Business
IPO fund raising all-time high at Rs 1.18 lakh crore
Sixty three Indian corporates raised an all-time high Rs 1.18 lakh crore through main board IPOs in calendar 2021.
This was nearly 4.5 times Rs 26,613 crore raised through 15 IPOs in 2020 and almost double of the previous best year 2017 in which Rs 68,827 crore was raised.
IPOs from new age loss-making technology startups, strong retail participation and huge listing gains were the key highlights, according to Pranav Haldea, Managing Director, Prime Database Group.
Overall public equity fundraising crossed the Rs 2 lakh crore mark to reach Rs 2.02 lakh crore in calendar 2021 which was higher than the previous highest amount of Rs 1.76 lakh crore in the preceding year.
The overall response from the public was very good. Of the 59 IPOs for which data is available as of now, 36 IPOs received a mega response of more than 10 times (of which 6 IPOs more than 100 times) while 8 IPOs were oversubscribed by more than 3 times. The balance 15 IPOs were oversubscribed between 1 to 3 times.
The year witnessed tremendous response from retail investors as well. The average number of applications from retail was 14.36 lakh, in comparison to 12.77 lakh in 2020 and 4.05 lakh in 2019. The highest number of applications from retail in 2021 was received by Glenmark Life Sciences (33.95 lakhs) followed by Devyani International (32.67 lakhs) and Latent View (31.87 lakhs).
The amount of shares applied for by retail was a huge 135 per cent of the IPO mobilisation (156 per cent in 2020). However, the total allocation to retail was Rs 24,292 crore which was just 20 per cent of the total IPO mobilisation (down from 32 per cent in 2020).
According to Haldea, success of the IPOs was further buoyed by strong listing performance. Of the 58 IPOs which have got listed thus far, 34 gave a return of over 10 per cent (based on closing price on listing date). Sigachi Industries gave a stupendous return of 270 per cent followed by Paras Defence (185 per cent) and Latent View (148 per cent), 40 of the 58 IPOs are trading above the issue price (closing price of 22nd December, 2021). Average listing gain was 32 per cent, in comparison to 44 per cent in 2020 and 19 per cent in 2019.
A total of 25 out of the 63 IPOs that hit the market had a prior PE/VC investment. Offers for sale by such PE/VC investors at Rs 24,106 crore accounted for 20 per cent of the total IPO amount. Offers for sale by promoters at Rs 31,704 crore accounted for a further 27 per cent of the IPO amount. On the other hand, the amount of fresh capital raised in IPOs in 2021 was a very high Rs 43,324 crore, which was greater than the last 8 years combined.
Anchor investors collectively subscribed to 39 per cent of the total public issue amount. FPIs played a dominant role as anchor investors, with their subscription amounting to 24 per cent of the amount followed by MFs at 11 per cent. Qualified Institutional Buyers (including Anchors Investors) as a whole subscribed to 69 per cent of the total public issue amount (data for 59$ companies for which QIB and anchor investors data is available as of now). FPIs, on an overall basis as anchors and QIB, subscribed to 30 per cent of the issue amount followed by MFs at 16 per cent.
The year 2021 also saw record number of filings with SEBI. As many as 115 companies filed their offer document with SEBI for approval. According to Haldea, to put this in context, 2019 and 2020 cumulatively had a total of just 50 filings.
Following from the record number of filings, the IPO pipeline continues to remain strong with 35 companies holding SEBI approval proposing to raise roughly Rs 50,000 crore and another 33 companies which are awaiting SEBI approval to raise about Rs 60,000 crore. This, of course, excludes the much anticipated mega IPO of LIC which is expected to be launched in this fiscal.
Business
Centre sends notice to Ola, Uber over different pricing for iPhone, Android commuters
New Delhi, Jan 23: Leading taxi aggregators Ola and Uber have been served notices by the Department of Consumer Affairs over differential pricing for the Android and iPhone commuters, seeking responses from the online cab-hailing platforms, Union Minister of Consumer Affairs, Pralhad Joshi, said on Thursday.
Minister Joshi said in a post on X social media platform that the Department, through the Central Consumer Protection Authority (CCPA) has issued notices to these cab aggregators.
“As a follow-up to the earlier observation of apparent differential pricing based on different models of mobiles – iPhone/Android – being used, Department of Consumer Affairs, through the CCPA, has issued notices to major cab aggregators Ola and Uber, seeking their responses,” the minister noted.
Uber and Ola have been directed to respond to the notices issued by the Department. In another post, the minister said that after receiving complaints on the National Consumer Helpline (NCH) regarding performance issues in iPhones following the iOS 18+ software update, “the Department, after examining these grievances, has issued a notice to Apple through the CCPA, seeking a response on the matter”.
Last month, Minister Joshi requested the CCPA to carry out a comprehensive inquiry and had warned the affected companies that there would be “zero tolerance for consumer exploitation.” If differential pricing was used, he claimed it was a “blatant disregard” for the rights of customers.
“This, prima facie, looks like unfair trade practice where the cab-aggregators are alleged to be using differential pricing based on the factors mentioned in the article below. If so, this is blatant disregard for consumers’ rights to know,” he posted on X.
The Union Minister also ordered investigations into other industries, like online ticketing apps and food delivery, to determine whether any comparable problems were reported.
Social media was abuzz last month over cab aggregators charging different prices for users, with the prices being higher for people using iPhones to book their services.
Business
Jharkhand to honour Ratan Tata’s legacy with Republic Day tableau
New Delhi, Jan 23: Jharkhand is set to pay tribute to the late iconic industrialist Ratan Tata through its tableau for the Republic Day celebrations, showcasing his enduring contribution to the state and the nation.
The highlight will be Jamshedpur, the city the business leader helped build, famously known as the first ‘steel city’ of India.
Jamshedpur, located in southeastern Jharkhand at the confluence of the Subarnarekha and Kharkai rivers, stands as a symbol of India’s industrial prowess.
Named after Jamsetji Tata, who established a steel plant there in 1911, Jamshedpur has grown to become the state’s largest urban hub and an important industrial and transportation centre.
This year’s tableau, praised for its creative design, emphasises Ratan Tata’s significant role in Jharkhand’s development as it was his visionary initiatives in the 1960s that laid the foundation for the state’s formal establishment in 2000.
The display will present a panoramic view of the industrial units of Jamshedpur, also known as Tata Nagar, and will highlight Jharkhand’s progress while celebrating its cultural richness.
Alongside industrial achievements, the tableau will showcase Jharkhand’s traditional dance forms, handicrafts, and art. Sohrai and Khobar paintings, created by tribal artists, will take centre stage.
Shalini Verma, Deputy Director of the Information & Public Relations Department of Jharkhand, told Media, “This time we have decided to honour Ratan Tata, as he started the industrialisation in Jamshedpur. Along with this, we have shown women empowerment by showcasing how they generate employment by working.”
“We have also focussed on education. Because industrialisation and education, both reflect Viksit Bharat and Viksit Jharkhand,” she added.
These murals, deeply rooted in the state’s tribal heritage, celebrate themes of harvest, fertility, and spirituality, underscoring Jharkhand’s strong connection to nature.
The middle section of the tableau will feature rural women engaged in crafting traditional handicrafts, symbolising the integration of heritage and development.
This element reflects how Jharkhand’s traditions and resources are contributing to the nation’s progress, embodying the theme of “Virasat and Vikas.”
Adding to the tableau’s vibrancy, the UNESCO-recognised Chhau Dance of Saraikela will be performed as part of the ground element. This traditional dance, rooted in mythological themes, will showcase the dynamic cultural heritage of the state.
Having previously highlighted themes like ‘tassar silk’ and the Baba Baidyanath Temple, Jharkhand’s participation in this year’s celebrations will stand out as one of 15 states and Union Territories presenting tableaus in the national Capital.
The tableau is expected to reflect Jharkhand’s unique blend of tradition and progress, making it a captivating centrepiece of the Republic Day celebrations.
It is a fitting tribute to Ratan Tata and the late industrialist-cum-philanthropist’s transformative vision that helped shape the state’s identity and future.
Business
Torres Jewellery Ponzi Scam: Bombay HC Orders Transfer Of All FIRs To EOW, Directs Formation Of SIT
Mumbai: The Bombay High Court on Wednesday directed the transfer of all FIRs related to the Rs 1,000 crore Torres scam to the Economic Offences Wing (EOW) of the Mumbai Police. Four FIRs have been registered across Mumbai and MMR, alleging that the jewellery chain defrauded over 1.25 lakh investors.
A bench of Justices Revati Mohite-Dere and Neela Gokhale instructed EOW Deputy Commissioner of Police Sangramsinh Nishandar, who attended the hearing virtually, to constitute a Special Investigation Team (SIT) for the probe. The SIT will include officers from police stations where the FIRs were originally lodged.
Apart from EOW Mumbai, FIRs were registered by the Thane, Navghar, Mira Bhayandar, and Navi Mumbai police. The Navi Mumbai FIR was earlier transferred to its local EOW branch.
The court was hearing a petition filed by Mumbai-based chartered accountant Abhishek Gupta, 31, who claims to have exposed the scam. Gupta sought police protection, citing threats to his life. The court directed Mumbai Police Commissioner Vivek Phansalkar to provide protection to Gupta until the next hearing, scheduled after eight weeks.
During the hearing, the court criticized the police for their delayed action despite being alerted to irregularities in June 2024. The bench observed, “The police need to be alive to what is happening and act promptly to ensure the common man does not lose their hard-earned money.”
The scam involved cheating investors through a combination of Ponzi and multi-level marketing (MLM) schemes. The EOW has so far arrested three individuals, including two foreign nationals. Public Prosecutor Hiten Venegaonkar informed the court that of the 12 accused, eight — seven Ukrainians and one Indian — fled the country before December 30, 2024. He assured the court that their locations are now known and action will be taken.
Venegaonkar also revealed that the Navi Mumbai EOW had been secretly investigating the case since October 2024, after realizing the scale of the fraud. “They quietly collected information and summoned individuals linked to Torres’ showrooms. The hue and cry started after the payments stopped in the last week of December. That’s when the Ukranians fled the country,” he said.
The court, however, emphasised the lack of urgency shown by the police. “Somewhere there has been dereliction of duty. Nobody has acted with alacrity,” the bench remarked. It also urged the police to develop mechanisms to prevent similar scams in the future, stating, “Now you know their modus operandi. Police need to be alive to what is happening and take prompt action so that people do not lose their money. Or there can be some mechanism in the future,” it added.
Responding to a court query, Nishandar requested eight weeks to show progress in the case.
Gupta, who audited the accounts of Platinum Hern Pvt Ltd, Torres’ parent company, claimed to be a vulnerable witness at risk of being targeted by the scam’s perpetrators. He alleged that the company’s directors—Sarvesh Surve and Taufiq Riaz (alias John Carter)—and an employee, Laxmi Yadav, had warned the police about the scam as early as June 2024. However, the authorities only took cognizance on January 2, 2025.
-
Crime2 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra4 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra3 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra4 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News3 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime3 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra2 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News4 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface