Bajaj Housing Finance’s recent IPO has drawn attention to the highest-bid IPOs in history. According to Prime Database,Liquidity galore in markets: Spotlight on IPOs in trillion-bid club Reliance Power’s 2008 IPO still holds the record for highest cumulative bids at Rs 7.12 trillion. However, it’s essential to note that this figure was notional, as QIBs were allowed to bid with just a 10 per cent margin amount at the time. Later, the regulator abolished this practice to level the playing field and ensure fair bidding.
Bajaj Housing Finance’s IPO has received the highest actual bids for any IPO since April 2022, when the Reserve Bank of India (RBI) introduced a Rs 1 crore cap on IPO financing, making this achievement even more significant. Currently, the majority of IPO applications require investors to have the necessary funds in their bank accounts to support their bids, ensuring that applications are backed by actual capital.
Additionally, Bajaj Housing Finance’s IPO received a record 8.9 million applications (before technical rejections), surpassing Tata Technology’s 6.8 million applications. The RBI’s ban on leveraged bids has led investors to explore alternative strategies, such as applying through multiple accounts belonging to family members and relatives, to increase their chances of getting an allotment.
Western Carriers collects Rs 148 cr from anchor investors ahead of IPO
Logistics company Western Carriers (India) on Thursday said it has mobilised Rs 148 crore from anchor investors a day before its initial share sale opening for public subscription.
Aditya Birla Sun Life Insurance Company, Kotak Mahindra Life Insurance Company, Motilal Oswal Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, Nippon India MF, BNP Paribas, Societe Generale and Citigroup Global Markets Mauritius are among the anchor investors.
According to a circular uploaded on BSE’s website, the company has allotted 8.597 mn equity shares to 15 funds at Rs 172 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 148 crore.
Out of the total allocation of 8.597 mn equity shares to anchor investors, 3.993 mn equity shares were allocated to 4 domestic mutual funds, which have applied through a total of 6 schemes.
The Kolkata-based company’s Rs 493 crore initial public offering (IPO) will be available for public subscription from September 13 to September 18 in the price range of Rs 163 to Rs 172 per share. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
The IPO comprises a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer for sale (OFS) of up to 5.4 mn equity shares worth Rs 93 crore, at the upper end of the price band by promoter Rajendra Sethia. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
The company said that investors can bid for a minimum of 87 equity shares and in multiples thereof. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
Western Carriers is India’s leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
As of fiscal 2024, the company’s revenue from operations was Rs 1,685 crore, with a profit after tax (PAT) of Rs 80 crore. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE. Liquidity galore in markets: Spotlight on IPOs in trillion-bid club
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Facebook
2 thoughts on “Liquidity galore in markets: Spotlight on IPOs in trillion-bid club”