phonepe: Flipkart-owned PhonePe first non-bank to enable UPI-based IPO bidding

Mumbai: The National Payments Corporation of India (NPCI) has given the nod to Walmart-backed PhonePe to allow its customers to make their bids for Initial Public Offerings (IPOs) through the UPI platform. This will make PhonePe the first non-bank to facilitate such transactions since the capital markets regulator Sebi and payments governance body NPCI allowed retail investors to make their offers through the hugely popular UPI channel. However, only banks were given the mandate to facilitate these transactions. “Earlier, the customers had to provide their account details and IFS code…

Embattled WeWork Parent Seen Postponing its IPO: Report

The We Co., parent of office space rental company WeWork is poised to delay its initial public offering, according to a published report late Monday. WeWork is expected to put off its offering until October at the earliest, The Wall Street Journal reported, citing unnamed sources. Financial advisers and investors were pushing for changes in the company’s corporate governance to limit co-founder Adam Nuemann’s voting power, and remove his wife from any role in selecting a successor CEO, the Financial Times reported last week. The company’s valuation reached $47 billion…

AB Inbev IPO: AB Inbev launches second Asia IPO attempt, targets up to $6.6 billion

HONG KONG: Anheuser-Busch InBev NV will kick off a second attempt to spin off its Asian business in Hong Kong with the launch on Wednesday of an IPO worth up to $6.6 billion that could be the world’s second largest flotation this year. The brewing giant, which in July tried to raise up to $9.8 billion through an initial public offering (IPO) of Budweiser Brewing Company APAC Ltd, said on Tuesday it would offer 1.3 billion shares at between HK$27 and HK$30 ($3.45-$3.83) apiece. The new offering includes a rare…

Saudi Attacks: Aramco pushes ahead with IPO work after major attacks

By Dinesh Nair and Archana Narayanan Bankers hired for Saudi Aramco’s mammoth initial public offering plan to stick to their schedule to pitch the deal to analysts even after devastating attacks on its biggest facilities slashed oil output by half, according to people with knowledge of the matter. The energy giant aims to hold analyst presentations as planned and hasn’t told executives that its plans to list on the Saudi stock exchange as early as November may be delayed, the people said, asking not to be identified because the matter…

IPO market: Only 11 cos hit bourses this year compared to 24 in 2018

New Delhi: With just over three months to go for the year-end, only 11 companies have hit the capital markets so far in 2019 garnering over Rs 10,000 crore through initial share sales, much lower than 24 firms raising Rs 30,959 crore in entire 2018. The initial public offering (IPO) market is expected to remain challenging for the next few months as well due to volatility in markets on account of global and domestic factors, marketmen said. “The IPO market will continue to remain tough during the year. There has…