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Delhivery Files for IPO with SEBI

Delhivery Files for IPO
by 5paisa Research Team 03/11/2021

The new age logistics start-up, Delhivery, has filed its draft red herring prospectus (DRHP) with SEBI for its proposed Rs.7,460 crore IPO. The issue is likely to be a combination of a fresh issue and an offer for sale. While Delhivery will raise Rs.5,000 crore via fresh issue of shares, Rs.2,460 crore will represent an OFS to give exit to early investors in the start-up.

Some of the early investors in Delhivery include marquee names like Softbank, Carlyle, Fosun of China and Times Internet. Delhivery would be seeking valuations in the range of $6 billion to $6.50 billion at the time of the IPO. One of the five founders of Delhivery, Sahil Barua, is the son of former IIM-Ahmedabad director Samir Barua.

Among the major OFS participants, Carlyle will sell shares worth Rs.920 crore, Softbank will sell shares worth Rs.750 crore, Fosun worth Rs.400 crore and Times Internet will sell shares worth Rs.300 crore. Some of the other institutional shareholders in Delhivery include GIC of Singapore, Tiger Global and Canadian Pensions. The founders hold 6.97% between them.

Out of the fresh issue component of Rs.5,000 crore, Delhivery will allocate Rs.2,500 crore for organic growth to expand its footprint across India in terms of logistical reach and support functions. Another Rs.1,250 crore will be allocated towards inorganic growth, principally via mergers and acquisitions of niche players in the logistical value chain.

Delhivery has been around for 10 years and provides the complete gamut of logistical services from bookings to delivery, apart from comprehensive supply chain solutions. As of June 2021, Delhivery services over 17,000 PIN codes across the length and breadth of India and the fresh issue will be used to expand this footprint still further.

For FY21, Delhivery reported revenues of Rs.3,547 crore and also reported a net loss of Rs.(416) crore. This reflects a widening of losses from Rs.269 crore in FY20. These are standalone revenues and losses as the overall financial numbers on a consolidated basis would also include the numbers of Spoton Logistics which it recently acquired for $300 million.

Logistics is considered the next big opportunity in India. According to a report by Redseer, the addressable direct spend on logistics is expected to grow from $216 billion in 2020 to $365 billion in FY26, implying a CAGR of nearly 9.2%. Delhivery, being a digital play, will surely take reassurance from the successful IPOs of Zomato and Nykaa.

Also Read:- 

Upcoming IPOs in 2021

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Policybazaar IPO - Subscription Day 3

Policybazaar IPO - Subscription Day 3
by 5paisa Research Team 03/11/2021

The Rs.5,625 crore IPO of PB Fintech (Policybazaar & Paisabazaar), consisting of a fresh issue of Rs.3,750 crore and an offer for sale (OFS) of Rs.1,875 crore, may have seen a slow response on Day-1 and Day-2 but Day-3 made up for all that.

As per the combined bid details put out by the BSE, PB Fintech (Policybazaar & Paisabazaar) IPO was subscribed 16.59X overall at the close of Day-3, with bulk of the demand coming from the QIBs, followed by the HNIs and retail. The issue has closed on 03rd November.


As of close of 03rd November, out of the 345.12 lakh shares on offer in the IPO, PB Fintech (Policybazaar & Paisabazaar) saw bids for 5,723.84 lakh shares. This implies an overall subscription of 16.59X. The granular break-up of subscriptions were tilted in favour of QIBs as of the end of Day-3 of the IPO, followed by the HNIs and retail. QIB bids and NII bids typically came in only on the last day of the IPO.

 

PB Fintech (Policybazaar & Paisabazaar) IPO Subscription Day-3
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

24.89 Times

Non Institutional Investors (NII)

7.82 Times

Retail Individuals

3.31 Times

Employees

N.A.

Overall

16.59 times

 

QIB Portion

The QIB portion of the Policybazaar IPO saw 24.89X subscription at the close of Day-3. On 29 October, PB Fintech (Policybazaar & Paisabazaar) did an anchor placement of 2,62,18,079 lakh shares at the upper end of the price band of Rs.980 to 155 anchor investors raising Rs.2,569 crore.

The list of QIB investors including a number of marquee names like Goldman Sachs, Nomura, Blackrock, Morgan Stanley, Canadian Pensions, Fidelity, ADIA, ICICI Pru MF, SBI MF, Axis MF, UTI MF; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 193.30 lakh shares of which it has got bids for 4,810.23 lakh shares at close of Day-3 of the IPO. QIB bids typically get bunched on the last day, but anchor response had been robust and that was good news for the QIB response on the last day of the IPO.

HNI / NII Portion

The HNI portion was subscribed 7.82X (getting applications for 712.44 lakh shares against the quota of 91.10 lakh shares). This is a relatively strong response on Day-3 since this segment normally sees response on the last day. That is because, bulk of the funded applications and corporate applications, come in on the last day, so the actual picture normally gets clear on the last day. 

Retail Individuals

The retail portion was subscribed a robust 3.31X at the close of Day-3, showing decent retail appetite. Retail allocation for this IPO is 10% of the offer size. For retail investors; out of the 60.73 lakh shares on offer, valid bids were received for 201.18 lakh shares, which included bids for 163.57 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.940 – Rs980) and has closed for subscription on 03rd November 2021.

Also Read:-

Upcoming IPOs in 2021

Upcoming IPOs in November 2021

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Tata Power Reconsider to Merger of Solar System

by 5paisa Research Team 03/11/2021

In a rather interesting move, Tata Power has announced that it would seek shareholder approval to amend its scheme of arrangement. According to the original scheme of arrangement approved by shareholders, Tata Power had sought to merge Tata Power Solar into itself.

However, now it plans to keep its solar business as an independent subsidiary or in other words, it will restore the status quo.

Tata Power Solar Systems Limited (TPSSL) is a 100% subsidiary of Tata Power and focuses largely on the installation and operation of solar power generating plants.

In the last few months, the valuation of Tata Power has seen a sharply positive re-rating largely on the back of the performance of the TPSSL subsidiary. 
 

What explains this change in strategy?


According to Tata Power, there had been a number of government policies in recent months favourable to the solar power sector.

These include production linked incentives (PLI), imposition of basic customs duty on the import of solar modules and special incentives to manufacture highly efficient solar modules in India.

Tata Power believes that these regulatory changes would substantially enhance the value of their solar business which is currently housed under TPSSL.

Merging with Tata Power would have created confusion pockets for investors and analysts as the traditional fossil fuel business is largely regulation intensive. Thus a standalone TPSSL would be more value accretive.

According to Tata Power, this move would not impact shareholder value in any way as the accounts of TPSSL are anyways consolidated with that of Tata Power.

On the contrary, creating a separate company with a demarcated solar business would make the specific business a lot more valuable for investors in the long run due to its ring-fenced valuation.

In the original scheme of arrangement of August 2020, TPSSL and Coastal Gujarat Power Limited (CGPL) were to be merged into Tata Power. According to the modified scheme of arrangement proposed by Tata Power, only CGPL will be merged into Tata Power.

However, Tata Power Solar Systems Ltd (TPSSL) will continue to remain a 100% subsidiary of Tata Power.

Also Read:- Rally in Tata Group Stocks

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SJS Enterprises Ltd IPO - Subscription Day 3

SJS Enterprises Ltd IPO - Subscription Day 3
by 5paisa Research Team 03/11/2021

The Rs.800 crore IPO of SJS Enterprises Ltd, consisting entirely of offer for sale (OFS) of Rs.800 crore, saw a tepid response on Day-1 and Day-2. However, the issue just about got subscribed on Day-3.

As per the combined bid details put out by the BSE, SJS Enterprises Ltd IPO was subscribed 1.59X overall at the close of Day-3, with just about sufficient demand coming only from retail, QIBs and HNI segments. The issue has already closed on 03rd November.


As of close of 03rd November, out of the 105.46 lakh shares on offer in the IPO, SJS Enterprises Ltd saw bids for 167.98 lakh shares. This implies an overall subscription of 1.59X. The granular break-up of subscriptions was equally distributed across retail investors, HNIs and QIBs. QIB bids and NII bids typically came in only on the last day of the IPO.
 

SJS Enterprises Ltd IPO Subscription Day-3

 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

1.42 Times

Non Institutional Investors (NII)

2.32 Times

Retail Individuals

1.38 Times

Employees

N.A.

Overall

1.59 times

 

QIB Portion

The QIB portion of the IPO saw 1.42X subscription at the close of Day-3. On 29th October, SJS Enterprises Ltd did an anchor placement of 44,28,023 lakh shares at the upper end of the price band of Rs.542 to 18 anchor investors raising Rs.240 crore.

The list of QIB investors including a number of marquee names like Tara Emerging Asia, Societe Generale, Nomura, Goldman Sachs, Citigroup, Axis MF, Franklin Templeton MF, Aditya Birla Sun Life Insurance, Edelweiss, Avendus; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 30.13 lakh shares of which it has got bids for 42.71 lakh shares as of the close of Day-3 of the IPO. QIB bids typically get bunched on the last day, but anchor response had hinted at a much better response for the IPO.

HNI / NII Portion

The HNI portion of the SJS Enterprises IPO got subscribed 2.32X (getting applications for 52.35 lakh shares against the quota of 22.60 lakh shares). This is a decent response at the close of Day-3 and this segment normally sees response on the last day. That is because, bulk of the funded applications and corporate applications, come in on the last day. 


Retail Individuals

The retail portion was subscribed 1.38X at the close of Day-3, showing mediocre retail appetite. Retail allocation for this IPO is 35% of the offer size. For retail investors; out of the 52.73 lakh shares on offer, valid bids were received for 72.92 lakh shares, which included bids for 57.90 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.531 – Rs542) has closed for subscription on 03rd November 2021.

Also Read:-

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Upcoming IPOs in 2021

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Sigachi Industries Ltd IPO - Subscription Day 3

Sigachi Industries Ltd IPO - Subscription Day 3
by 5paisa Research Team 03/11/2021

The Rs.125.43 crore IPO of Sigachi Industries Ltd, consisting entirely of a fresh issue of Rs.125.43 crore, saw a strong response on Day-1 and built on that base on Day-2.

As per the combined bid details put out by the BSE at the close of Day-3, Sigachi Industries Ltd IPO was subscribed 101.91X overall, with bulk of the demand coming from the HNI segment followed by the QIB and retail segments. All the 3 segments got heavily oversubscribed by the close of Day-3 of the IPO. The issue has closed on 03rd November.


As of close of 03rd November, out of the 53.865 lakh shares on offer in the IPO, Sigachi Industries Ltd saw bids for 5,489.474 lakh shares. This implies an overall subscription of 101.91X. The granular break-up of subscriptions were tilted in favour of HNI investors with QIB and retail also participating very aggressively. QIB bids and NII bids typically come in only on the last day of the IPO.

 

Sigachi Industries Ltd IPO Subscription Day-3
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

86.51 Times

Non Institutional Investors (NII)

172.43 Times

Retail Individuals

80.49 Times

Employees

N.A.

Overall

101.91 times

 

QIB Portion

The QIB portion of the IPO saw 86.51X subscription at the close of Day-3. On 29 October, Sigachi Industries Ltd did an anchor placement of 23,08,500 lakh shares at the upper end of the price band of Rs.163 to 2 anchor investors raising Rs.37.63 crore. The 2 QIB investors that invested in the anchor placement of Sigachi Industries include 3 Sigma Global Fund and Nexus Global Opportunities Fund.

The QIB portion (net of anchor allocation as explained above) has a quota of 15.39 lakh shares of which it has got bids for 1,331.37 lakh shares as of close of Day-3 of the IPO. QIB bids typically get bunched on the last day and we saw that in this issue.


HNI / NII Portion

The HNI portion got subscribed 172.43X (getting applications for 1,990.32 lakh shares against the quota of 11.54 lakh shares). This is a very strong response as of the close of Day-3. In fact, bulk of the funded applications and corporate applications, came in on the last day of the IPO, which closed on 03-November.

Retail Individuals

The retail portion was subscribed a robust 80.49X at the close of Day-3, showing strong retail appetite. Retail allocation for this IPO is 35% of the offer size. For retail investors; out of the 26.93 lakh shares on offer, valid bids were received for 2,167.79 lakh shares, which included bids for 1,661.40 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.161 – Rs.163) and has closed for subscription on 03rd November 2021.

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Upcoming IPOs in 2021

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List of Upcoming IPOs in November 2021

List of Upcoming IPOs in November 2021
by 5paisa Research Team 08/11/2021

In the first 10 months of year 2021, a total of 51 IPOs hit the market. These IPOs raised more than Rs.90,000 crore; and we are including the 2 non-equity IPOs of Brookefield REIT and the PowerGrid INVIT. With 2 months to go, Indian IPO collection shave already crossed the record collections of 2017 and this surely promises to be the best IPO year ever.
 

How IPOs are likely to pan out in November 2021?


November 2021 started with a bang and is likely to be a busy month for IPOs. While actual IPO announcements will be coming, early indications from investment bankers, indicate the following IPOs hit the market in November 2021 or likely to hit. The IPO list is sector-wise.
 

Upcoming IPOs in November 2021
 

Company Name

IPO Size (Estimated)

IPO Month

PHARMACEUTICALS

Emcure Pharmaceuticals

Rs.4,500 crore

Nov-21

Skanray Technologies

Rs.400 crore + OFS

Nov-21

DIGITAL PLAYS

One97 Communications (Paytm)

Rs.18,300 crore

Nov-21 (08-Nov)

PB Fintech (Policybazaar)

Rs.5,625 crore

Nov-21 (01-Nov)

MobiKwik

Rs.1,900 crore

Nov-21

Ixigo

Rs.1,600 crore

Nov-21

RateGain Travel Technologies

Rs.1,200 crore

Nov-21

FINANCIAL SERVICES

Star Health And Allied Insurance Co. Ltd.

Rs.3000 crore

Nov-21

Arohan Financials

Rs.1,800 crore

Nov-21

Northern Arc Capital

Rs.1,800 crore

Nov-21

Utkarsh Small Finance Bank

Rs.1,350 crore

Nov-21

Fincare Small Finance Bank

Rs.1,330 crore

Nov-21

ESAF Small Finance Bank Ltd

Rs.998 crore

Nov-21

INFRASTRUCTURE PLAYS

Penna Cement

Rs.1,550 crore

Nov-21

Sterlite Power Transmission

Rs.1,250 crore

Nov-21

Paradeep Phosphates

Rs.1,255 crore + 12 cr shares OFS

Nov-21

Shri Bajrang Power And Ispat

Rs.700 crore

Nov-21

OTHERS

Adani Wilmar

Rs.4,500 crore

Nov-21

Sapphire Foods

Rs.2,073 crore

Nov-21 (09-Nov)

CMS Info Systems

Rs.2,000 crore

Nov-21

Keventer Agro

Rs.800 crore

Nov-21

Shriram Properties

Rs.800 crore

Nov-21

Seven Islands Shipping

Rs.600 crore

Nov-21

Latent View Analytics

Rs.600 crore

Nov-21 (10-Nov)

SJS Enterprises

Rs.600 crore

Nov-21 (01-Nov)

Studds Accessories Limited

Rs.450 crore

Nov-21

Sigachi Industries

Rs.125 crore

Nov-21 (01-Nov)

 

(Note: In last column, dates in brackets denote IPO opening date)

While the LIC IPO may still be some time away, November promises to be a busy month for IPOs and if the IPO of Paytm attracts strong subscription, one can expect a spate of digital IPOs front-ending their IPO plans. Here is a quick take on the IPO stocks.

Emcure Pharmaceuticals

The Rs.4,500 crore IPO will comprise of a fresh issue of Rs.1,100 crore and an offer for sale of Rs.3,400 crore. The company focuses on generics and active pharma ingredients and will use the fresh issue component to repay debt.

Skanray Technologies

The IPO of Skanray Technologies will comprise of a fresh issue of Rs.400 crore and an offer for sale of 141.06 lakh shares with price to be decided. The company focuses on the Indian medical devices market and designs, develops and manufactures medical devices.

One-97 Communications (Paytm)

The Paytm IPO of Rs.18,300 crore will comprise of a fresh issue of Rs.8,300 crore and an offer for sale of Rs.10,000 crore and is open from 08-Nov to 10-Nov. The company operates the Paytm payment platform and gateway and has over 33 crore customers and 2.2 crore merchants.

PB Fintech (Policybazaar & Paisabazaar)

The PB Fintech IPO of Rs.5,625 crore comprising of fresh issue of Rs.3,750 crore and offer for sale of Rs.1,875 crore opened on 01-Nov and closed on -3-Nov and was subscribed 16.6 times. PB Fintech runs the popular portals Policybazaar and Paisabazaar.

MobiKwik

The Rs.1,900 crore IPO will comprise of a fresh issue of Rs.1,500 crore and an offer for sale of Rs.400 crore. The company will use the fresh funds to spruce up its digital wallet and expand its franchise of merchants and customers.

Ixigo

The Rs.1,600 crore IPO will comprise of a fresh issue of Rs.850 crore and an offer for sale of Rs.750 crore. It is one of the few artificial intelligence based platforms for booking flights, trains and hotels and has been around for over 14 years now.

Rategain Travel Technologies

The Rs.1,200 crore IPO will comprise of a fresh issue of Rs.400 crore and an offer for sale of Rs.800 crore. It services marquee clients with data centres based on AI. Rategain is a subsidiary of Rategain UK and will use the funds to repay debt and deleverage.

Star Health Insurance

The Rs.3,000 crore IPO will comprise of a fresh issue of Rs.2,000 crore and an offer for sale of Rs.1,000 crore. Star Health is a leading health insurance provider and is backed by marquee investors like Rakesh Jhunjhunwala and Westbridge Capital.

Arohan Financials

The Rs.1,800 crore IPO will comprise of a fresh issue of Rs.950 crore and an offer for sale of Rs.850 crore. Arohan is an NBFC and is also into microfinance serving the unpenetrated segments of the market. The IPO will help boost its capital adequacy.

Northern Arc Capital

The Rs.1,800 crore IPO will comprise of a fresh issue of Rs.300 crore and an offer for sale of Rs.1,500 crore. Northern Arc is also an NBFC and will look at the fund raising to boost its capital adequacy and expand lendable resources.

Utkarsh Small Finance Bank

The Rs.1,350 crore IPO will comprise of a fresh issue of Rs.700 crore and an offer for sale of Rs.650 crore. The company is an SFB based out of Varanasi and is very strong in Uttar Pradesh, Uttarakhand and Bihar belt. IPO will be used to boost capital adequacy.

Fincare Small Finance Bank

The Rs.1,330 crore IPO will comprise of a fresh issue of Rs.1,330 crore and an offer for sale of Rs.1,000 crore. The small finance bank will use the proceeds of the fresh issue component to augment its tier-1 capital and improve its lendable resources.

Penna Cement

The Rs.1,550 crore IPO will comprise of a fresh issue of Rs.1,300 crore and an offer for sale of Rs.250 crore. This is the second attempt of this Hyderabad based cement company and will be used to reduce debt and for expansion.

Sterlite Power Transmission

The Rs.1,250 crore IPO will comprise of a fresh issue and is part of the Vedanta group. Sterlite Power owns and manages power transmission assets and these are spread across India and Brazil.

Paradeep Phosphates

The IPO of Paradeep Phosphates will comprise of a fresh issue of Rs.1,255 crore and an offer for sale of 12 crore shares by existing shareholders. Paradeep, based out of Odisha, is into the manufacture of phosphatic fertilizers.

Adani WIlmar

The Rs.4,500 crore IPO will comprise entirely of a fresh issue of Rs.4,500 crore. It is a joint venture between Adani group and Wilmar of Singapore and offers the total food chain solutions from farm to fork. Their Fortune brand is quite popular.

CMS Info Systems

The Rs.2,000 crore IPO will comprise predominantly of an OFS as its 100% owner Sion Investments will look to monetize part of the holdings. CMS is into cash management services and predominantly into ATM management services.

Keventer Agro

The Rs.800 crore IPO will comprise predominantly of an OFS of Rs.425 crore and a fresh issue of Rs.375 crore. Keventer has presence in the packaged food, dairy products and fresh food products vertical. It franchises Frooti, Appy, Bailey and Appy Fizz from Parle Agro.

Also Read:-

List of Upcoming IPOs in 2021

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