Market sentiment suggests healthy listing expectations, though the final subscription figures at the end of the day will shape valuation comfort and debut-day performance.
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istock.com

All three ongoing mainboard IPOs — Aequs, Meesho and Vidya Wires — witnessed robust investor interest across all categories. Aequs fetched a larger overall subscription nearly 102 times, Meesho bid a little over 79 times and Vidya Wires by 26.59 times.

They were fully subscribed on the very first day, setting a strong tone for the issues right from the start. The momentum carried forward into day two, with steady inflows across investor categories, particularly from retail and non-institutional bidders.

Market sentiment suggests healthy listing expectations, though the final subscription figures at the end of the day will shape valuation comfort and debut-day performance.

Aequs IPO

Aequs IPO continued to witness exceptionally strong demand as bidding heads into its final hours, recording an overall subscription of 101.63 times.

The issue drew its strongest traction from qualified institutional buyers (QIBs), who subscribed 120.92 times, reflecting intense institutional interest. Non-institutional investors (NIIs) followed with a robust 80.62 times subscription, while the retail category also saw heavy participation at 78.05 times. Employee quota witnessed impressive demand, garnering 35.85 times bids.

The contract manufacturing firm launched its ₹922-crore IPO on December 3, 2025, at a price of ₹118-12, consisting of a fresh issue of shares worth ₹670 crore and an offer for sale (OFS) of 2.03 crore shares valued at ₹252 crore by promoters and existing investors. Ahead of the IPO, it collected ₹414 crore from anchor investors.

The IPO size tailored to fund capacity enhancement and working capital requirements.

Meesho IPO

Meesho IPO also remained in high demand ahead of closure, clocking an overall subscription of 79.02 times. Similar to Aequs, institutional buyers led the rally, with the QIB portion subscribed 120.18 times, marking the highest institutional interest among the three issues.

The NII segment posted a solid 38.15 times subscription, while retail investors subscribed 19.04 times. Despite relatively lower retail traction, the issue remained oversubscribed on the back of strong institutional support.

The ₹5,421 crore IPO comprised of a fresh issue of shares worth ₹4,250 crore, and an OFS of 10.55 crore shares valued at ₹1,171 crore at the upper band. It had a price band of ₹105-111 per share. This Softbank-backed firm will use the proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

Ahead of the IPO, the company raised ₹2,439.54 crore from anchor investors.

Market observers expect a strong debut, supported by brand visibility, high-growth metrics and subscription trends, though profitability challenges in the value e-commerce segment could influence post-listing sustainability.

Vidya Wires IPO

The IPO of Winding and conductivity products maker Vidya Wires, though smaller in scale, continued to attract healthy interest and was subscribed 26.59 times overall

The NII category emerged as the strongest driver, with subscription soaring to 51.98 times, while the retail portion remained robust at 27.86 times. QIBs subscription were measured at 5.12 times.

The ₹300-crore IPO comprised of fresh issue of shares worth ₹274 crore and OFS of 50.01 lakh shares valued at ₹26 crore, at a price band of ₹48-52 per share. The company raised ₹90 crore from anchor investors.

The company will use the funds to meet capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and for general corporate purposes.

With all three IPOs showing solid mid-day subscription numbers, the closing hours will be crucial in shaping final sentiment and setting expectations for market debut. These stocks will likely debut on NSE and BSE on December 10, 2025.

Published on December 5, 2025

The RBI’s rate-setting panel on Friday decided to unanimously cut the policy repo rate by 25 basis points (bps) from 5.50 per cent to 5.25 per cent amid a strong second quarter GDP growth, low retail inflation and a depreciating Rupee.

The monetary policy stance continues to be neutral.

The RBI also announced liquidity enhancement measures including, conducting an open market operation (OMO) purchase of Government Securities for ₹1 lakh crore this month.

The central bank will also conduct a three-year buy/sell US Dollar for $5 billion.

The repo rate was last cut by 50 basis points from 6 per cent to 5.50 per cent in the June 2025 policy review. Then, the monetary policy stance was changed from accommodative to neutral.

RBI Governor Sanjay Malhotra said, “Both headline and core inflation are expected to be around the 4 per cent target during the first half of FY27. The underlying inflation pressures are even lower as the impact of increase in price of precious metals is about 50 bps. Growth, while remaining resilient, is expected to soften somewhat.”

“Thus, the growth-inflation balance, especially the benign inflation outlook on both headline and core, continues to provide the policy space to support the growth momentum. Accordingly, the MPC unanimously voted to reduce the policy repo rate by 25 bps to 5.25 per cent. The MPC also decided to continue with the neutral stance,” he added.

Published on December 5, 2025

Markets opened on a subdued note on Friday morning, with investors exercising caution ahead of the Reserve Bank of India’s monetary policy announcement due later in the day. The Sensex opened at 85,125.48 against its previous close of 85,265.32 and was trading at 85,283.98, up 18.66 points or 0.02 per cent. The Nifty opened at 25,999.80 compared to its previous close of 26,033.75 and stood at 26,039.20, up 5.45 points or 0.02 per cent.

Shriram Finance emerged as the top gainer on the Nifty50, rising 1.87 per cent to ₹843.60, followed by Kotak Mahindra Bank which gained 0.94 per cent to ₹2,155.50. Bajaj Finance advanced 0.86 per cent to ₹1,038.00, while IT majors Wipro and Infosys climbed 0.85 per cent and 0.79 per cent to ₹259.12 and ₹1,610.30 respectively.

On the losing side, Hindustan Unilever witnessed the steepest decline, falling 3.25 per cent to ₹2,343.20. InterGlobe Aviation dropped 1.97 per cent to ₹5,329.50, while Trent shed 0.81 per cent to ₹4,181.50. Tata Steel and Reliance Industries declined 0.80 per cent and 0.74 per cent to ₹165.43 and ₹1,524.30 respectively.

“Global markets are trading mixed in early Asian hours as investors turn cautious ahead of next week’s US Federal Reserve policy outcome,” said Ponmudi R, CEO of Enrich Money. He noted that Japan’s Nikkei was down around 1.3 per cent while South Korea’s Kospi was trading 0.33 per cent higher.

The primary market focus remains on the RBI’s monetary policy outcome, with market participants divided on whether the central bank will opt for a rate cut or maintain status quo. “More important than the rate action, which is very tricky in the context of low inflation, high growth and depreciating rupee, the market will be keen to know what the governor says about the emerging macro trends,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.

“A rate cut in the present context will be negative for banks since it will impact their NIMs and ability to mobilise deposits. On the contrary, a rate cut will be positive for rate sensitives like autos and real estate,” Dr. Vijayakumar added.

The Nifty is expected to remain range-bound between 25,900 and 26,100, with 26,250 acting as a crucial resistance level. “Nifty is expected to remain range-bound between 25,900 and 26,100, with the last two sessions closing above the rising trendline support, confirming 25,900 as the key demand base,” Ponmudi said.

Foreign Institutional Investors extended their selling streak for the third consecutive session, offloading equities worth ₹1,944 crore on December 5, while Domestic Institutional Investors continued their steady buying, adding ₹3,661 crore during the same session.

Among sectors, IT witnessed selective buying while banking stocks traded mixed ahead of the policy announcement. “Bank Nifty is trading within a rising channel and is currently holding support after the recent dip, continuing to trade above the 59,000–58,900 support zone,” said Ponmudi.

The Indian rupee recovered from its all-time low of 90.42 to 89.97 on Thursday, signaling some stability in the currency market. “Rupee’s sharp recovery yesterday to 89.97 from the low of 90.42 is signalling some sort of stability in the currency market,” Dr. Vijayakumar noted.

WTI crude hovering near 59 dollars per barrel is offering some comfort for India on both the inflation and current account fronts, according to market analysts.

Published on December 5, 2025

Ms. Simone Tata, Chairperson of Westside, Trend Ltd
| Photo Credit:
NAGARA GOPAL

Simone Tata, the late Ratan Tata’s stepmother passed away this morning at Breach Candy Hospital in Mumbai after a brief illness, a statement from the Tata group said.

“She will always be remembered for her contribution to the growth of Lakmé as India’s leading cosmetic brand and laying the foundation for fashion retail with the Westside chain,” it said, adding that she also guided the work of many philanthropic organisations including Sir Ratan Tata Institute.

“With her positivity and deep resolve she overcame many challenges in her life while touching many of us deeply.”

Simone Tata, 95, is survived by her son Noel Tata, chairman of Tata Trusts, his wife and grandchildren Neville, Maya and Leah.

Published on December 5, 2025