There were concerns that Equitas Small Finance Bank IPO may not lead to robust listing gains.
The Chinese financial technology firm plans to list in Hong Kong and on Shanghai's STAR Market simultaneously in what could be the world's largest initial public offering (IPO), surpassing Saudi Aramco's $29.4 billion record set in December.
Co hopes to finalise $550-600 mn investment by PTT for a approx. 20% stake in coming weeks as a pre-IPO deal
EY India IPO Trends Report Q3 2020 also showed that real estate, hospitality and construction and technology and telecommunications were the most active sectors with two IPOs launched in each sector.
The IPO demands a lower valuation compared with peers including Ujjivan SFB and AU SFB. But, Equitas SFB has poorer asset quality largely due to higher loan loss in its vehicle finance segment.
Abhay Doshi, an independent dealer in unlisted shares, said the stock was commanding a 2-3 per cent premium over the IPO price in the unlisted market.
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While higher-than-normal leverage could help supercharge demand for one of the most hotly anticipated IPOs in years, it exposes both investors and their brokers to greater risk should the stock slump.
India is close to drawing up rules for companies to float overseas without having to first list shares at home, as a way to help startups attain higher valuations and access capital more easily.
The offer from the unit of Equitas Holdings will comprise a fresh issue of shares worth Rs 280 crore and an offer for sale (OFS) of 7,20,00,000 shares by the parent company.
The IPO consisted of a fresh issue of up to 51,00,000 equity shares representing 25.86 per cent of the post-issue shareholding.
As per the proposed offer, Equitas Small Finance Bank (ESFB) will raise fresh capital up to Rs 2,800 million, where the promoter EHL will sell up to 7,20,00,000 equity shares, it said.
Around 24 companies hold approvals from the Securities and Exchange Board of India (Sebi) to raise a total of Rs 24,406 crore, data from Prime Database showed.
Torrent Gas, which could be the third listed company of the group, is investing Rs 8,000 crore on expansion of its city gas distribution (CGD) business.
The China Securities Regulatory Commission (CSRC) is looking into the role of Alipay, Ant's flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO, the people told Reuters, speaking on condition of anonymity.
Mazagon Dock’s shares closed at Rs 173, up 19.31 per cent over its issue price of Rs 145 per share. The stock had listed at Rs 216.25, at a near 50 per cent premium to its IPO price.
Analysts said a weakening trend in the IPO market that set in after Chemcon’s listing has made investors jittery, and many have chosen to take profit off the table. The ‘PSU factor’ also came into the play, they said.