SBI Cards IPO: SBI Cards gets Sebi nod for IPO; issue value seen at Rs 9,000-10,000 crore

Mumbai: The Securities and Exchange Board of India (SEBI) has given its approval for the initial public offer (IPO) of SBI Cards and Payment Services, the cards unit of the State Bank of India (SBI), two sources close to the development said on Tuesday. The company may raise Rs 9,000 crore to Rs 10,000 crore, they added. The IPO is likely to hit the market towards the end of this month. Earlier, SBI chairman Rajnish Kumar had said the IPO was likely in the current quarter. According to the DRHP…

LIC IPO: LIC kicks off PR exercise for IPO amid reports of staff dissention

Mumbai: State-run Life Insurance Corporation of India (LIC) on Friday kicked off a public relation exercise among various stakeholders in preparation for its proposed initial public offering (IPO). “There will be no impact on policyholders or employees if the company goes public,” Chairman M R Kumar told journalists in a specially-convened press conference. The insurance major is not known to be media-savvy in its normal course of operation. The press conference was seen as a bid to assure its employees amid reports of dissention, protests and plans for agitation to…

IRCTC IPO: IRCTC IPO to open on Monday; here’s what brokerages say

Mumbai: The Rs 645-crore initial public offer (IPO) of state-run Indian Railway Catering and Tourism Corporation (IRCTC), which manages ticket booking, tourism and catering for Indian Railways, is slated to open on Monday. Analysts are upbeat on the IPO and have recommended investors to subscribe to the offer, given the reasonable valuations. The IPO has a price band of Rs 315-320 per share, and closes on October 3. The issue comprises an offer for sale of 2,01,60,000 shares and is a part of the government’s divestment process. In a note…

Indian IPO market: As IPO mart gets busy, remember half of 2018 debutants trade below offer prices

Mumbai: As the IPO market gathers steam, a quick look at last year’s debutantes shows half of these stocks are currently trading below issue prices, as volatile market conditions along with stock-specific issues haunted investors. The value erosion was more in the case of smallcap and midcap stocks. In some cases, stretched valuations ensured that the stocks correct to their fair values, dealers said. Of the 24 stocks that were listed on the main board last year following IPOs, half are currently trading below issue prices, data from primary market…

Metropolis Healthcare IPO kicks off; should you subscribe?

Mumbai: Brokerages are recommending investors to subscribe for diagnostics firm Metropolis Healthcare Ltd’s Rs 1,204 crore initial public offer (IPO) from a long-term perspective, on the back of strong growth prospects and fair valuations. The company is looking to sell 13,685,095 shares. Of these, promoter Dr Sushil Shah will sell 6,272,335 shares, while investor CA Lotus Investments, a subsidiary of U.S.-based private equity firm Carlyle Group will offload 7,412,760 shares. The price band has been fixed in the range of Rs 877-880 per share. “ Metropolis Healthcare has a long…