Business News Live: Diffusion Engineers IPO subscription to open on September 26

KPR Mill promoter KP Ramaswamy sells shares worth Rs 971.4 crore.

PE Investors to sell 19.22% stake in Five Star Finance. Floor price at Rs 768 and deal size $517m

Madhya Pradesh-based Highway Infrastructure, a toll collection and EPC infrastructure company, has submitted preliminary documents to SEBI for its upcoming IPO. The offering consists of a fresh equity issuance valued at Rs 105 crore, along with an offer-for-sale (OFS) of 31 lakh shares by the promoters, according to the draft papers filed on September 24.

Diffusion Engineers, which offers repair and reconditioning services for heavy machinery and equipment, has raised Rs 47.15 crore from four anchor investors on September 25. The IPO will open for subscription on September 26.

• BNP Paribas Financial Markets sells 0.04% stake in HDFC Bank, whereas UBS Principal Capital Asia Limited bought 30.72 lakh shares
• Edelweiss Employees Welfare Trust sold 18.37 lakh shares in Edelweiss Financial Services

Kuldip Singh Rathee, a company promoter, plans to sell a 6.05% stake in ASK Automotive through an OFS on September 27-28, with a floor price set at Rs 433 per share.

Vedanta board to consider fourth interim dividend for FY25 on October 8. The record date to determine the eligibility of equity shareholders for the dividend, if approved, is set for Wednesday, October 16.

The IPO is a mix of fresh issue of Rs 200 crore, and an offer-for-sale (OFS) of 38,54,840 equity shares by the existing shareholders. Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF), part of the promoter group, will be selling 15.4 lakh and 23.13 lakh shares respectively in the OFS.

Mining major Vedanta Ltd said on September 25 that its board will meet on October 8 to consider fourth interim dividend for FY25. The record date for the dividend, if declared, has been fixed as October 16.

Kerala Finance Minister and member of the GoM on rate rationalisation, KN Balagopal, told CNBC-TV18 that despite extensive discussions today, no decisions were made, and all proposals have been deferred to the next meeting scheduled for October 19.

Carlyle Aviation sells 1.42% stake in SpiceJet via open market between September 17-23, 2024, CNBC-TV18 report says.

Valuation of the National Stock Exchange reached $36 billion, Bloomberg reported on Wednesday. The report further added that valuation could increase ahead of the potential IPO.

NCLT has approved the merger of IDFC Financial Holding with IDFC, and their merger into IDFC First Bank, the regulatory filing says. "The Company is in the process of applying for availing certified true copy of the NCLT Order and completion of requisite statutory/ regulatory formalities, in order to make the Scheme effective," the exchange filing says.

• We have taken initiatives to ease investment under Make in India. The focus has also been for technology to come in: DPIIT Secretary Amardeep Singh Bhatia
• The other focus for Make in India was infrastructure, which has been done via industrial parks and corridors: Bhatia
• We also have focused on ease of doing business, which has been a key area. More than 42,000 compliances have been done away with, which has helped industry a lot: Bhatia
• We are handholding states to carry out these reforms. PLI scheme has evoked good response. Employment of 9 lakh under the scheme has been generated: Bhatia
• Exports are not a major mandatory condition. Rs 4 lakh crore of exports, says Bhatia
• We are moving towards better trajectory of FDI. $22.9 billion dollars has come in first four months, 26% higher than previous year
• No decision on PLI extension on other sectors as of now. We are just focused on 14 sectors as of now: Bhatia
• Critical technologies is on radar, where we will continue to focus
• Foreign delegations are extremely gung ho about investing in India, from UAE, EFTA. All these schemes will help us reach 25% of GDP target for manufacturing by 2030
• We are in discussion with department with second set of amendments regarding easing of compliances
• Govt will not hesitate in taking measures to bring out measures to address the issue of electronic imports
• We are taking steps to ensure that labour and skill focused industries get focus.
• We are targeting much higher investment growth, we are expecting to reach $100 billion dollars in FDI in coming years. Very few sectors are remaining in restricted category. We have continued to streamline processes: Bhatia

Amid the growing buzz around recent spurt of IPOs, Zerodha founder Nithin Kamath says his company has stayed away from any plans of issuing a public offer. Reason? “An IPO is not the end, but rather a new beginning. When retail investors enter the cap table, the company should be able to predict revenue to some extent. In the last 14 years, I have not once been correct in predicting revenue growth and dips.”

According to a CNBC-TV18 report, Shipla Divekar Nirula has been unanimously elected as chairperson of the AstraZeneca Board.

The KRN Heat Exchanger IPO opened for subscription today and will remain open until September 27. With a subscription rate of 15.72 times so far, the offering has attracted significant investor interest. The company plans to use the funds raised to invest in its subsidiary, KRN HVAC Products, for establishing a new manufacturing facility in Neemrana, Rajasthan, while the remaining amount will be allocated for general corporate purposes.

Global energy major BP said on Wednesday it is holding a board meeting in India this week, as it scouts for more opportunities in the country. India, the world's third-biggest oil importer and consumer, wants to quickly raise its oil and gas output, which has been stagnant for years. In June, the government had said that the country's top exploration company Oil and Natural Gas Corp was seeking a technical tie-up with a global oil major to boost production from its western offshore Mumbai High fields. (Reuters)

A block deal involving shares worth Rs 176.5 crore of EaseMyTrip (Easy Trip Planners Ltd) took place on the exchanges on September 25. Around 4.6 crore shares, representing a 2.6 percent stake in EaseMyTrip changed hands at a floor price of Rs 38 apiece, implying a marginal discount to the previous closing price. (Read More)

The members who constitute the governing body of the Securities and Exchange Board of India (SEBI) are to meet on September 30, which would be their first after allegations against the chairperson of the capital markets regulator surfaced. (Read More)

KRN Heat Exchanger IPO is receiving an overwhelming response from investors, as the offer has been subscribed 12.31 times so far. This strong demand reflects the market's confidence in the company, with significant interest from both institutional and retail investors.

Grey Market Premium (GMP):

The Grey Market Premium (GMP) for KRN Heat Exchanger’s IPO has also been witnessing positive movement, which indicates that the company’s shares are trading at a premium in unofficial markets even before the official listing. This suggests that investors are optimistic about the stock's performance post-listing, with expectations of potential gains.

Allotment Schedule:

For those who have applied for the IPO, the allotment of shares is expected to take place as per the schedule. Investors will be able to check their allotment status through the official registrar’s website or the stock exchange portals once the allotment process is complete. It's important to note that due to the high subscription rate, not all investors may receive the shares they applied for, especially in the retail segment where the competition is often intense.

Listing Date:

The shares of KRN Heat Exchanger are likely to be listed on the stock exchanges soon after the allotment process is finalized. The listing is highly anticipated, given the strong subscription numbers and the positive signals from the grey market. Investors will be closely watching the debut performance, with expectations that the stock may see significant upward movement based on the current market sentiment.

Adani Renewables on September 25 said the extra ordinary general meeting of the company has approved material related party transaction by Adani Renewable Energy Sixty Four Limited (a subsidiary of the company) with TotalEnergies Renewables Singapore Pte Limited (Ordinary Resolution).

Zoho Corporation's chief executive officer Sridhar Vembu on September 25 the company is setting up data centres 'everywhere' because of localisation and by the end of the decade it will cover all the countries.

"So far, the tech markets are open and it will stay open. There will be lot of localisation. Like we are setting up everywhere. By end of this decade we will cover every country. So far we have 18 data centres," Vembu said during an event.

The steady stream of money from Indian savers will underpin the country’s buoyant initial public offering market, according to a senior executive at Carlyle Group Inc.

India is probably the number one market in the world in getting liquidity from IPOs and secondary offerings, and the pipeline in this area is strong, Amit Jain, head of Carlyle India Advisors, told Bloomberg Television’s Haslinda Amin. Carlyle, which has taken six companies public, is preparing to list IT firm Hexaware Technologies Ltd. and “there’s more to come,” Jain said.

Nomura Holdings Inc. and Mizuho Financial Group Inc. are the leading bidders for a majority stake owned by KKR & Co. in one of India’s biggest investment banks, according to people familiar with the matter.

The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital Pvt., said the people, who asked not to be identified as the discussions are private. The US private equity firm is seeking at least $400 million for its stake, and as many as seven firms, including Carlyle Group Inc., have expressed interest, the people said.

Bharti Airtel launched India’s first network-based AI-powered spam detection solution that will significantly solve the issue of spam calls and messages for its customers. Developed in-house by Airtel’s data scientists, the AI-powered solution uses a proprietary algorithm to identify and classify calls and SMSes as "Suspected SPAM". The network powered by state-of-the-art AI algorithm analyses various parameters such as the caller or sender's usage patterns, call/SMS frequency, call duration amongst several others, on a real time basis

Waaree Energies Ltd, the parent entity of the listed company Waaree Renewable Technologies, is set to launch its IPO in mid-October, according to sources familiar with the matter. The solar PV modules manufacturer received the final regulatory approval for its proposed public issue on September 20. (Read More)

A CNBC-TV 18 report on Wednesday morning said that the National Electricity Plan For Central & State Transmission Systems has been finalised by the power ministry. The total cost of the National Electricity Plan is Rs 9.15 lakh crore. The report added that the National Electricity Plan is aimed at meeting a Peak demand of 458 GW by 2032.

Shares of Zee Media Corporation rose by more than 13% following the announcement that the company's board of directors will convene later this week on Friday to explore various fundraising options. The firm intends to raise capital by issuing permissible instruments or securities in one or more tranches. (Read More)

Lowy Institute Asia Power Index, which ranks 26 countries and territories in the Indo-Pacific region based on their power and influence, in its annual report said India overtook Japan to become the third-most powerful country in Asia.

• KRN Heat Exchanger IPO Open Date - September 25, 2024
• KRN Heat Exchanger IPO Close Date - September 27, 2024
• KRN Heat Exchanger Allotment Finalisation Date - September 30, 2024
• KRN Heat Exchanger Refunds Initiation Date - October 1, 2024
• KRN Heat Exchanger Credit of Shares to Demat Account - October 1, 2024
• KRN Heat Exchanger IPO Listing Date - October 3, 2024

ADB retains India's growth forecast at 7% for the current fiscal, projects 7.2% growth in FY26.

KRN Heat Exchanger specialises in customising heat exchangers in various shapes and sizes to meet customer needs and market demand, with diameters ranging from 5 mm to 15.8 mm.

Holani Consultants is the exclusive book-running lead manager for the IPO, as per the official documents.

In terms of revenue numbers, KRN heat Exchanger posted an increase in FY24 with operations surging 25% year-on-year to Rs 308 crore. In the same period, the company's net profit after tax registered an increase of 22% year-on-year to Rs 39 crore.

According to the 8:00 am data by investorgain.com, the grey market premium for KRN Heat Exchanger IPO is Rs 239. With a price band of Rs 220, the estimated listing price is Rs 459 (price band plus GMP). This indicates an expected gain of 108.64% per share.

The price band for the KRN Heat Exchanger public offer, which involves a fresh equity sale of 1.55 crore shares, is set at Rs 220 at the upper end.

The company intends to utilise the net proceeds from the IPO to invest in its wholly-owned subsidiary, KRN HVAC Products, for the establishment of a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be designated for general corporate purposes.

The KRN Heat Exchanger IPO is open for subscription until September 27, with proceeds aimed at establishing a new manufacturing facility for its subsidiary, KRN HVAC Products, in Neemrana, Rajasthan, and covering general corporate expenses.

Akriti Mehrotra, Research Analyst at StoxBox, assigned a 'subscribe' rating to the Manba Finance IPO. She highlighted the strong growth prospects for the NBFC sector in India, driven by increasing finance penetration and consumer demand across segments such as two-wheelers, three-wheelers, and MSME lending. Manba Finance Ltd., with its core focus on two- and three-wheeler financing, has also expanded into personal, business, and used car loans, operating through a network of over 1,100 dealers across six states.

Hem Securities Limited has been appointed as the lead manager for the Manba Finance IPO.

Manba Finance IPO is scheduled to be listed on both the BSE and NSE, with the anticipated listing date being September 30, 2024.

Link Intime India Private Limited has been appointed as the official registrar for the Manba Finance IPO.

Investors can place bids in lots, with each lot consisting of 125 shares of the company in the public offering.

The NBFC has set the price band for the Manba Finance IPO at Rs 114 to Rs 120 per equity share. This is a fully fresh book-built issue, with the net proceeds going directly to the company's balance sheet.

Today is the last day for applying for subscription of the Manba Finance issue. According to the investorgain.com data, as of now, Manba Finance IPO has been subscribed 73.65 times.

The share allotment is expected to be finalised on September 26, after which the refund process and crediting of shares will commence.

Manba Finance, a Non-Banking Financial Company (NBFC), launched its issue for investor bidding on September 23, with a target to raise Rs 150.84 crore. The offering consists entirely of 1.26 crore newly issued shares, and the IPO will conclude on September 25.

Good morning to those who are joining us just now! The IPO craze is going strong with strings of IPOs opening today. Moving on, we will focus on the last day subscription trends for Manba Finance IPO. What is the GMP trend at the moment. When is the allotment scheduled for this IPO? Stay with us to find out all this and more.

Shriram Finance has accepted bids worth $500 million for its dollar-denominated bonds maturing in three years and six months, two merchant bankers said on Wednesday.

The shadow lender will pay a coupon of 6.15%, which was lower than the initial guidance of 6.50% provided by the issuer, the bankers said.

The issue received bids of around $1.2 billion. The senior notes will be rated BB by S&P and Fitch, in line with the issuer's rating.

Hyundai Motor India has obtained approval for its initial public offering from the Securities and Exchange Board of India, according to two sources familiar with the situation.

The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation, sources previously told Reuters.

This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki's IPO in 2003.

The initial public offer of Manba Finance Ltd got subscribed 73.18 times on the second day of share sale on Tuesday.

The Rs 151-crore initial share sale received bids for 64,39,20,375 shares against 87,99,000 shares on offer, as per NSE data.

The portion for non-institutional investors got subscribed 172.23 times while the category for Retail Individual Investors (RIIs) attracted 70.18 times subscription. The quota for Qualified Institutional Buyers (QIBs) garnered 4.15 times subscription.

The initial public offer of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday.

Asian economies are set to expand at a slightly faster pace and inflation to ease more than expected this year, according to the Asian Development Bank, as China’s growth slows.

Growth among developing Asian nations is likely to rise 5% this year, from a 4.9% forecast in April, the ADB said, on global demand for technology and semiconductors. Inflation, meanwhile, is seen cooling to 2.8% largely because of weak prices and demand in China.

Asian shares gained for a fifth day as a rally sparked by support measures from Beijing continued, while US stocks set fresh highs, with investors preparing for further rate cuts.

Stocks in China and Hong Kong extended gains after the People’s Bank of China on Tuesday unveiled a sweeping stimulus package to support the economy and financial markets. Shares also rose in Taiwan, South Korea and Australia, while those for Japan slipped.

Lawmakers from both major parties in the House of Representatives on Tuesday renewed their attacks on Wall Street's chief regulator over his agency's policies on cryptocurrencies, accusing the U.S. Securities and Exchange Commission of hampering the industry's growth.

Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China, the world's biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market.

Brent crude futures gained 3 cents at $75.20 a barrel by 0004 GMT. U.S. West Texas Intermediate crude lost 2 cents at $71.58 per barrel.

Prices rose about 1.7% on Tuesday after China announced its most aggressive economic stimulus since the COVID-19 pandemic, with interest rate cuts and government funding.

KRN Heat Exchanger and Refrigeration Limited, Thinking Hats Entertainment Solutions Limited, Unilex Colours and Chemicals Limited and TechEra Engineering Limited will open today for subscription. All the four IPOs will close for subscription on September 27.

The price bands of KRN Heat Exchanger IPO is set at Rs 209 to Rs 220 per share, Thinking Hats Entertainment Solutions at Rs 42 to Rs 44 per share, Unilex Colours and Chemicals IPO at Rs 82 to Rs 87 per share and TechEra Engineering IPO at Rs 75 to Rs 82 per share.