IPO GMP Today Live: Mobikwik vs Vishal Mega Mart vs Sai Life Sciences - Check final subscription figures, GMP, listing dates

Qualified Institutional Buyers (QIBs) — 0.00 percent

Non Institutional Investors(NIIS) — 14 percent

Retail Individual Investors (RIIs) — 70 percent

Total — 17 percent

Source- BSE

Qualified Institutional Buyers (QIBs) — 30.93 times

Non Institutional Investors(NIIS) — 4.92 times

Retail Individual Investors (RIIs) — 1.37 times

Total — 10.26 times

Source- BSE

Qualified Institutional Buyers (QIBs) — 80.75 times

Non Institutional Investors(NIIS) — 14.24 times

Retail Individual Investors (RIIs) — 2.31 times

Total — 27.28 times

Source- BSE

Qualified Institutional Buyers (QIBs) — 119.50 times

Non Institutional Investors(NIIS) — 108.95 times

Retail Individual Investors (RIIs) — 134.67 times

Total — 119.38 times

Source- BSE

The IPO is being managed by DAM Capital Advisors and SBI Capital Markets. On the other hand, Link Intime Pvt Ltd has been appointed as official registrar of the IPO.

ICICI Bank Board approves sale of 19% stake in ICICI Merchant to first data holdings 1 for Rs 160-190 crore

The allotment of shares of Mobikwik IPO is likely to be finalised on Monday - December 16, 2024.

Rupee At Close | Rupee ends at 84.79/$ against Thursday’s close of 84.86/$

The Group of Ministers (GoM) set up by the Goods and Services Tax (GST) Council to explore taxation mechanisms for luxury and demerit goods post-cess abolition will be seeking more time to finalise its recommendations in the Council’s upcoming meeting on December 21. According to sources, the GoM, chaired by Minister of State for Finance Pankaj Chaudhary, feels six months would suffice to finalise its report. (Read More)

• The Sai Life Sciences IPO has set its price band at Rs 522 to Rs 549 per share, with a minimum lot size of 27 shares per application. Retail investors need to invest a minimum of Rs 14,823 to participate. The shares are expected to list on both the BSE and NSE, with a tentative listing date of December 18, 2024.
• Sai Life Sciences Limited specializes in the research, development, and manufacturing of small-molecule new chemical entities. The company provides customized services to global pharmaceutical companies and biotech firms.

Market regulator SEBI proposes empanelment and registration of algo providers with exchanges and asking tech-savvy retail investors to register the algos they have developed with the exchanges through their brokers. In a consultation paper released on December 13, the market regulator has proposed a new framework to govern algorithmic trading by retail investors for ease of use with proper checks and balances. The draft circular proposing new rules is open for public feedback until January 3. (Read More)

The price band for the Mobikwik IPO has been set at Rs 265 to Rs 279 per share, with a minimum lot size of 53 shares. Retail investors will need to invest a minimum of Rs 14,787 to bid for a lot. The company's shares are scheduled to list on the BSE and NSE, with a tentative listing date of December 18, 2024. Mobikwik is a fintech company specialising in prepaid digital wallets and online payment services.

SpiceJet clears all pending employee provident fund dues worth Rs 160 crore

The three mainboard IPOs - Vishal Mega Mart, Mobikswik and Sai Life Sciences - are likely to make their market debut next week on December 18, 2024. While there is a lot of subscription frenzy for Mobikwik's public offer, in terms of issue size, Vishal Mega Mart tops the list with Rs 8,000 crore.

• Lithium-ion battery recycling and refurbishing firm LICO Materials on Friday announced the inauguration of a battery recycling facility in Bengaluru and said it will invest Rs 250 crore in its downstream hydrometallurgy plant in next two-three years.
• The 4 GWh per annum in-feed capacity plant in Bengaluru will address the challenges of securing a stable supply of critical materials and contribute to India's ambition of achieving 30 per cent electric vehicle (EV) adoption by 2030, LICO said. PTI

Carlyle Group Inc. is considering an initial public offering of engineering services firm Quest Global Services Pte in India, people familiar with the matter said, amid increasing investor interest in the nation’s stock market. The US investment firm has held early talks with advisers about a possible share sale in Mumbai that may take place as soon as next year, the people said, asking not to be identified because the information isn’t public. A listing of Singapore-based Quest Global may help it raise about $1 billion, the people said. (Read More)

• An Aviva business model that Indian tax officials say was used to pay agents unlawful commissions from 2017 to 2023 was rolled out internally in 2013 and approved in writing by top India executives, a confidential company document shows.
• Tax inspectors accuse the British insurer of engaging in a clandestine scheme involving hundreds of individuals and illegal payments of $26 million that used fake invoices to enable the commissions in excess of regulatory caps, Reuters has reported.
• Aviva has said it is actively engaging with Indian authorities, but the accusations are the biggest challenge it faces in a key market where it has struggled to grow amid intense competition. (Reuters)

• Union Minister of State for Finance Shri Pankaj Chaudhary: Roads, rail, and aviation infrastructure allocation have increased over the years
• The capex allocation was at Rs 5 lakh crore in 2021
• In 2022, capex stod at Rs 7.5 lakh cr
• In 2023, Rs 10 lakh cr was the capex allocation
• In 2024, capex allocation in the budget stood at Rs 11.11 lakh cr
• The length of roads stood at 90,000 km in 2014 roads
• Currently, the length of roads in India is at 1.5 lakh km in 2024
• Bharatmala aims to connect all national highways
• Multimodal logistics parks are being developed
• Logistics capacity is being developed with 2047 targets
• In rail infrastructure, eastern freight corridor 100% work is complete. In the western freight corridor, work in the last lap
• India had 400 aircrafts in 2014
• India has 824 aircrafts for domestic flights in 2024
• Jevar airport will have 6 runways. It will be the largest airport in India
• Mos finance: In 10 years 140 drone training schools have been opened
• Mos finance: No discussion on GST GoM rate recommendations yet. Any decision will be taken by the GST Council

• Assigning a "subscribe" rating to the public issue, Palak Devadiga, Research Analyst at StoxBox, stated:
• "IGI offers a comprehensive range of services, including grading and classification across various stone types, along with value-added services for its customers. The company caters to a diverse customer base while fostering strong client relationships and maintaining high service quality. IGI has shown remarkable financial growth, with revenue increasing at a CAGR of 32.3% from CY21 to CY23. Its PAT surged from Rs. 1,715 million in CY21 to Rs. 3,247 million in CY23, reflecting a CAGR of 37.6%.
• The company's strategic presence and leadership in India's laboratory network provide it with a competitive advantage both domestically and internationally. The issue is priced at a P/E of 51.0x based on CY23 earnings at the upper price band, which is considered fairly valued. Consequently, we recommend a "SUBSCRIBE" rating for this issue, particularly for investors with a medium to long-term perspective."

• Cybersecurity firm TAC Security on Friday said it has received certification from global body ioXT to conduct testing and risk assessment of Internet of Thing (IoT) devices for enterprises.
• TAC Security is now empowered to conduct IoT security assessments under the esteemed ioXt certification programme, guaranteeing that connected devices meet the highest global security, transparency, and upgradability standards, the company said in a statement.
• With this, TAC Security joins an exclusive league of eight companies worldwide, further cementing its leadership in driving advanced evaluations for a safer digital future, it said. PTI

• Bajaj Chetak’s market share 570 bps higher than TVS and 940 bps than Ola Electric
• Bajaj Continues to gain market share in 2-wheeler EV category
• Bajaj’s major market share gain has come from Ola Electric
• Bajaj Chetak's Dec market share at 27.7%, TVS at 22% and Ola Electric at 18.3%

Many salaried individuals often make the mistake of assuming that advance tax payments are only for businesspersons or corporates. However, the fact is that any individual whose estimated tax liability is likely to be over Rs 10,000 [after considering tax deducted and collected at source (TDS and TCS)] in a financial year is required to pay advance tax that year, as per Section 208 of the Income-Tax (I-T) Act, 1961. Resident senior citizens who do not draw any income from business or profession are exempted. (Read More)

• The Initial Public Offering (IPO) of International Gemmological Institute (India) Limited has opened today, following a Rs 1,900.35 crore fundraising from anchor investors. The IPO, available to retail investors, employees, Non-Institutional Investors (NII), and Qualified Institutional Buyers (QIB), will remain open until December 17, 2024.
• The globally renowned company, known for certifying diamonds, gemstones, and jewellery, has set the IPO price band at Rs 397 to Rs 417 per share. The public issue, valued at Rs 4,225 crore, comprises a combination of fresh issue and Offer for Sale (OFS). The IPO is proposed to be listed on both the BSE and NSE.
• As the subscription begins, International Gemmological Institute shares are trading in the grey market, where they command a premium of Rs 133 per share today, according to stock market analysts. (Read More)

• Qualified Institutional Buyers (QIBs) -- 4.13 times
• Non Institutional Investors(NIIS) -- 0.98 times
• Retail Individual Investors (RIIs) -- 0.53 times
• Total -- 1.62

• Qualified Institutional Buyers (QIBs) - 1.12 times
• Non Institutional Investors(NIIS) - 48.50 times
• Retail Individual Investors (RIIs) - 83.74 timesTotal - 29.06 times

• Qualified Institutional Buyers (QIBs) -- 0.51 times
• Non Institutional Investors(NIIS) -- 6.30 times
• Retail Individual Investors (RIIs) -- 1.43 times
• Total -- 2.21 times

The Rs 8,000 crore public issue of Vishal Mega Mart is set to close at 5 pm today. The IPO has received encouraging subscription since its opening on December 11. It has already been fully subscribed with most interest from wealthy individual investors and retail investors. Read more to know key risk factors

For its upcoming public issue, the Mamata Machinery Ltd has announced a price band of Rs 230 to Rs 243 per share. The IPO will open for subscription on December 19. The issue will close on December 23.

Finalization of the allotment will take place on December 24, refunds and credit of equity shares to demat accounts on December 26, and listing on stock exchanges on December 27. Read more

Leading fund houses significantly trimmed their holdings in HDFC Bank during November, offloading shares worth approximately Rs 10,900 crore. Data shows that out of 41 mutual funds (MFs), 26 reduced their stakes in the bank. Prominent sellers included Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Aditya Birla Sun Life Mutual Fund. (Read More)

• Vishal Mega Mart is a one-stop destination for middle and lower-middle-income groups in India. The company caters to this segment with a diverse portfolio of quality, affordable, and branded products, meeting their daily and aspirational needs.
• It boasts a growing and diverse portfolio of its own brands across various product categories.

• Vishal Mega Mart launched a pilot program in the quick commerce sector last year, operating within an 8-10-kilometre range from each store. This allows users to access the inventory of their nearest outlet through the app.
• Currently active in 390 cities across India, the pilot has shown promising results, boosting optimism for further expansion. This was shared by Gunender Kapur, MD & CEO of Vishal Mega Mart, in an interview with CNBC-TV18.

The projected valuation metrics, including a P/E of 76x and EV/EBITDA of 29x, are attractive and reflect Vishal Mega Mart's strong growth trajectory and market positioning. Given the company's potential in India's expanding organized retail market, it presents an appealing opportunity for long-term investors. Therefore, we assign a "SUBSCRIBE" rating to the IPO. - KRChoksey Shares and Securities 

• India's retail market is becoming increasingly organized and is expected to grow at a CAGR of 20% from CY2023 to CY2028.
• The adoption of omnichannel strategies in India is gaining momentum, driven by their ability to enhance consumer engagement and improve brand perception.

Vishal Mega Mart IPO enters its last day of bidding today, with the subscription to the Rs 8,000-crore public issue set to close at the end of the day at 5 pm. The IPO has got encouraging subscription in the first two days, with the issue already getting fully subscribed, with strong interest from wealthy individual investors and retail investors. (Read More)

The company utilises a hub-and-spoke distribution model to efficiently source products and manage store inventory. This approach is particularly effective in the clothing sector, allowing for quick restocking of stores in response to changing fashion trends and real-time sales data. As of September 30, 2024, the company operates one main distribution center, one additional center, and 17 regional hubs, all strategically located near high-demand areas. While the primary distribution centers are managed directly by the company, the regional hubs are operated by the promoter, Samayat Services LLP, through third-party agreements.

• Vishal Mega Mart, the second-largest offline-first diversified retailer in India, is well-positioned to capitalize on the growing middle-class population. With extensive expansion plans, a strong focus on diversification, high-margin products, and the benefits of operating leverage, the company is likely to see sustained revenue growth.
• At Rs 78, the issue is priced at a 76x FY24 P/E, which appears reasonable when compared to other listed peers. We recommend investors to 'Subscribe' to the issue.

• The company delivered robust growth in revenue/EBITDA/PAT at a CAGR of 26%/25%/51% over FY22-24. Its EBITDA margin stands at approximately 14%, significantly higher than D-Mart's ~8%, primarily due to a higher share of apparel in its product mix.
• The company expects margins to improve further with the benefit of operating leverage. Additionally, its average payback period per store for new outlets in FY23 was just 19 months, the shortest among leading offline-first diversified retailers in India. This efficiency is largely attributed to its strategy of operating all stores on a leasehold basis.

Xiaomi Corp. is rapidly closing in on a new all-time-high share price, having cracked the crowded market for electric vehicles in a repeat of its earlier success with smartphones. Its stock has slightly more than doubled this year, outpacing global peers, on the company’s surprisingly quick rise in China’s EV market to challenge leaders BYD Co. and Tesla Inc. The next big leg up may come as Xiaomi prepares for the possible summer launch of its next model, a pure electric sport utility vehicle. (Read More)

Competition from online retailers and e-commerce marketplaces is anticipated to intensify with new entrants entering the retail and consumer industry. These competitors may possess greater resources and adaptability to navigate changing business and economic conditions. Additionally, the company has received two directives from the Enforcement Directorate requesting information and documents as part of an ongoing investigation. Any adverse outcomes from these matters could result in further inquiries, escalations to investigations, legal proceedings, or potential penalties in the future.

•  Vishal Mega Mart holds substantial potential for further expansion of its pan-India store network. With a proven financial track record, a strong emphasis on technology-driven operations, and the anticipated growth in the retail sector, the company is well-positioned to capitalize on the increasing demand for affordable daily-use products.
• Considering its growth opportunities, strategic positioning, and valuation, along with associated risks and opportunities, investors are advised to consider this issue as a promising investment for the long-term horizon.

• At the upper price band of Rs 78, Vishal Mega Mart (VMM) is valued at an FY24 P/E multiple of 69x based on post-issue capital.
• The company has outlined a strategic growth plan to expand its store network by adding 1,400 new stores over the next 14-15 years. This includes:
• 900 stores in Tier 2 and Tier 3 cities
• 450 stores in Tier 1 cities
• The expansion will primarily target southern India, where the company currently has lower market penetration.
• Considering this ambitious growth strategy, we recommend subscribing to the issue for its long-term growth potential. - Arete Securities

• Vishal Mega Mart offers a diverse product portfolio that includes both in-house and third-party brands across three major categories: apparel, general merchandise, and fast-moving consumer goods (FMCG).
• As of June 30, 2024, the company operates 626 stores across India and also caters to customers through its mobile app and website.

Meanwhile, in other IPO news today, Shiprocket, a leading e-commerce enablement platform and logistics-tech unicorn backed by prominent investors such as Zomato and Temasek, has initiated preparations for its Initial Public Offering (IPO), scheduled for 2025, according to multiple industry sources cited by Moneycontrol. During a recent kick-off meeting, the company outlined its key plans and roadmap for the IPO. The discussion also involved defining roles and responsibilities for the advisors assembled to guide the process. (Read More)

• Vishal Mega Mart’s Rs 8,000-crore IPO is set to close on December 13 i.e today, offering shares in a price range of Rs 74-78 per share.
• Key dates for the IPO:
• Allotment of shares: Expected on December 16.
• Listing on NSE and BSE: Proposed for December 18 (Wednesday).

• Vishal Mega Mart's Rs 8,000-crore Initial Public Offer (IPO) received 1.53 times subscription on the second day of the share sale (December 12).
• As per exchange data, the IPO received bids for 115.74 crore shares against 75.67 crore shares on offer.
• Subscription details by category:
• Non-Institutional Investors (NIIs): 3.8 times subscription
• Retail Individual Investors (RIIs): 1.16 times subscription
• Qualified Institutional Buyers (QIBs): 48% subscription
• The company had earlier raised Rs 2,400 crore from anchor investors.

• Today marks the final day for investors to subscribe to three highly anticipated mainboard IPOs—Vishal Mega Mart, Mobikwik, and Sai Life Sciences. The subscription battle between these industry giants is heating up as market participants eagerly await the latest figures.
• With investors closely monitoring subscription numbers, grey market premium (GMP) trends, and overall market sentiment, the competition to secure investor interest is at its peak. Each company brings its unique strengths and market positioning to the table, making this a closely watched showdown in the IPO market.
• Stay tuned for real-time updates on subscription figures, insights into GMP movements, and expert analysis.