IPO GMP News Highlights (January 9): Standard Glass Lining allotment, Quadrant Future Tek final day subscription - details here

• International roadshows are underway for the multi-billion initial public offering (IPO) of HDFC Bank’s non-banking arm, HDB Financial Services.
• Senior officials of the bank and HDB Financial are meeting large investors in the UK, the US, Singapore and Hong Kong, sources aware of the matter told Moneycontrol.
•  “Roadshows kicked off around the end of December and right now, teams are meeting a few international investors,” one of the sources cited above said. (Read More)

• Qualified Institutional Buyers (QIBs) -- 132.54 times
• Non Institutional Investors(NIIS) -- 254.16 times
• Retail Individual Investors (RIIs) -- 243.08 times
• Total -- 185.81 times

IT major Tata Consultancy Services Ltd on January 9 reported consolidated net profit of Rs 12,380 crore, a rise of 12% when compared to Rs 11,058 crore in the year-ago period, thus beating estimates marginally. The company's consolidated revenue from operations rose 6% to Rs 63,973 crore in Q3FY25 from Rs 60,583 crore in Q3FY24, thus missing estimates. On a sequential basis, the IT major's net profit rose 4%. (Read More)

Eyewear startup Lenskart has called on bankers to pitch for the company’s initial public offering (IPO) wherein the firm is aiming to raise anywhere between $750 million and $1 billion, sources in the know told Moneycontrol. “The company is eyeing a valuation of $7-8 billion and is likely to list toward the end of fiscal year (FY) 2026,” one of the persons cited above said. (Read More)

Qualified Institutional Buyers (QIBs) - 132.54 times

Non Institutional Investors(NIIS) - 253.43 times

Retail Individual Investors (RIIs) - 235.34 times

Total - 184.20 times

On May 1, 2024, the company signed a Memorandum of Understanding (MoU) with RailTel Corporation of India Limited to collaborate on KAVACH, an Automatic Train Protection System for railways in India and abroad. Under this exclusive partnership, the company will act as an Original Equipment Manufacturer (OEM) to supply KAVACH equipment, while RailTel ensures its partners refrain from pursuing competing offers.

RailTel will oversee stakeholder engagements with Indian Railways and international clients, while the company will manage technology maintenance, ensure compliance with RDSO specifications, and provide technical expertise for project execution and KAVACH tenders. The MoU will remain in effect unless terminated by either party.

Quadrant is a research-driven company focused on developing advanced train control and signaling systems under the Indian Railways’ KAVACH initiative, aimed at ensuring maximum safety and reliability for rail passengers. In addition, the company operates a specialized cable manufacturing facility equipped with an electron beam irradiation center, producing cables for both railway rolling stock and the naval defense industry.

• Qualified Institutional Buyers (QIBs) - 36.00 times
• Non Institutional Investors(NIIS) - 195.21 times
• Retail Individual Investors (RIIs) - 205.24 times
• Total -- 110.19 times

• Shanghai has kicked off a plan to allow the establishment in China of wholly foreign-owned hospitals in key economic zones, biopharmaceutical areas and downtown districts that are home to many expatriate residents.
• The commercial capital is the first city to announce steps after the central government said in September it would the allow wholly foreign-owned hospitals in nine locations including Beijing.
• The aim is to attract investment, improve business sentiment among foreign investors and reinvigorate the world's second-largest economy where growth has been sluggish. (Reuters)

The funds raised from this issuance will be used to fulfill long-term working capital needs. Additionally, the IPO proceeds will be allocated for capital expenditures related to the development of the electronic interlocking system, debt repayment, and the remaining amount will be directed towards general corporate purposes.

• Inflows into India's equity mutual funds rose about 15% month-on-month in December, with investors continuing their buying spree unaffected by the prospect of fewer U.S. rate cuts in 2025 and worries of likely moderation in earnings.
• Inflows into equity mutual funds rose to 411.56 billion rupees ($4.8 billion) last month compared to 359.43 billion rupees in November 2024.
• December saw the second highest monthly inflows ever, extending the streak of inflows to the 46th month - the longest streak on record, data released by the Association of Mutual Funds in India (AMFI) on Thursday showed. (Reuters)

The Rs 290-crore Quadrant Future Tek IPO has seen a massive 66.06 times subscription so far on Day 3 (January 9). The IPO received bids for around 38.31 crore equity shares, as against the offer size of 58 lakh shares, the subscription data on NSE at 11.40am showed. Retail investors led the subscription rally, with the portion reserved for them seeing a whopping 171 times subscription. The portion for non-institutional investors (NIIs) was subscribed 127.20 times. The IPO has seen a comparatively muted response from Qualified Institutional Buyers (QIBs), whose reserved portion was booked only 50%. (Read More)

• Qualified Institutional Buyers (QIBs) - 1.07 times
• Non Institutional Investors(NIIS) - 136.02 times
• Retail Individual Investors (RIIs) - 176.67 times
• Total - 69.80 times

• HSBC cut its rating on Indian equities to "neutral" on Thursday, joining a growing list of global brokerages that have tempered their bets on Asia's third-largest economy on slowing growth and elevated valuations.
• The brokerage slashed its end-2025 target for the BSE Sensex by 5% to 85,990. That implies a 10% upside for the benchmark, which was trading at 77,700 levels on Thursday.
• "The cyclical growth slowdown and elevated valuations have capped the upside in the near term... (and) we see muted market returns in 2025," HSBC said in a note.
• Last year, Goldman Sachs and Bernstein Quants downgraded Indian stocks, citing a slowdown in economic and corporate activity. (Reuters)

Retail investors are displaying increased risk tolerance, maturity and a preference for a “buy on dips” strategy, regardless of market performance, according to data compiled by Moneycontrol. The analysis reveals that despite both Sensex and Nifty posting negative closes in 14 out of the last 36 months (December 2022 - November 2024), flows through Systematic Investment Plan (SIP) increased in more than 71 percent of those months. (Read More)

Standard Glass Lining Technology specialises in manufacturing engineering equipment for India's pharmaceutical and chemical industries. The company offers turnkey solutions and produces specialised equipment made from glass-lined materials, stainless steel, and nickel alloy. Its product portfolio includes reaction systems, storage systems, and plant engineering services. With eight manufacturing units in Hyderabad and sales offices across India, the company is well-positioned to serve its clients. As of September 30, 2024, it employed 460 full-time staff and 731 contract workers.

Over the past seven decades, India has witnessed several landmark budget announcements. Among them, one Union Budget was famously dubbed the ‘Black Budget.’ But what was it, when was it presented, and why did it earn that infamous nickname?  Read Here

Federal Reserve officials in December adopted a new stance on rate-cutting amid elevated inflation risks, deciding to move more slowly in the months ahead. “Participants indicated that the committee was at or near the point at which it would be appropriate to slow the pace of policy easing,” minutes from the Federal Open Market Committee’s Dec. 17-18 gathering showed. “Many participants suggested that a variety of factors underlined the need for a careful approach to monetary policy decisions over coming quarters.” (Read More)

Davin Sons Retail shares listed on the BSE SME platform at a discount of 20 percent on January 9, following nearly 115 times subscription to its Rs 9-crore issues. The shares of Davin Sons Retail were listed at Rs 44 per share on the BSE SME platform, a discount of 20 percent to its IPO price. (Read More)

The last reported GMP (Grey Market Premium) for the Standard Glass Lining IPO is Rs 91, as per investorgain.com. Based on the upper price band of Rs 140, the estimated listing price is Rs 231 (cap price + today's GMP). This suggests an expected gain of 65.00% per share.

The Rs 410.05 crore public offering of Standard Glass Lining, priced in the range of Rs 133-140 per share with a lot size of 107 shares, received an overwhelming response. According to BSE data, it garnered bids for 3,81,56,56,808 shares against the 2,08,29,567 shares available, resulting in an oversubscription of 183.18 times by the close of the subscription period.

• https://www.bseindia.com/investors/appli_check.aspx
• https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
• https://ipostatus.kfintech.com/

After the allotment of Standard Glass Lining IPO shares is finalized, investors can check their status on the official websites of BSE, NSE, or Kfin Technologies, the issue's registrar.

The allotment of shares for the Standard Glass Lining Technology IPO is likely to be finalised today, Thursday, January 9, 2025. The IPO, which closed for subscription on Wednesday, January 8, 2025, saw tremendous investor interest, with an oversubscription of 183.18 times.

• UltraTech Cement: Target price set at Rs 12,800
• Ambuja Cements: Target price set at Rs 690
• Ramco Cements: Target price set at Rs 1,060

Brokerage firm Nomura expects the Indian cement industry to experience improved volume growth in FY26, compared to FY25. However, the firm believes only cost-conscious companies will be able to expand their margins. On this basis, Nomura has chosen industry leaders as its preferred picks within the Indian cement sector.

The share allotment for the Standard Glass Lining IPO is expected to be finalised either later today or by tomorrow morning. The process, conducted under the supervision of the registrar, will allocate shares on a lottery basis. Investors will learn how many shares they have been allotted compared to their bids on the allotment date.

The IPO saw an overwhelming response, with an overall subscription of 183 times at its close. Proceeds from the fresh issue will be utilized for capital expenditure on machinery and equipment, debt repayment, investments in its wholly-owned subsidiary S2 Engineering Industry, funding strategic acquisitions, and general corporate purposes.

Morgan Stanley has reiterated its 'Equal-Weight' rating on Tata Motors, setting a target price of Rs 920 per share. The brokerage expects Jaguar Land Rover (JLR) to deliver robust results for the third quarter of FY25, supported by a favourable product mix and operating leverage.

While the removal of the ban is a relief, Jefferies noted that disbursements in the microfinance (MFI) segment are likely to remain muted in the near term due to prevailing stress in the sector. The firm highlighted that while the ban's removal was largely anticipated, it has already been reflected in the recent rebound in Manappuram's share price, which has returned to pre-ban levels.

Global brokerage firm Jefferies has maintained a 'Hold' rating on Manappuram Finance, revising its target price upward to ₹190 per share. The move comes after the Reserve Bank of India (RBI) lifted the ban on the company's subsidiary, Asirvad Finance, signaling a positive development for the microfinance lender.

The IPO allotment status is expected to be announced on January 10, with shares set to debut on January 14. Quadrant Future Tek’s robust subscription figures and strong grey market premium indicate promising listing gains for investors.

Ahead of its IPO launch, Quadrant Future Tek raised Rs 130.5 crore from anchor investors on January 6. The company allocated 45 lakh shares to 22 entities at an issue price of Rs 290 per share, which includes a share premium of Rs 280 per share.

• Retail Investors led the charge, with their portion being subscribed 137.21 times.
• Non-Institutional Investors (NII) followed with 87.22 times subscription.
• Qualified Institutional Buyers (QIBs) showed relatively moderate interest, subscribing to 46% of their allotted quota.

The IPO, open for bidding from January 7 to January 9, has a price band set at Rs 275-290 per share. It comprises a fresh issuance of 1 crore equity shares, with no offer-for-sale (OFS) component. Retail investors can participate with a minimum lot size of 50 shares, amounting to an investment of Rs 14,500, and bid in multiples of 50 shares.

The Rs 290-crore Quadrant Future Tek IPO has garnered overwhelming investor interest, recording a 48.95 times subscription by the end of Day 2. According to subscription data from the NSE, the IPO received bids for nearly 28.39 crore equity shares, far exceeding the offer size of 58 lakh shares.