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PharmEasy parent API Files for DRHP for IPO

PharmEasy parent API Files for DRHP for IPO
by 5paisa Research Team 10/11/2021

With the season of digital IPO in full swing, the high-profile PharmEasy was unlikely to be too far behind. The holding company of PharmEasy, API Holdings, has filed the draft red herring prospectus with SEBI for its proposed initial public offer. The total offer size is expected to be Rs.6,250 crore but that is open to modifications based on how the demand and market valuations pan out.

Like in the case of Policybazaar, Nykaa and Paytm, this is again a case of the digital brand being more popular and better identified compared to the holding company. Ahead of the IPO, PharmEasy also plans a pre-IPO placement worth Rs.1,250 crore.

If the pre-IPO placement is successful, then the size of the IPO will be reduced proportionately. The anchor demand is also expected to be robust in the case of PharmEasy.

PharmEasy provides an agnostic platform for consumers to access online consultations and also buy medicines on the net with the appropriate checks and balances. In terms of gross market value (GMV), PharmEasy is the largest player in the digital medicine space.

PharmEasy offers digital tools, healthcare information, teleconsulting, diagnostic tests, radiology tests; apart from selling medicines. PharmEasy was founded in 2015.

PharmEasy had recently acquired India’s largest diagnostic services provider Thyrocare. In the last round of funding, PharmEasy had been valued at $5.6 billion and the company is expecting a higher valuation in the IPO.

However, most of the early investors have reiterated their faith in the PharmEasy business model and chosen not to offer their shares in the IPO. Till date, PharmEasy has raised $1.2 billion in equity and debt funding.

Out of the fresh issue component, PharmEasy will use Rs.1,929 crore for debt repayment, Rs.1,250 crore for financing organic growth and expansion initiatives, while another Rs.1,500 crore will be allocated to inorganic growth via mergers and acquisitions. Most of these applications of fresh funds are likely to be value accretive for the company.

To make its business model more robust, PharmEasy plans to focus on the 3 key areas as under to enhance growth in revenues and market share.

A) Marketing investments to increase brand awareness and recall.
B) Supply chain infrastructure to facilitate seamless and omnichannel fulfilment
C) Technology capabilities and technology infrastructure. 

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Nykaa IPO - Listing Day Performance

Nykaa IPO - Listing Day Performance
by 5paisa Research Team 10/11/2021

FSN E-Commerce Ventures (Nykaa) had a robust listing on 10th November as it listed at a premium of Rs.79.38%, but gained more heft to close at a broader premium to the issue price. The stock closed the day, well above the IPO price and also the listing price.

With overall subscription of 81.78X and GMP ranging from 80-85%, the listing was expected to be very robust. Here is the FSN E-Commerce Ventures (Nykaa) listing story on 10-Nov.

The Nykaa IPO price was fixed at the upper end of the band at Rs.1,125 after the 81.78X subscription. The price band for the IPO was Rs.1,085 to Rs.1,125 on 10th Nov, the stock of FSN E-Commerce Ventures (Nykaa) listed on the NSE at a price of Rs.2,018, a premium of 79.38% above the issue price of Rs.1,125. On the BSE, the stock listed at Rs.2,001 a premium of 77.87% over the issue price.

On the NSE, FSN E-Commerce Ventures (Nykaa) closed on 10-Nov at a price of Rs.2,208, a first day closing premium of 96.27% on the issue price. On the BSE, the stock closed at Rs.2,208.35, a first day closing premium of 96.3% on the issue price. On both the exchanges, the Nykaa stock not only held above the listing price but also closed at a premium.

On Day-1 of listing, FSN E-Commerce Ventures (Nykaa) touched a high of Rs.2,248 on the NSE and a low of Rs.2,000. It closed nearer to the high price of the day. On Day-1 of listing, the FSN E-Commerce Ventures (Nykaa) stock traded a total of 343.25 lakh shares on NSE amounting to value of Rs.7,172.30 crore.

Check - Nykaa IPO - Subscription Day 1

On 10-Nov, Nykaa was the most liquid stock on the NSE in terms of value and the 10th most liquid in terms of volumes.

On the BSE, FSN E-Commerce Ventures (Nykaa) touched a high of Rs.2,248.10 and a low of Rs.1994.10. On BSE, the stock traded a total of 16.21 lakh shares amounting to value of Rs.338.71 crore. Even on the BSE, Nykaa was ranked top in terms of value traded.

At the close of Day-1 of listing, FSN E-Commerce Ventures (Nykaa) had a market capitalization of Rs.104,361 crore with free-float market cap of just Rs.8,349 crore. The stock almost doubled over the issue price on day-1 of listing.

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Paytm IPO - Subscription Day 3

Paytm IPO - Subscription Day 3
by 5paisa Research Team 10/11/2021

The Rs.18,300 crore IPO of One97 Communications (Paytm), consisting of a fresh issue of Rs.8,300 crore and an offer for sale (OFS) of Rs.10,000 crore, saw tepid response on Day-1 of the IPO and the trend remained subdued on Day-2 also.

As per the combined bid details put out by the BSE at the close of Day-3, One97 Communications (Paytm) IPO was subscribed 1.89X overall, with strong demand coming from the QIB segment. The issue has closed on 10th November.

As of close of 10th November, out of the 483.89 lakh shares on offer in the IPO, One97 Communications (Paytm) saw bids for 914.10 lakh shares. This implies an overall subscription of 1.89X.

The granular break-up of subscriptions was dominated by the QIBs and retail investors. NII bids did not gather momentum even on the last day and that portion remained undersubscribed.
 

One97 Communications (Paytm) IPO Subscription Day-3
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

2.79 Times

Non Institutional Investors (NII)

0.24 Times

Retail Individuals

1.66 Times

Employees

N.A.

Overall

1.89 times

 

QIB Portion

The QIB portion of the Paytm IPO was subscribed 2.79 times at the end of Day-3. On 03rd November, One97 Communications (Paytm) did an anchor placement of 383.02 lakh shares at the upper end of the price band of Rs.2,150 to 122 anchor investors raising Rs.8,235 crore.

The list of QIB investors included a number of marquee names like Blackrock, GIC Singapore, Canadian Pension Fund, Alkeon Capital, Abu Dhabi Investment Authority (ADIA), Fidelity, Aberdeen, UBS, Aditya Birla Sun Life Mutual Fund; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 263.94 lakh shares of which it has got bids for 736.55 lakh shares, implying a subscription ratio of 2.79X for QIBs at the close of Day-3. QIB bids typically got bunched on the last day although the demand was lower than originally anticipated. 

HNI / NII Portion

The HNI portion got subscribed 0.24X (getting applications for 31.53 lakh shares against the quota of 131.97 lakh shares). This is a very tepid response on Day-3 and this segment did not see adequate response even on the last day. Typically, the active corporate applications and the funded applications were missing. This portion is likely to be reallocated.

Retail Individuals

The retail portion was subscribed a more reasonable 1.66X at the end of Day-3, showing decent retail appetite. However, it must be noted that retail allocation is just 10% in this IPO. For retail investors; out of the 87.98 lakh shares on offer, valid bids were received for 146.01 lakh shares, which included bids for 118.43 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.2,080-Rs2,150) and has closed for subscription on 10th November 2021.

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Sapphire Foods India IPO - Subscription Day 2

Sapphire Foods India IPO - Subscription Day 2
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. As per the combined bid details put out by the BSE at the close of Day-2, Sapphire Foods India IPO was subscribed 1.07X overall, with strong demand coming only from the retail segment. The issue closes on 11th November.

As of close of 10th November, out of the 96.63 lakh shares on offer in the IPO, Sapphire Foods India saw bids for 103.69 lakh shares. This implies an overall subscription of 1.07X. The granular break-up of subscriptions was dominated by the retail investors. QIB bids and NII bids are expected to gather momentum on the last day, as is the general trend in the IPO market.
 

Sapphire Foods India IPO Subscription Day-2
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

0.03 Times

Non Institutional Investors (NII)

0.29 Times

Retail Individuals

5.38 Times

Employees

N.A.

Overall

1.07 times

 

QIB Portion

The QIB portion of the IPO was subscribed just 0.03 times at the end of Day-2. 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 1.47 lakh shares, implying a subscription ratio of 0.03X 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 Sapphire IPO subscription overall.

HNI / NII Portion

The HNI portion got subscribed 0.29X (getting applications for 7.75 lakh shares against the quota of 26.35 lakh shares). This is a tepid response on Day-2 but 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 5.38X 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 17.57 lakh shares on offer, valid bids were received for 94.46 lakh shares, which included bids for 74.28 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.1,120-Rs.1,180) and will close for subscription on 11th November 2021.

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Bank of Baroda - Q2 Results

by 5paisa Research Team 10/11/2021

The profit growth showed by Bank of Baroda in the second quarter of FY22 was driven by lower interest costs and a sharply lower provisions for asset quality. This allowed the net profit to grow at 22.39% YoY to Rs.2,168 crore. Here is the story of the BOB results for Q2.


Bank of Baroda top line revenues were virtually flat, growing by just about 0.63% as lower interest yields on loans and investments put pressure. Revenues for the quarter came in at Rs.21,999 crore. In the June quarter, the revenues of BOB stood at Rs.21,249 crore.
 

Bank of Baroda Q2 Results
 

Rs in Crore

Sep-21

Sep-20

YOY

Jun-21

QOQ

Total Income (Rs cr)

₹ 21,998.76

₹ 21,861.23

0.63%

₹ 21,249.19

3.53%

Net Profit (Rs cr)

₹ 2,167.85

₹ 1,771.21

22.39%

₹ 1,186.54

82.70%

Diluted EPS (Rs)

₹ 4.19

₹ 3.83

 

₹ 2.29

 

Net Margins

9.85%

8.10%

 

5.58%

 

 

If you look at the 3 major revenue segments of treasury, retail and wholesale banking, the picture of revenues was mixed. Revenues from treasury were flat yoy. While revenues from wholesale banking were down -16% at Rs.6,920 crore, the revenues from retail banking were up 10% at Rs.7,103 crore.

Ironically, the picture on divisional operating profit was the opposite. Wholesale banking saw operating profits grow 17-fold to Rs.1,042 crore while on the other hand, the operating profits from retail banking fell -21% at Rs.7,103 crore. The reason was asset quality pressures in the retail book.

Net profits for the Sep-21 quarter increased by 22.39% at Rs.2,168 crore, despite flat revenues. This higher profit was largely attributed to sharply lower interest cost expended and also lower asset quality provisions made in the quarter. The net profit was 83% above the Jun-21 levels as the bank had made a huge provision in the Jun-21 quarter.

During the Sep-21 quarter, the ratio of current and savings accounts or CASA had improved by 368 bps. During the same period, the cost to income ratio reduced by about 70 bps to 48.54%. The net interest margins or NIM expanded by 7 bps to 2.85%, but this is still way below the private sector peer group levels.
Gross NPAs for the quarter dropped 100 bps to 8.11%, but remains fairly high on absolute basis.

Net profit margin for the Sep-21 quarter stood at 9.85% compared to 8.10% in Sep-21 quarter and a much lower level of 5.58% in sequential Jun-21 quarter.

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Latent View Analytics IPO - Subscription Day 1

Latent View Analytics IPO  - Subscription Day 1
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-1, Latent View Analytics IPO was subscribed 6.39X overall, with reasonable demand coming from the retail segment followed by the HNI segment. The issue closes on 12th November.

As of close of 10th November, out of the 175.26 lakh shares on offer in the IPO, Latent View Analytics saw bids for 1,119.07 lakh shares. This implies an overall subscription of 6.39X.

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-1
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

0.15 Times

Non Institutional Investors (NII)

2.42 Times

Retail Individuals

31.62 Times

Employees

1.24 Times

Overall

6.39 times

 

QIB Portion

The QIB portion of the IPO was subscribed just 0.15 times at the end of Day-1. 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 13.64 lakh shares, implying a subscription ratio of 0.15X for QIBs at the close of Day-1. 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 2.42X (getting applications for 113.58 lakh shares against the quota of 46.84 lakh shares). This is a strong response on Day-1 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 31.62X at the end of Day-1, 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 987.50 lakh shares, which included bids for 787.80 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.

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