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Busy IPO Week Ahead - 3 IPOs Open and 2 Listings

by 5paisa Research Team 08/11/2021

The week starting 08th November is likely to be a busy week for the IPO market. There are 3 IPOs that will open during the current week and another 2 IPOs will also list during the week. Let us first look at the IPOs opening this week.
 

You can subscribe to these 3 IPOs this week


1) One97 Communications (Paytm), the holding company that owns and operates the payment platform Paytm, will open its Rs.18,300 crore IPO on 08th November and close for subscription on 10th November.

The IPO will comprise of a fresh issue of Rs.8,300 crore and an offer for sale of Rs.10,000 crore. The Paytm IPO is priced in the band of Rs.2080-Rs.2,150 per share, with minimum market lot of 6 shares.

Paytm just completed its Rs.8,235 crore anchor placement with leading investors last week. Some of the marquee investors who have invested in the anchor placement include Blackrock, Fidelity, Government of Singapore, Abu Dhabi Investment Authority etc.

At Rs.18,300 crore, this will be the biggest Indian IPO; 22% bigger than the Coal India IPO.

2) Sapphire Foods is the largest franchisee of YUM brands in the Indian sub-continent. The company will open its Rs.2,073 crore IPO on 09th November and close on 11th November. It will comprise entirely of an offer for sale (OFS) of Rs.2,073 crore.

The Sapphire Foods IPO is priced in the band of Rs.1,120-Rs.1,180 per share with minimum market lot of 12 shares. 

Sapphire Foods is the franchisee for KFC, Pizza Hut and Taco Bell and operates over 450 stores across India, Sri Lanka and the Maldives.

3) Latent View Analytics, is a pure play data analytics company. It will open its Rs.600 crore IPO on 10th November and close on 12th November. The IPO will comprise of a fresh issue of Rs.474 crore and an offer for sale of Rs.126 crore.

The Latent View Analytics IPO is priced in the band of Rs.190-Rs.197 with minimum market lot of 76 shares.

Latent View is a profit making company focused on the complete value chain of analytics ranging from data design, analytics mapping, analytics consulting and analytics solutions.

 

Two IPOs to list this week


Apart from the string of IPOs opening this week, there will also be a couple of listings.

1) FSN E-Commerce Ventures (Nykaa), the owner and operator of Nykaa omnichannel platform, will list on the BSE and the NSE on Thursday 11th November. The Nykaa IPO closed on 01st November and was subscribed 81.78 times. Against the IPO price of Rs.1,125, the GMP is currently in the range of Rs.700 to Rs.800.

2) Fino Payments Bank will list on Friday 12th November. The IPO of Fino Payments Bank closed on 02nd November and was subscribed 2.03 times.

Also Read:-

Upcoming IPOs in 2021

Upcoming IPOs in November 2021

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Moody’s Shifts 6 Stocks Out of “Fallen Angels” List

by 5paisa Research Team 09/11/2021

In the lexicon of Moody’s, one of the leading rating agencies in the world, Fallen Angels refers to companies that are financially vulnerable and are most at risk of a possible rating downgrade. In the aftermath of COVID-19 pandemic, the list of Fallen Angel companies in Moody’s Asia list had spiked considerably. As late as September 2021, there were 19 companies in the Asia Fallen Angels list. As of 31-Oct, that list stands reduced to 12.

What is interesting is that out of the 7 stocks that Moody’s dropped from the Fallen Angels list, 6 are Indian companies. That means, these 7 companies are no longer vulnerable to a rating downgrade. In the Indian context, this spate of 6 exits from the Fallen Angels list was triggered after Moody’s raised India’s rating outlook from negative to neutral. However, the rating remained at Baa3. This will be enable the companies to raise debt at lower cost.

The 6 Indian companies that exited the Moody’s Fallen Angels list included ONGC, Oil India, Indian Oil Corporation, Petronet LNG, Hindustan Petroleum and Ultratech Cement. Out of the six companies to exit the Fallen Angels list, five are from the PSU space while only Ultratech is a private sector company belonging to the Aditya Birla group.

According to Moody’s the progressive easing of pandemic restrictions, recovery in economic growth, improvement in the health of banks and corporates as well as sustained government support were seen as major positives. This, combined with the outlook upgrade, had reduced the vulnerability of Indian companies to extraneous factors. This had resulted in 6 out 7 companies exiting the Asia Fallen Angels list being Indian companies.

Check - Moody’s Upgrades the Outlook of 9 Banks from Negative to Stable

While the 6 Indian companies above were upgraded to “Baa3 Stable”, the only Indian company to remain in the Fallen Angels list (ex-Japan & Australia), is BPCL. Moody’s has cited uncertainty over its ownership structure in the light of the delayed privatization as a key reason. Since there was uncertainty surrounding capital structure, liquidity and management, Moody’s had retained BPCL as “Baa3 Negative”.

Potential fallen angels have to contend with higher cost of debt and hence refinancing becomes more expensive. One more risk is that these fallen angels could also crowd out the lower rated companies from the debt market. This could be negative for companies that are highly leveraged. This move is positive for Indian PSUs overall.

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T+1 settlement to go live on stock exchanges from 25-Feb

T+1 settlement to go live on stock exchanges from 25-Feb
by 5paisa Research Team 09/11/2021

It is now official. The shift from T+2 settlement to T+1 settlement will happen, albeit with a delay and some changes. Here are key highlights of the shift to T+1.

A) Like in the earlier version announced by SEBI, inclusion in the T+1 settlement cycle would continue to be voluntary. SEBI will only define the criterial for eligible companies for T+1 and the onus will entirely be on the companies to decided whether they want to join the T+1 cycle or remain in the T+2 cycle.

B) The start date has been tweaked from Jan-22 to end of Feb-22. The first batch of stock inclusions for the T+1 cycle will be done on 25-February, the day after the F&O expiry. The target is to complete the total migration of stocks and make them eligible for T+1 by the end of calendar year 2022.

C) The methodology has been modified to focus on the smaller companies first. On 25-Feb, the 100 companies with the lowest market cap among all listed companies will be shifted to the T+1 cycle eligible list.

Each month, the day after the F&O expiry, another 500 companies with progressively higher market cap will be shifted to the T+1 eligible list. This will continue till the end of 2022, by which time all companies will shift.

D) SEBI has asked both the principal stock exchanges, BSE and NSE, to coordinate the launch. Even in cases of companies listed on both exchanges, the market cap ranking will be done based on the trading in the stock exchange which displays higher volumes.

The T+1 cycle will continue parallel with T+2 cycle and cross margining and cross cycle adjustments will not be permitted.

E)  In all the above rankings, the average daily market cap in October 2021 will be taken as the benchmark. For companies that are listed after October 2021 or in the case of listed IPOs, the immediate month volumes in the market will be considered.

Globally, the US is planning to entirely move to the T+1 cycle from its current T+2 cycle over 2 years. In Asia, most of the key markets like Hong Kong, Singapore, Korea and Australia are on T+2. Taiwan had attempted to shift to T+1 but had eventually reverted to the T+2 system. The T+2 system will be safer for retail investors with shorter capital lock-in.

One objection of FPIs is that forex exposures need to be hedged on their net open positions and hence differing time zones could be a constraint. However, when T+1 is being handled for F&O, there is no reason it cannot be handled for stocks too.

Also Read:- 

SEBI Announces Optional T+1 Settlement

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Latent View Analytics IPO subscription Day-2

Latent View IPO Day 2 Subscription
by 5paisa Research Team 10/11/2021

The Rs.600 crore IPO of Latent View Analytics, consisting of a fresh issue of Rs.474 crore and an offer for sale (OFS) of Rs.126 crore, saw robust response on Day-1 of the IPO. As per the combined bid details put out by the BSE at the close of Day-2, Latent View Analytics IPO was subscribed 23.22X overall, with strong demand coming from the retail and HNI segments followed by the QIB segment. The issue closes on 12th November.

As of close of 11th November, out of the 175.26 lakh shares on offer in the IPO, Latent View Analytics saw bids for 4,069.77 lakh shares. This implies an overall subscription of 23.22X. The granular break-up of subscriptions was dominated by the retail investors followed by HNIs. QIB bids and NII bids are expected to gather momentum on the last day, as is the general trend in the IPO market.

Latent View Analytics IPO Subscription Day-2

 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

3.51 Times

Non Institutional Investors (NII)

33.29 Times

Retail Individuals

69.56 Times

Employees

2.61 Times

Overall

23.22 times

 

QIB Portion

The QIB portion of the IPO was subscribed 3.51 times at the end of Day-2. On 09th November, Latent View Analytics did an anchor placement of 1,35,53,898 shares at the upper end of the price band of Rs.197 to 34 anchor investors raising Rs.267.01 crore. The list of QIB investors included a number of marquee global names like Abu Dhabi Investment Authority (ADIA), Ashoka India Fund, Hornbill Orchid and Wellington Fund. Domestic anchor investors included Birla Mutual Fund, Axis MF, ICICI Pru MF, Kotak MF, Mirae MF, SBI Life, Bajaj Allianz, UTI MF; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 93.68 lakh shares of which it has got bids for 329.08 lakh shares, implying a subscription ratio of 3.51X for QIBs at the close of Day-2. QIB bids typically get bunched on the last day but the heavy demand for the anchor placement forebodes well for the Latent View IPO subscription overall.

HNI / NII Portion

The HNI portion got subscribed 33.29X (getting applications for 1,559.22 lakh shares against the quota of 46.84 lakh shares). This is a strong response on Day-2 because this segment normally sees the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, come in on the last day of the IPO. 

Retail Individuals

The retail portion was subscribed an impressive 69.56X at the end of Day-2, showing strong retail appetite. However, it must be noted that retail allocation is just 10% in this IPO. For retail investors; out of the 31.23 lakh shares on offer, valid bids were received for 2,172.32 lakh shares, which included bids for 1,741.32 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.190-Rs.197) and will close for subscription on 12th November 2021.

Also Read About

Upcoming IPOs in 2021

Upcoming IPOs in November 2021

 

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Sapphire Foods India IPO subscription Day-3

Saphhire Foods IPO Day 3 Subscription
by 5paisa Research Team 10/11/2021

The Rs.2,073 crore IPO of Sapphire Foods India, consisting entirely of an offer for sale (OFS) of Rs.2,073 crore, saw subdued response on Day-1 of the IPO but managed to get fully subscribed at the end of Day-2. As per data put out by the BSE at the close of Day-3, Sapphire Foods India IPO was subscribed 6.62X overall, with strong demand coming from the retail segment followed by QIBs. The issue has closed on 11th November.

As of close of 11th November, out of the 96.63 lakh shares on offer in the IPO, Sapphire Foods India saw bids for 639.45 lakh shares. This implies an overall subscription of 6.62X. The granular break-up of subscriptions was dominated by the retail investors followed by QIB bids. As expected, the QIB bids and NII bids did gather momentum on the last day, as is the general trend in the IPO market.

Sapphire Foods India IPO Subscription Day-3

 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

7.50 Times

Non Institutional Investors (NII)

3.46 Times

Retail Individuals

8.70 Times

Employees

N.A.

Overall

6.62 times


QIB Portion

The QIB portion of the IPO was subscribed a good 7.50 times at the close of Day-3. On 08th November, Sapphire Foods India did an anchor placement of 79,06,473 shares at the upper end of the price band of Rs.1,180 to 53 anchor investors raising Rs.932.96 crore. The list of QIB investors included a number of marquee global names like Government of Singapore, MAS, Fidelity, ADIA, Crestwood Capital, HSBC Global, Lion Global, Carmignac Ontario Teacher’s Pension Fund etc. Domestic anchor investors included ICICI Pru Life, Sundaram Mutual Fund, Bajaj Allianz, HDFC MF, Kotak MF; among others.
The QIB portion (net of anchor allocation as explained above) has a quota of 52.71 lakh shares of which it has got bids for 395.27 lakh shares, implying a subscription ratio of 7.50X for QIBs at the close of Day-3. QIB bids typically get bunched on the last day and they managed to boost the subscription for Sapphire IPO overall.

HNI / NII Portion

The HNI portion got subscribed 3.46X (getting applications for 91.25 lakh shares against the quota of 26.35 lakh shares). This is a much better response on Day-3 and this segment normally sees the maximum response bunched on the last day. That is because, bulk of the funded applications and corporate applications, come in on the last day of the IPO. 

Retail Individuals

The retail portion was subscribed an impressive 8.70X at the end of Day-3, showing strong retail appetite. However, it must be noted that retail allocation is just 10% in this IPO. For retail investors; out of the 17.57 lakh shares on offer, valid bids were received for 152.93 lakh shares, which included bids for 119.37 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.1,120-Rs.1,180) and has closed for subscription on 11th November 2021.

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Fino Payments Bank IPO Lists at Discount and Stays Lower

Fino Payments Bank IPO Lists at Discount and Stays Lower
by 5paisa Research Team 12/11/2021

Fino Payments Bank had a weak listing on 12th November and listed at a discount of -5.66%, and closed the day below the listing price. While the stock did show a bounce during the day, it failed to hold on to higher levels.

With overall subscription of just 2.03X and limited trading interest in the GMP market, the listing was expected to be weak.
 

Here is the Fino Payments Bank listing story on 12-Nov


The Fino Payments Bank IPO price was fixed at the upper end of the band at Rs.577 despite the mere 2.03X subscription. The price band for the IPO was Rs.560 to Rs.577.

On 12th Nov, the stock of Fino Payments Bank listed on the NSE at a price of Rs.544.35, a discount of -5.66% below the issue price of Rs.577. On the BSE, the stock listed at Rs.548 a discount of -5.03% on the issue price.

On the NSE, Fino Payments Bank closed on 12-Nov at a price of Rs.535.45, a first day closing discount of -7.2% on the issue price. On the BSE, the stock closed at Rs.545.25, a first day closing discount of a more moderate -5.5% on the issue price.

On both the exchanges, the stock not only listed below the IPO price but closed Day-1 below the listing price. On Day-1 of listing, Fino Payments Bank touched a high of Rs.582.95 on the NSE and a low of Rs.511.05. The damage was limited below the listing price.

Check - Fino Payments Bank - Subscription Day 1

On Day-1 of listing, the Fino Payments Bank stock traded a total of 101.13 lakh shares on NSE amounting to value of Rs.548.25 crore. It did not feature among the top trades on value or on volumes on NSE.

On the BSE, Fino Payments Bank touched a high of Rs.583.35 and a low of Rs.510.80. On BSE, the stock traded a total of 6.24 lakh shares amounting to value of Rs.33.85 crore. It was not among the most active shares on the BSE.

At the close of Day-1 of listing, Fino Payments Bank had a market capitalization of Rs.4,537.26 crore with free-float market cap of just Rs.635.22 crore.

Also Read:-

Upcoming IPOs in 2021

Upcoming IPOs in November 2021

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