After Paytm, SoftBank to sell half of its stake in PolicyBazaar

After Paytm, SoftBank sells half of its stake in PolicyBazaar

SoftBank has been a major investor in the Indian new-age tech startups, including PB Fintech, Delhivery, Paytm, and Zomato

After making a slew of disinvestment in the past few months in the new-age listed companies, Japanese conglomerate SoftBank is now planning to sell a 5% stake in policybazaar.&nbsp;
According to reports, SoftBank, which currently holds around a 10% stake in Policybazaar, is looking to sell a 5% share in the company, which would be worth ₹1,000 crore. The Japanese investment firm had invested $199 million in Policybazaar, whereas it offloaded stock worth $250 million in its initial public offering (IPO) last year.
Post the sale, SoftBank will hold a 5% stake in the online insurance aggregator.
&nbsp;such as One97 Communications, the parent of digital payments giant Paytm, Delhivery, and Zomato.
PB Fintech&rsquo;s shares have fallen over 60% since its listing last year.&nbsp;

Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

Alibaba to sell Zomato shares worth $200 million 

Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

From layoffs to exit of co-founder, food delivery platform Zomato has already been facing tough times. As this was not enough, Chinese e-commerce giant Alibaba Group plans to sell around 3 per cent stake in Zomato for $200 million in a block deal.
The block deal comes months after the one-year lock-in-period for pre-IPO shareholders of Zomato ended on 23 June , 2022.
According to reports, post the deal, Alibaba will continue to hold about 10% stake in the food delivery giant.
Zomato, which raised ₹9,375 crore through an IPO on 23 July last year, has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters.

Among the Sensex pack, Reliance Industries jumped the most by 3.48 per cent, followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank and IndusInd Bank.

Sensex, Nifty hit fresh all-time highs; rally for 5th day

Sensex, Nifty hit fresh all-time highs; here's a list of top gainers and losers

Among the Sensex pack, Reliance Industries jumped the most by 3.48 per cent, followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank and IndusInd Bank.

Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries.
Rallying for the fifth day in a row, the 30-share BSE Sensex climbed 211.16 points or 0.34 per cent to settle at 62,504.80, its fresh record closing high. During the day, it jumped 407.76 points or 0.65 per cent to its lifetime intra-day peak of 62,701.40.
The broader NSE Nifty gained 50 points or 0.27 per cent to end at 18,562.75, its record closing high.
Among the Sensex pack, Reliance Industries jumped the most by 3.48 per cent, followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank and IndusInd Bank.
Tata Steel, HDFC Bank, Bharti Airtel, HDFC and Mahindra &amp; Mahindra were among the laggards.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.
Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended mostly lower on Friday.
International oil benchmark Brent crude was trading 3.11 per cent lower at USD 81.03 per barrel.
Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.&nbsp;

From the Sensex pack, HCL Technologies, Infosys, Wipro, Power Grid, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever, HDFC, HDFC Bank and Mahindra &amp; Mahindra were among the major winners

Sensex hits record high, Nifty jumps 216 pts amid firm global equities

From the Sensex pack, HCL Technologies, Infosys, Wipro, Power Grid, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever, HDFC, HDFC Bank and Mahindra &amp; Mahindra were among the major winners

Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors' sentiment.
Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.
The broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10. During the day, it hit its 52-week high of 18,529.70, higher by 262.45 points or 1.43 per cent.
"Two triggers assisted the Sensex rally to record highs. One, in the mother market US, the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery.
"Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
From the Sensex pack, HCL Technologies, Infosys, Wipro, Power Grid, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever, HDFC, HDFC Bank and Mahindra &amp; Mahindra were among the major winners.
Bajaj Finserv, Tata Steel, Bajaj Finance and Kotak Mahindra Bank were the laggards.
Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended in the green, while Shanghai settled lower.
Equity exchanges in Europe were trading in the green in the afternoon trade. Wall Street had ended higher on Wednesday.
"Led by broad-based buying, domestic indices witnessed solid gains as investors digested the latest Federal Open Market Committee (FOMC) meeting minutes, which hinted that the rate hike cycle may be slowing down. The optimism was further boosted by falling crude prices and the declining dollar index. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles," said Vinod Nair, Head of Research at Geojit Financial Services.
International oil benchmark Brent crude was trading 0.46 per cent lower at USD 85.02 per barrel.

Shares of the company have plunged 24% since the expiry of the lock-in period

Paytm shares hit record low; Is Jio the real threat? 

Shares of the company have plunged 24% since the expiry of the lock-in period

Investors of fintech giant Paytm is really having a tough time as Paytm shares hit their record low of Rs 476 on November 22 after plunging as much as 11%.
According to reports, the immediate cause for the fall in Paytm&rsquo;s stock price seems to be a report from investment firm Macquarie, which said that Jio&rsquo;s entry into financial services created additional risks for Paytm.&nbsp;
Macquarie analysts said that Jio Financial Serives ''can pose a significant growth and market-share risk&rdquo; for players such as Paytm and Bajaj Finance Ltd,&nbsp;
The latest fall in Paytm&rsquo;s stock comes right after the year-long holding period for its pre-IPO investors had expired. On 17th November, exactly a year after Paytm had gone public, its second-biggest investor Softbank had sold a 4.5% stake in the company for Rs. 1,630 crore. Softbank had acquired these shares at a price of Rs. 900 per share, but ended up selling them for Rs. 555 a share. Softbank incurred a loss, but it might have been a pruddent decision &ndash; Paytm&rsquo;s stock now trades 14% below the price at which Softbank had sold shares just a few days ago.

The fall comes a day after reports surfaced that Softbank announced a large stake sale in the homegrown financial services app’s parent, One 97 Communications via a block deal

Paytm shares tank 10% in one day; here's you need to know everything

Paytm shares tank 10% in one day; here's everything you need to know

Paytm shares tank 10 pc in morning trade

The fall comes a day after reports surfaced that Softbank announced a large stake sale in the homegrown financial services app&rsquo;s parent, One 97 Communications via a block deal

Shares of Paytm crashed nearly 10 per cent on November 17, as Japan-based Softbank sold over 4 per cent stake in Noida-based digital payments and financial services company via a block deal.
Softbank's decision to sell a 4.5 per cent stake in One97 Communications for about र्1,627 crore comes close on the heels of the end of IPO lock-in period. Softbank is the second largest shareholder with a 17.5 per cent stake in the company. After today's stake sale, Softbank's stake would be reduced to 13 per cent.&nbsp;
According to two sources aware of the development, Softbank has offered to sell shares in the price band of Rs 555 to Rs 601.55 apiece that are held through its subsidiary SVF India Holdings.
Paytm and founder Vijay Shekhar Sharma pulled off India&rsquo;s largest-ever IPO last November only to see its shares plummet in one of the worst debuts ever.&nbsp;
Nevertheless, the Goldman Sachs' analysts recommended buying Paytm shares given the company&rsquo;s progress in boosting revenue and moving toward profitability.&nbsp;

The latest three-quarter percentage point increase takes the benchmark lending rate to 3.75-4.0 percent, the highest since January 2008

Fed delivers another steep rate hike with more to come

Another rate hike is here; Fed hikes interest rates 75 basis points

Fed delivers big rate hike

The latest three-quarter percentage point increase takes the benchmark lending rate to 3.75-4.0 percent, the highest since January 2008

In yet another decision, the US Federal Reserve delivered their fourth straight 75 basis-point interest rate with its move to cool red-hot inflation.
The unanimous decision lifts the target for the benchmark federal funds rate to a range of 3.75% to 4%, its highest level since 2008.
The policy-setting Federal Open Market Committee (FOMC) said more increases will be needed to tamp down rising prices but it will consider the impact on the economy when deciding on the pace of future moves -- opening the door to the possibility it will implement smaller steps in coming months.
Powell further said that the committee could begin discussing the possibility of slowing the aggressive pace of rate increases at the December meeting.

Bikaji Foods IPO opens on November 3; check price band & other details

Bikaji Foods IPO opens on Nov 3; check price band & other details

Bikaji is one of India&rsquo;s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market

It seems like upcoming few days are going to be busy for dalal street as four IPOs are looking to cumulatively mop up Rs 4,120 crore from the market - making it the busiest week for IPOs this year in terms of number of deals launched. FMCG firm, Bikaji Foods International's three-day initial public offering will open for public subscription this week on November 3, 2022 and conclude on November 7, 2022. The company has fixed a price band of ₹ ₹285 to ₹300 per share for its initial share sale. As per market observers, Bikaji Foods shares are commanding a premium (GMP) of ₹76 in the grey market. The shares of the company are expected to list on leading stock exchanges BSE and NSE on November 16, 2022. Certain shareholders of the Rajasthan-based company as well as its promoters -- Shiv Ratan Agarwal and Deepak Agarwal-- will offload around 2.94 crore shares through the OFS route. Bikaji is one of India&rsquo;s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market.
About the company: Founder of Bikaji Foods International Shiv Ratan Agarwal is the grandson of Haldiram's founder Gangabishan Agarwal. Shiv Ratan Agarwal founded the company in 1986. It was originally incorporated as Shivdeep Industries Ltd. In 1993, the company's name was changed to Bikaji Foods.
Bikaji is one of India&rsquo;s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market. Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks and other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies.

Moving ahead from the big 5G push from Jio, the Ambani family told RIL shareholders that soon FMCG will also be added to the Reliance pack as it gets set to take the foreign multinationals such as HUL, P&G and Nestle head-on in the consumer goods market."I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs," Isha Ambani, director of Reliance Retail. As per reports the companies preparations for an all out invasion in the consumer goods space has been in the works for some quarters. During FY22, to strengthen its manpower, Reliance Retail added more than 150,000 new employees - taking the total headcount to 361,000.In FY2021-22 alone, the group acquired or invested in fashion brands like Abu Jani Sandeep Khosla, Abraham & Thakore, ak-ok, Rahul Mishra and women’s intimate wear brand Clovia.

RIL announces FMCG foray at AGM: What you need to know

Reliance to take on HUL, Nestle, P&G as Isha Ambani announces FMCG foray

I am excited to announce that this year, we will launch our fast-moving consumer goods business: Isha Ambani

Moving ahead from the big 5G push from Jio, the Ambani family told RIL shareholders that soon FMCG will also be added to the Reliance pack as it gets set to take the foreign multinationals such as HUL, P&amp;G and Nestle head-on in the consumer goods market. "I am excited to announce that this year, we will launch our fast-moving consumer goods <a href="https://www.editorji.com/business-news/byju-s-now-questioned-by-the-govt-where-are-your-audited-earnings-1661483473211">business</a>. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs," Isha Ambani, director of Reliance Retail.&nbsp; As per reports, the companies' preparations for an all-out invasion in the consumer goods space has been in the works for some quarters. During FY22, to strengthen its manpower, <a href="https://www.editorji.com/business-news/reliance-to-balenciaga-to-india-1659686187285">Reliance</a> Retail added more than 150,000 new employees - taking the total headcount to 361,000. In FY2021-22 alone, the group acquired or invested in fashion brands like Abu Jani Sandeep Khosla, Abraham &amp; Thakore, ak-ok, Rahul Mishra and women&rsquo;s intimate wear brand Clovia.
Read More:- <a href="https://www.editorji.com/business-news/explained-why-google-removed-over-2000-loan-apps-from-india-play-store-1661487880755">Explained: Why Google removed over 2000 loan apps from India Play Store</a> &nbsp;

Sensex, Nifty face severe Monday blues as the 30-stock benchmark sank over 1000 points as Fed Chief Powell indicated that aggressive rate hikes will continue from the Federal Reserve. Alongside equities, currencies also took a sharp cut. The rupee breached the 80-to-a-dollar mark to hit a fresh record low tracking fall in global equities on the back of the Federal Reserve’s hawkish rhetoric at Jackson Hole.But it is not just India that is feeling the pain, The S&P 500 tumbled 3.4%, its worst day since mid-June. Powell's speech sparked a market rout that slashed the fortunes of US billionaires' by $78 billion, as per Bloomberg.

Markets crack: What did Fed Chief Powell say to make markets tremor

Sensex, Rupee crack: Powell triggers an all fall down day

Eight minute speech by Federal Reserve Chair Jerome Powell sparked a market rout&nbsp;

Sensex, Nifty face severe Monday blues as the 30-stock benchmark sank over 1000 points as Fed Chief Powell indicated that aggressive rate hikes will continue from the Federal Reserve.&nbsp;
Powell speaking at Jackson Hole Symposium said that the Fed's continued tightening of credit will cause pain for many households and businesses as its higher rates further slow the economy and potentially lead to job losses. &ldquo;These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain," he said
Powell's message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing.
Alongside equities, currencies also took a sharp cut. The rupee breached the 80-to-a-dollar mark to hit a fresh record low tracking fall in global equities on the back of the Federal Reserve&rsquo;s hawkish rhetoric at <a href="https://www.editorji.com/world-news/nasa-releases-sounds-from-black-hole-listen-to-the-spooky-audio-1661320330682">Jackson Hole</a>.
But it is not just <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">India</a> that is feeling the pain, The S&amp;P 500 tumbled 3.4%, its worst day since mid-June. Powell's speech sparked a market rout that slashed the fortunes of <a href="https://www.editorji.com/business-news/behind-every-successful-billionaire-is-a-pricey-divorce-1657559310378">US billionaires</a>' by $78 billion, as per Bloomberg.
Read More:- <a href="https://www.editorji.com/business-news/markets/markets-crack-sensex-sinks-1000-points-nifty-below-16000-on-weak-global-cues-1652932908138">Markets crack: Sensex sinks 1000 points, Nifty below 16000</a> &nbsp;

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Covid Variant 'BF.7'

Year ender 2022

December 2022 Holidays

India seeks new preferential treatment from US on drugs: reports

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods, a Reuters report said

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to shore up a new trade deal, a Reuters report said. India accounts for 40% of US generic drug imports. To win preferential treatment on pharmaceutical exports, the Indian government has offered to open its dairy and farm markets to the Trump administration, months ahead of the US presidential election.

Stock markets closed down by 1.5%, with the Adani stocks seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group’s stocks after they hit lower circuit.

Bloodbath on Dalal Street, Adani stocks collapse 

Stock markets closed down by 1.5%, with the Adani stocks seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group&rsquo;s stocks after they hit lower circuit.

It was a bloodbath on Dalal street with the markets cracking under pressure of the Adani pack. The Adani group of companies went into a freefall today, on the back of the scathing Hindenburg report that accused Adani of corporate malpractice, stock manipulation and accounting fraud. A report, which Adani termed as &lsquo;unresearched&rsquo; and &lsquo;malicious&rsquo;. The Adani group said it was exploring legal options against Hindenburg research.
The group CFO said that the &lsquo;&rsquo;timing of the report&rsquo;s publication was a &lsquo;&rsquo;brazen, mala fide intention to undermine Adani Group&rsquo;s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises&rsquo;&rsquo;. &nbsp;
This Hindenburg report was released just ahead of the Adani Enterprises FPO, which is the largest ever FPO in India. The follow-on public offering opened today to a muted start, receiving bids for Rs 3.63 lakh shares or 1% of the issue size of 4.55 cr shares.&nbsp;
However, responding to Adani, Hindenburg research stands by its report, saying &ldquo;If Adani is serious, it should also file a suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process&rsquo;&rsquo;.
Meanwhile, the capital markets regulator SEBI, will also study the Hindenburg report. A Reuters report says SEBI, in its ongoing preliminary investigation into the group&rsquo;s offshore fund holdings, will also study the report. Incidentally, SEBI has also been named in the report as being aware of such malpractices
Both the Sensex and Nifty closed around 1.5% lower, with the stocks of the listed Adani group of companies seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group&rsquo;s stocks after they hit lower circuit.

As we are about to step into the new year, Editorji brings you a list of IPOs, which could hit the markets in 2023

Year ender 2022: From Oyo to Fabindia; IPOs that can hit Dalal street in 2023

As we are about to step into the new year, Editorji brings you a list of IPOs, which could hit the markets in 2023

Despite geopolitical tensions, inflationary worries, interest rate hikes and fears of recession, India witnessed over 30 Initial Public Offerings in 2022. From LIC to Adani Wilmar, the year has been great in terms of investors returns as majority of the issue has delivered positive returns on listing and are in the green since then.&nbsp;
But as we are about to step into the new year, Editorji brings you a list of IPOs, which could hit the markets in 2023.
Oravel Stays (OYO) The most anticipated and awaited IPO of 2023 is Oravel Stays, popularly known as OYO. New-age technology platform focussing on short-stay accommodation, has the largest footprint of over 157,000 hotel storefronts in India and overseas. It offers over 40 products and services to its partners and customers across 35 countries.
The company filed its draft red herring prospectus (DRHP) in October 2021 and had planned to launch its IPO in 2022. However, due to volatile market conditions and bearish market sentiment, OYO postponed its IPO, worrying that its valuation might be affected.
According to the prospects, OYO in 2023 plans to raise ₹84.3 billion out of which ₹70 billion will be from fresh issues and the remaining ₹14.3 billion through stake sale by existing investors.
2. FabIndia Next on our list is leading consumer lifestyle platform focused on authentic craft-based and organic products, Fabindia.
According to reports, FabIndia plans to raise up to ₹4,000 crore through an initial public offer and in a novel approach, the company's promoters also plan to gift more than 7 lakh shares to artisans and farmers.
The 62-year-old FabIndia operates more than 300 stores and offers a diverse portfolio of lifestyle products across apparel and accessories, home and lifestyle, personal care and organic food categories.
Also watch: <a href="https://www.editorji.com/business-news/year-ender-2022-these-coins-are-the-most-held-cryptos-in-india-1671689118989">Year ender 2022: these coins are the most held cryptos in India</a>
3. Swiggy An online food ordering and delivery platform, Swiggy is next on our list. Established in 2014 in Bangalore, Swiggy currently serves over 500 cities in India.
Apart from food delivery, Swiggy delivers groceries and packages through Swiggy Instamart and Genie.
Currently, the company has partnerships with more than 150 thousand restaurants and has a strong fleet of over 260 thousand delivery executives delivering food to its users.
Swiggy plans to raise around US$1 bn ( ₹81.31 bn) through IPO in 2023. It was already gearing up for an IPO and hired JP Morgan and ICICI Securities to run its books.
4. Go First
Fourth on our list is the Wadia Group's Go First (formerly Go Air), an ultra-low-cost carrier in India.
Founded in 2005, Go First carried over 80 m passengers across 39 destinations, including ten international destinations and comprises 57 aircraft.
It is one of the fastest-growing airline companies, with a market share of 10.8% in 2020. The company filed its DRHP in May 2021 and planned to launch its IPO in early 2022. However, the company delayed the IPO because of weak consumer sentiment around aviation stocks. Going forward, Go First aims to launch its IPO in 2023. The company plans to use the funds to repay its debt and other obligations.
5. Hosana Consumer Last on our list is a natural beauty and personal care company, Hosana Consumer, popularly known as Mamaearth.
Founded in 2016 as a baby care brand, Mamaearth is now a beauty and skincare brand which operates in India, South East Asia, and the Middle East. The company operates as an omnichannel brand and sells its products online and offline.
So far, Mamaearth has raised a total of US$111.6 mn ( ₹9.07 bn) in funding over eight rounds from investors such as Sequoia India, Stellaris Ventures, and Fireside Ventures.
The company announced its plans to raise US$300 m ( ₹24.39 bn) through IPO in 2023 and will soon draft its prospectus. It plans to use the funds to set up offline stores across the country.

OYO's last submission to Sebi was the updated financial results of the first half of financial year 2022-23

OYO to refile updated draft IPO papers by mid February

OYO's last submission to Sebi was the updated financial results of the first half of financial year 2022-23

Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month.
Earlier this month capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates.
<h3>OYO IPO</h3>
"We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors.
"We are keen on refiling the draft red herring prospectus (DRHP) by middle of February 2023, if not earlier," a company spokesperson said.
The company said Sebi in its letter had stated that "the disclosures contained in present DRHP do not take into account the material changes/disclosures arising from Updated financial statements as filed through addendums leading to revised period for disclosures which in turn leads to necessities to make material updates in Risk Factors, Basis of Offer Price, Outstanding Litigations and update other relevant sections of DRHP".
OYO's last submission to Sebi was the updated financial results of the first half of financial year 2022-23.
The company had earlier indicated that the process of refiling the comprehensive document could take up to 2-3 months.
In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO.
The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 7-8 billion instead of the USD 11 billion it was targeting initially.

The public offer will open for bidders on 12th December 2022 and it will remain open till 14th December 2022

Sula Vineyards IPO opens: Should you subscribe it?

The public offer will open for bidders on 12th December 2022 and it will remain open till 14th December 2022

The initial public offer (IPO) of Sula Vineyards has hit the market and the public issue will remain open for bidding till 14th December 2022. India's largest wine producer and seller aims to raise ₹960.35 crore from its public offer and it is completely OFS (offer for sale) in nature. The company has fixed price band of the public issue at ₹340 to ₹357 apiece.
Meanwhile ahead of Sula Vineyards IPO subscription opening date, grey market is dropping positive signals in regard to the public offer. According to market observers, shares of Sula Vineyards Ltd are available at a premium of ₹34 in grey market.
A bidder will be able to apply for the IPO in lots and one lot will comprise 42 shares of the company. A bidder can apply for at least one lot whereas one retail investor can apply for maximum 13 lots of the IPO. The public issue is proposed for listing on BSE and NSE and tentative date for listing of company shares is 22nd December 2022.
&nbsp;

The firm has a dominant market share in the domestic wine industry, driven by a varied vast portfolio of wine brands across different price categories and an expansive distribution network

Sula Vineyards set for IPO launch on December 12

Sula Vineyards IPO

The firm has a dominant market share in the domestic wine industry, driven by a varied vast portfolio of wine brands across different price categories and an expansive distribution network

Seems like Dalal street has decided its drink from the menu to end 2022 on a good note! According to reports, India's largest wine maker Sula Vineyards is all set to launch its initial public offering between Dec 12-14. The issue will open for anchor investors on Dec 9 and will be open for the public from Dec 12 to Dec 14.
As per reports by Moneycontrol, Sula Vineyards is looking to raise around Rs 950 crs to Rs 1000 crs via the IPO which consists solely of an OFS component.
Sula Vineyards has been recognised as the market leader across wine variants, including red, white and sparkling wines.
Sula is headquartered in Nashik, 180km northeast of Mumbai, and has two manufacturing units, in Nashik and Bengaluru each. As of January, it had a production capacity of over 13 million litre, of which 11 million litre is housed in Nashik and 2 million litre in Karnataka.

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