,000 crore from investors.

NSE, the country’s largest stock exchange, filed its prospectus for Sebi approval in December 2016. Following which, the exchange has gone through a lot of material changes that need to be updated in the offer document. For one, it has appointed Vikram Limaye, MD & CEO of IDFC, as the next chief. More importantly, the financial numbers for a company going public cannot be more than two quarters old. Now, the IPO hinges on what happens to the ‘unfair access’ controversy at its co-location facility.

Both Sebi and NSE have maintained that the IPO cannot proceed unless the co-location (co-lo) issue is put to rest. Given the stage at which the case is, experts say that it could take up to six months for the co-lo controversy to settle.

Get all the query on →  Income Tax Efiling  ←

NSE, on its part, is trying to settle the case through the consent route to avoid lengthy proceedings. Tyagi recently said it is “too early to comment if the NSE issue can be settled through the consent mechanism”. The Sebi chief added that NSE and 14 key managerial personnel of the exchange have replied to Sebi’s show cause notices, which are “under examination”. The regulator will take a view only after it has studied the replies.

Under the consent mechanism, an alleged wrongdoer settles the matter with Sebi without admitting or denying guilt. The regulator may levy a penalty on the wrongdoer, impose a market ban, or opt for both. In the past, a lot of companies, including Reliance Infrastructure, Suzlon, RBL Bank, and JP Morgan, have used the consent route to settle outstanding matters with…. read more…

CDSL IPO opens for subscription. Should you apply?

CDSL is the second largest depository in terms of market share

 CDSL IPO opens for subscription. Should you apply?

The initial public offer (IPO) of BSE-promoted Central Depository Services Limited (CDSL) opened today for subscription. The company is planning to raise up to Rs 524 crore through this maiden offer.

CDSL acts as a repository of over 325,000 e-insurance accounts, reports suggest, which hold more than 66,000 insurance policies in electronic form. It also offers other online services such as e-voting, e-Locker, National Academy Depository, electronic access to security information & execution of secured transactions, drafting & preparation of wills for succession, mobile applications and transactions using secured texting.

So, should you subscribe to the offer? Here’s what leading brokerages and research houses suggest:

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CDSL is the second largest depository in terms of market share and has been growing at decent compounded annual growth rate (CAGR) of 23%/14% in 3/5 years (and revenues grew by 13%/18%). Further, the key positive about the company is that it has controlled operating expenses in last 3 years which has led to significant margin expansion of 1150 bps since FY15 to 54% in FY17.

At the upper band of INR149, the offer is available at 18.2x FY17 EPS which we believe is attractive considering – 1) strong parentage and entry barrier 2) stable earnings growth 3) strong margins and 4) decent ROE of 16%. Hence we recommend to SUBSCRIBE for long-term investment….(read more…)