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Auto parts maker Kross IPO gets subscribed 16.81 times on last day of bid

Auto parts maker Kross IPO gets subscribed 16.81 times on last day of bid

by | Sep 11, 2024 | Share Market


2 min read Last Updated : Sep 11 2024 | 10:32 PM IST


The initial share sale of auto parts manufacturer Kross Ltd got subscribed 16.81 times on the last day of subscription on Wednesday.


The public offer received bids for 258,021,618 shares against 15,350,877 shares on offer, according to data available with the NSE.


The portion for Qualified Institutional Buyers (QIBs) garnered 23.32 times subscription while the quota for non-institutional investors got subscribed 22.24 times. The Retail Individual Investors (RIIs) part received 10.76 times subscription.


Kross Ltd on Friday said it has mobilised Rs 150 crore from anchor investors.


The Jamshedpur-based company’s IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters.

 


The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.


The issue has a price band of Rs 228-240 per share.


Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.


Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments.


Equirus Capital is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 11 2024 | 10:32 PM IST



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ED seizes Rs 12.9 lakh in Axis Mutual Fund's alleged front-running case

ED seizes Rs 12.9 lakh in Axis Mutual Fund's alleged front-running case

by | Sep 11, 2024 | Share Market


Enforcement Directorate | Photo: X @dir_ed

2 min read Last Updated : Sep 11 2024 | 9:26 PM IST


India enforcement agency seized Rs 12.9 lakh ($15,360) during searches at Axis Mutual Fund’s offices in Mumbai and Kolkata related to an ongoing investigation of front-running, the agency said on Wednesday.

 


The Enforcement Directorate (ED) started its investigation last year after the country’s market regulator identified Rs 30.5 cr in wrongful gains due to alleged front-running activities.

 


Front-running is a market malpractice of making personal gains by trading in securities ahead of large client orders.

 


The regulator had also barred 21 entities, including Viresh Joshi, the then chief dealer of Axis MF, from capital markets.

 

 


“Joshi was allegedly sharing market-sensitive information in return for kickbacks from brokers having terminals in Dubai who could execute trades on his instructions,” the ED said in a press statement announcing the searches.

 


Gains from these trades were received by Joshi in cash and routed through Kolkata-based entities, the ED added.

 


Joshi had been fired from Axis Mutual Fund. He could not be immediately be reached for comment.

 


In an emailed comment to Reuters, Axis Mutual Fund said Joshi has not been part of the company since May 2022.

 


“The recent action taken by the enforcement directorate is in connection with an individual whose employment was terminated as a result of a suo moto investigation undertaken by Axis AMC,” the fund house said.

 


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 11 2024 | 9:26 PM IST



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Bajaj Housing Finance: IPO aspirants face glitches, express on social media

Bajaj Housing Finance: IPO aspirants face glitches, express on social media

by | Sep 11, 2024 | Share Market


2 min read Last Updated : Sep 11 2024 | 8:45 PM IST


Amid the overwhelming response to the Bajaj Housing Finance IPO, technical glitches prevented some investors from applying. Frustrated investors took to social media to express their discontent with stock brokers and UPI payment platforms, citing delayed UPI mandates. To apply for IPOs through stock broking apps, investors must approve the UPI mandate on their payment app. Customers of prominent brokerages like Groww, Zerodha, and AngelOne expressed their outrage on social media platform X, lamenting the missed chance to invest in the IPO due to technical issues.


Zerodha reported an average delay of two hours in generating the mandate, attributing the issue to the sponsor banks of the IPO.

 


According to Mohit Mehra, VP of Primary Markets and Payments at Zerodha, “The surge in IPO applications over the past few days led to a delay in receiving UPI mandates, averaging around 2 hours after application submission. Although Zerodha submitted applications instantly to the exchange, the sponsor banks responsible for sending UPI mandates experienced a backlog, causing the delay.”


The total retail applications for the IPO exceeded 8.8 million, the highest ever for a domestic IPO. In the past, similar glitches have been witnessed for IPOs that have seen frenzied bidding. Non-bank-backed brokerages have to use the UPI payment facility for IPOs, while bank-backed brokerages have the option to apply directly through their bank. No glitches were reported for applications made using this medium.


In December 2023, market regulator Sebi halved the timeline for listing of IPOs from six days (T+6) to just three days (T+3). In other words, IPOs now list after three working days from the issue closing date.

First Published: Sep 11 2024 | 8:45 PM IST



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Bajaj Housing IPO sees record-breaking demand, garners 9 mn applications

Bajaj Housing IPO sees record-breaking demand, garners 9 mn applications

by | Sep 11, 2024 | Share Market


3 min read Last Updated : Sep 11 2024 | 8:34 PM IST


Bajaj Housing Finance’s maiden share sale witnessed record-breaking investor demand, with cumulative bids for the Rs 6,560-crore offering exceeding Rs 3.2 trillion. The initial public offering (IPO) also attracted almost 9 million applications, surpassing the previous record held by Tata Technologies of 7.35 million.


The remarkable response has set a new benchmark for the Indian IPO market and cemented the Bajaj group’s legacy as a creator of exceptional shareholder value through domestic financial powerhouses Bajaj Finance and Bajaj Finserv.


Market experts believe this achievement underscores the robustness and depth of the $5.5 trillion domestic equities market, showcasing its ability to support large-scale share sales.

 


This milestone comes on the heels of two highly anticipated IPOs of global auto major Hyundai’s India, which is expected to raise Rs 25,000 crore, and SoftBank-backed Swiggy, whose issue size is pegged at over Rs 10,000 crore.


Bajaj Housing’s IPO saw robust demand across the investor segment, with overall demand exceeding 67 times the shares on offer. The institutional investor portion of the issue was subscribed a staggering 222 times, while high net worth individual portions of up to Rs 10 lakh and more than Rs 10 lakh saw subscription of 51 times and 31 times, respectively. Bids from individual investors exceeded Rs 60,000 crore.


The frenzy surrounding Bajaj Housing Finance echoed the enthusiasm seen during Tata Technologies’ debut in November 2023, which marked the Tata Group’s first public offering in nearly two decades. The issue had garnered bids worth more than Rs 2 trillion, and Tata Technologies’ shares had surged 2.65 times on debut. Similarly, shares of Bajaj Housing – referred to as the ‘HDFC of the future’—are expected to more than double on their trading debut on Monday. This could value the company at a staggering Rs 1.2 trillion, making it India’s most valuable non-deposit-taking housing finance company (HFC). Currently, the spot is occupied by LIC Housing Finance, valued at Rs 37,151 crore.


At the upper end of the price band of Rs 66-70, Bajaj Housing – fully owned by Bajaj Finance – is valued at Rs 58,000 crore.


The high valuations, however, have raised concerns among analysts.


In a research note, Suresh Ganapathy, MD and Head of Financial Services Research at Macquarie, observed that at the upper end of the valuation spectrum, Bajaj Housing Finance is priced at 2.6 times its estimated book value for FY26 on a post-dilution basis for a 2.5 per cent return on assets. Additionally, the note highlighted that the company’s return on equity is expected to decline from 15 per cent to 12 per cent following the IPO, which raised Rs 3,560 crore in fresh capital. For context, the erstwhile HFC behemoth HDFC at its peak was valued at almost 4 times book value.

First Published: Sep 11 2024 | 8:22 PM IST



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Board of Hindustan Petroleum approves investment of Rs 2,212 cr in Visakh Raipur Pipeline Project

Board of Hindustan Petroleum approves investment of Rs 2,212 cr in Visakh Raipur Pipeline Project

by | Sep 11, 2024 | Share Market


Last Updated : Sep 11 2024 | 8:16 PM IST

At meeting held on 11 September 2024

The Board of Hindustan Petroleum Corporation at its meeting held on 11 September 2024 has approved the following –

1. Approval of Visakh Raipur Pipeline Project Investment

Approval for construction of Pipeline from Visakh to Raipur and allied facilities including Depot at Kantabanji at an estimated cost of Rs.2212 Crore. This project is expected to provide strategic advantage for evacuation of products for the expanded capacity of Visakh Refinery
after implementation of Visakh Refinery Modernisation Project in optimizing placement costs and enable product movements to eastern, central and northern parts of the country.

 

2. Visakh Refinery Modernization Project (VRMP) revision in Cost and completion schedule

Revision in the cost of VRMP to Rs. 30,609 crore with a mechanical completion by October 2024. The major units of VRMP are already commissioned and the Resid Upgradation facility will be commissioned shortly. With the completion of the VRMP Project, Visakh Refinery will operate to its full capacity of 15 MMTPA including bottom upgradation facilities.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Sep 11 2024 | 8:03 PM IST



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Board of Hindustan Petroleum approves investment of Rs 2,212 cr in Visakh Raipur Pipeline Project

Route Mobile announces OFS of up to 38 lakh equity shares

by | Sep 11, 2024 | Share Market


Last Updated : Sep 11 2024 | 8:04 PM IST

Route Mobile announced an offer for sale of up to 38,00,000 equity shares of the company (representing 6.03% of the total issued and paid up equity share capital of the company) by Proximus Opal (promoter of the company). The issue opens for non-retail investors on 12 September 2024 (T day) and for retail investors / non-Retail Investors who choose to carry forward their unallotted bids from T day on 13 September 2024. The floor price of the offer shall be Rs 1,635 per equity share.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Sep 11 2024 | 7:52 PM IST



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