IGI IPO Day 3 GMP (December 17) Highlights: International Gemmological Institute public offer subscribed 33.78x so far on last day

Mutual fund regulations have been amended to launch Mutual Fund Lite for investors who have a higher risk profile. Under this, a Specialized Investment Fund is not allowed to accept from an investor, an investment amount less than ten lakh rupees across all investment strategies, though this restriction will not apply to accredited investors. Read more

• South Korea's LG Energy Solution is in talks with India's JSW Energy to manufacture batteries for electric vehicles and renewable energy storage in a joint venture that would need an investment of over $1.5 billion, two sources told Reuters.
• The two companies have signed an initial agreement to form an equal partnership in which LGES will contribute the technology and equipment for making batteries and JSW will invest money, said one of the sources.
• The discussions include setting up a plant in India with a total capacity of 10 gigawatt hours of which JSW is likely to use about 70% for energy storage and electric vehicles and LGES will take the remainder, both sources said. (Reuters)

• Qualified Institutional Buyers (QIBs) -- 45.80 times
• Non Institutional Investors(NIIS) -- 24.83 times
• Retail Individual Investors (RIIs) -- 11.13 times
• Employee Reserved -- 20.53 times
• Total - 33.77 times

A parliamentary panel on Tuesday recommended the government implement a legally binding minimum support price (MSP) for agricultural produce, arguing that such a measure could significantly reduce farmer suicides and provide crucial financial stability.

• Germany's main political parties will unveil their manifestos on Tuesday, offering competing visions to lift Europe's largest economy out of the doldrums while fighting off a far-right surge ahead of a snap election on Feb. 23.
• Germans will go to the polls after Chancellor Olaf Scholz's three-way coalition collapsed last month, likely spelling the end for Germany's most unpopular leader in modern times and the return to power of the main opposition conservatives.
• The election comes at a testing time for Germany. Its economy is set to shrink for a second straight year, industrial giants like Volkswagen face an existential threat from foreign rivals and political attitudes are hardening towards migrants. (Reuters)

• India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding prices prompt buyers to delay purchases, trade and government officials said.
• Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices that hit a record high in October. The drop in imports could also help India narrow its trade deficit and support the ailing rupee.
• "Last month, imports shot up thanks to strong demand for investment and jewellery," Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said. (Reuters)

• Sitharaman: Q2 has been a challenging time for India and most countries across the world
• FM Sitharaman: India's GDP growth has averaged 8.3 percent in the last three years, which is an outstanding growth vs global average (Check Parliament Live Updates)

• Qualified Institutional Buyers (QIBs) -- 14.14 times
• Non Institutional Investors(NIIS) -- 19.21 times
• Retail Individual Investors (RIIs) -- 8.57 times
• Employee Reserved -- 16.88 times
• Total -- 14.51 times

Business news live: NMDC's record date for bonus issue fixed on December 27

• Silver prices on Tuesday slipped Rs 199 to Rs 90,984 per kilogram as participants reduced their bets.
• On the Multi Commodity Exchange, silver contracts for March delivery declined Rs 199 or 0.22 per cent to Rs 90,984 per kg in a business turnover of 24,082 lots.
• Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices. (PTI)

• The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22. This campaign also targets individuals having taxable income or significant high-value transactions reported in their AIS but have not filed ITRs for the respective years. The initiative is part of the implementation of the e-Verification Scheme, 2021.
• As part of this campaign, informational messages have been sent via SMS and email to taxpayers and non-filers where mismatches have been identified between transactions reported in AIS and the ITRs filed. The purpose of these messages is to remind and guide individuals who may not have fully disclosed their income in their ITRs to take this opportunity to file revised or belated ITRs for FY 2023-24. The last date to file these revised or belated ITRs is December 31, 2024.
• For cases pertaining to FY 2021-22, taxpayers can file updated ITRs by the limitation date of March 31, 2025. (PIB)

Inventrus Knowledge Solutions and International Gemological Institute continue to garner robust subscription to their public issues in the primary market. Inventrus Knowledge Solutions' public subscription will conclude today. The mainboard issue has so far garnered 15.41 times subscription, with QIBs and retail leading the demand. According to market observers tracking the grey market premium activities, the shares of Inventrus Knowledge Solutions are commanding a GMP of nearly 32 percent in the unofficial market. Investorgain quoted a GMP of Rs 417 for the shares of the company, indicating a listing gain of 31.38 percent. (Read More)

Shares of Quess Corp are higher by 10% in early trade after Antique Broking initiated coverage with a Buy recommendation and a target price of Rs 1,000 per share on improved growth outlook. Quess Corp shares are rising on very strong volumes to climb above 20 and 50-DMA, clocking its best day in over 12 weeks. The target price assigned implies a 50% upside from the Monday's closing price. (Read More)

Private equity investor KKR and Canadian pension fund Ontario Teachers’ Pension Plan (OTPP) are looking to infuse Rs 5,000-6,000 crore (approximately $700 million) in Highways Infrastructure Trust (HIT), which owns and operates road projects, people aware of the matter told Moneycontrol. (Read More)

• Indian rupee touched an all-time low in the early trade on December 17 after India's merchandise trade deficit widened to record high.
• Indian rupee touched a record low of 84.93 against the US Dollar in early trade, as compared to 84.90 at open and 84.87 close on the previous trading session. (Read More)

Capital market regulator Sebi has appointed a forensic auditor at TARC Limited to examine the financial statements of the company between years FY21-23, citing that disclosure by the company may have been 'detrimental to the interest of investors'. Shares of TARC were lower by 10% in early trade on December 17. (Read More)

Inclusion of gas in GST not on the agenda of upcoming GST Council meet, reports CNBC-TV18. The GST Council meeting will be held from December 21 later this month.

• Qualified Institutional Buyers (QIBs) - 0.09 times
• Non Institutional Investors(NIIs) - 2.27 times
• Retail Individual Investors (RIIs) -- 4.07 times
• Employee Reserved - 10.49 times
• Total - 1.42 times

• Pricing Details:
• Price band: Rs 397 to Rs 417 per share.
• Lot size: 35 shares.
• Minimum investment: 35 shares and multiples thereof.
• Use of Proceeds: Funds will be utilized for acquiring IGI Belgium Group and IGI Netherlands Group from the promoter, and for general corporate purposes.
• Grey Market Premium (GMP): Currently at Rs 125 per share, indicating a potential listing price of ₹542 (approximately 29% above the upper issue price).
• Allotment and Listing Schedule:
• Basis of allotment: Expected by December 18, 2024.
• Shares credited to demat accounts: By December 19, 2024.
• Listing date on BSE and NSE: December 20, 2024.
• Company Overview: Established in 1999, International Gemmological Institute (India) certifies and grades diamonds, gemstones, and jewelry.
• Financial Performance:
• Revenue for the year ending December 31, 2023: Rs 648.66 crore (a 29.94% increase from the previous year).
• Profit after tax: Rs 324.74 crore (a 34% increase from the previous year).
• Brokerage Recommendations: Firms like Swastika Investmart and Stoxbox have assigned a 'Subscribe' rating, citing strong financials and market position.

Mankind Pharma's QIP opened on December 16, 2024, with the company retaining the option to offer a discount of up to 5% on the floor price to qualified institutional buyers. This capital raise is a key component of the company’s broader strategy to finance its acquisition plans. (Read More)

• Subscription Period: The Rs 4,225 crore International Gemmological Institute (India) IPO concludes today, December 17, 2024.
• Opening Date: The IPO opened for public subscription on Friday, December 13, 2024.
• Subscription Status (as of December 16, 2024):
• Total bids: 4,24,06,035 shares.
• Shares on offer: 5,85,60,902 shares.
• Overall subscription rate: 0.72 times.
• Investor Category Subscription Rates:
• Retail Individual Investors (RIIs): 2.44 times.
• Non-Institutional Investors (NIIs): 0.83 times.
• Qualified Institutional Buyers (QIBs): 0.09 times.
• Employee Quota: 6.69 times.

• TOSS The Coin Share Listing: The Rs 9.17 crore IPO debuted on the BSE SME platform on December 17.
• Listing Price: The stock opened at Rs 345.8 per share, marking a 90% premium over the issue price of ₹182.
• Price Band: The SME issue had a price range of Rs 172-182 per share.
• Lot Size: Investors could bid in a lot size of 600 shares.

Jungle Camps India Share Listing: Jungle Camps India shares debuted on the BSE SME platform on December 17 with a strong 90% premium. After the IPO, which saw nearly 500x subscription to the Rs 29.42 crore issue, the stock opened at Rs 136.80 per share, significantly higher than the issue price of Rs 72. The price band for the SME issue was set at Rs 68-72 per share, with a lot size of 1,600 shares. (Read More)

Global markets are pricing in a near-certain chance of the Federal Reserve delivering a quarter-point rate cut following its two-day policy meeting on December 18. While a third straight rate cut appears likely, investor caution remains high due to lingering uncertainty over the pace of policy easing in 2025. (Read More)

Vishal Mega Mart's grey market premium (GMP) surged a day ahead of its listing, with the IPO allotment finalised last evening. The hypermarket chain’s shares are set to list on NSE and BSE on December 18, following strong investor demand that saw the public issue attract bids worth Rs 1.61 lakh crore. The share allotment was finalised by the official registrar KFin Technologies Ltd. (Read More)

Jungle Camps India Share Debut: Jungle Camps India shares are set to list on the BSE SME platform this Tuesday with a grey market premium of Rs 60, suggesting a potential 83% listing gain. The IPO, oversubscribed 490 times, offered 40.86 lakh fresh equity shares. The company operates four award-winning, eco-friendly resorts in central India, specializing in luxury and conservation-focused tourism.

TOSS The Coin Share Price Live: TOSS The Coin stock is trading at Rs 345.80 on the BSE during pre-open.

Toss The Coin announced that it will use the proceeds from the fresh IPO issue to develop a microservices application and establish new offices. Additionally, the funds will be allocated for working capital requirements and general corporate purposes.

“With years of expertise in tech and marketing, Toss The Coin has helped businesses think creatively and implement out-of-the-box Go-To-Market (GTM) strategies. At Toss The Coin, we combine the best of marketing and innovation to drive business success. Our service offerings are well-structured,” the company stated in its RHP.

The IPO process was handled by Beeline Capital Advisors, serving as the book-running lead manager. Link Intime India acted as the registrar for the issue, while Spread X Securities was appointed as the market maker, tasked with ensuring liquidity post-listing.

Ahead of the Toss The Coin IPO launch, the company successfully raised Rs 2.60 crore from anchor investors in December.

Qualified Institutional Buyers (QIBs) also demonstrated significant interest, subscribing 147.69 times their reserved portion.

The highest demand came from Non-Institutional Investors (NIIs), who subscribed 964.18 times their allotted portion. Retail investors were not far behind, with their segment being oversubscribed by an impressive 1550.76 times.

Despite being a newcomer in the market, Toss The Coin IPO saw tremendous demand, with the offer being subscribed an astonishing 1025.76 times on the final day of subscription (Day 3).

With this public issue, the company aims to raise funds to expand its marketing consulting services for B2B technology companies. The offer price band was set between Rs 172 and Rs 182 per share, with a minimum lot size of 600 shares.

The initial public offering (IPO) of Toss The Coin, a marketing consulting firm, is scheduled to make its market debut today. The BSE SME IPO, which was open for subscription from December 10 to December 12, garnered significant attention and saw an impressive demand and subscription rate.

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