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Ivalue Infosolutions shares list at 5% discount to IPO price on exchanges

2 weeks ago
Bengaluru-headquartered enterprise technology services provider Ivalue Infosolutions listed at a discount on the bourses on Thursday. Ivalue Infosolutions shares debuted at Rs 284.95 apiece on the NSE against the IPO price of Rs 299. On the BSE, the stock listed at Rs 285.The Rs 560-crore issue, which was entirely an offer-for-sale (OFS), received bids for 2.38 crore shares against 1.31 crore on offer, getting subscribed 1.82 times overall.While institutional demand gave the issue a healthy close, activity in the unofficial market remained tepid. The grey market premium (GMP) on the stock hovered around 0% ahead of the listing, indicating the stock was expected to list close to its issue price of Rs 299 per share. However, the actual listing was lower than GMP expectations.IPO subscription snapshotThe IPO ran from September 18 to September 22 with a price band of Rs 284–299 per share and a lot size of 50 shares. At the top end, the company commands a market cap of Rs 1,600 crore.Anchor investors had already put in Rs 168 crore on September 17, taking up 30% of the issue.Business and financialsFounded in 2008, Ivalue Infosolutions specialises in enterprise digital transformation, providing solutions in cybersecurity, data lifecycle management, cloud, and IT infrastructure. The company operates not just across India but also in Singapore, Bangladesh, Sri Lanka, UAE, Cambodia, and Kenya.Its client base primarily comprises large enterprises, supported by strong OEM partnerships and a network of system integrators.Financially, the company has shown steady growth. For FY25, revenue stood at Rs 942 crore, up 19% year-on-year, while net profit rose 21% to Rs 85.3 crore. Margins have remained stable with PAT margin at 8.9% and ROE above 21%.What the market is sayingDespite the stable financial performance and global footprint, the lack of listing buzz in the grey market is noteworthy. Analysts say this is partly because the IPO was a pure OFS, with no fresh capital infusion into the company. That means proceeds will go entirely to existing shareholders, not into business expansion.Valuations also leave limited headroom for immediate upside. At the issue price, the stock is valued at 18.7x earnings, which they consider fair given the steady but not spectacular growth trajectory.Ivalue’s leadership in its niche and its role in enterprise digital transformation may support long-term interest.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

BCCI complains against Pak's Rauf, Sahibzada

2 weeks ago
India has filed an official complaint with the ICC against Pakistan cricketers Haris Rauf and Sahibzada Farhan for their provocative gestures during the two sides' Asia Cup Super 4 game in Dubai last Sunday. It is reliably learnt that the BCCI filed the complaint against the duo on Wednesday and ICC is in receipt of the e-mail. An ICC hearing is expected to take place in case Sahibzada and Rauf deny these allegations in writing. They might have to appear before the ICC Elite Panel Referee Richie Richardson for a hearing. In a retaliatory gesture, the Pakistan Cricket Board also seems to have lodged an official complaint with the international parent body against Indian skipper Suryakumar Yadav for expressing his solidarity with victims of Pahalgam terror attack and dedicating his team's victory to the Indian Armed Forces involved in Operation Sindoor. His comments came after the September 14 game. PCB alleges that Surya's comments are "political" although technically it needs to be seen when exactly did it file the complaint, which needs to be lodged within seven days of the said comment. Rauf, Sahibzada gestures During the September 21 match, Rauf had made gestures to depict the bringing down of a plane to mock India's military action after Indian supporters chanted "Kohli, Kohli" referring to the couple of match-winning sixes that the Indian legend hit off the pacer at MCG during a T20 World Cup game in 2022. During the match, he hurled abuses at Indian openers Shubman Gill and Abhishek Sharma during his bowling spell and the two youngsters responded with their bats. Sahibzada, during the same match, celebrated with a gun-firing gesture using his bat as a machine gun prop, something that has been widely criticised. "That celebration was just a moment at that time. I do not do a lot of celebrations after scoring 50. But, it suddenly came to my mind that let's do a celebration today. I did that. I don't know how people will take it. I don't care about that," Farhan had told reporters after the match. Both Rauf and Sahibzada will have to explain their gestures at the ICC hearing and if they can't convince then they could face sanctions as per th code of conduct. Naqvi posts cryptic CR7 video on 'X' Adding fuel to the fire, Asian Cricket Council chairman Mohsin Naqvi on Wednesday posted a slow-motion video of Cristiano Ronaldo on 'X', where the Portuguese legend is seen gesturing that an aircraft suddenly crashed, something that Rauf indicated on-field during the clash of arch-rivals last Sunday. Naqvi, apart from also being Pakistan Cricket Board Chairman, is the 'Interior Minister' of his country and is known to make provocative statements against the India. Ronaldo, in the video, could well be explaining how his direct free-kick dipped and entered the goal. After this, whether the Indian team, which is now the finalist of the Asia Cup, share the dais with the ACC Chairman is something that remains to be seen. The matter hasn't gone unnoticed as far as both BCCI and ICC mandarins are concerned. Only time will tell if there will be some kind of action taken against Naqvi.

Pharma, healthcare firms eye Rs 13,000-cr IPO wave over 9 months

2 weeks ago
Mumbai: India's pharmaceutical and healthcare sector is gearing up for a fundraising spree through initial public offerings (IPOs), seeking to raise an estimated ₹12,000-13,000 crore over the next six to nine months.According to data compiled by ET, 15 companies in this sector are expected to hit the primary market soon. The Securities and Exchange Board of India (Sebi) has draft red herring prospectuses (DRHPs) of Indira IVF, which refiled in July for an about ₹3,500-crore issue size, and Sahajanand Medical Technologies, which filed for a ₹1,500-crore issue. Other notable filings include NephroPlus (about ₹2,000 crore), Molbio Diagnostics ₹200 crore) and Cotec Healthcare (₹500 crore). Sudeep Pharma, which submitted draft papers in June, plans to raise ₹95 crore, while Gaudium IVF and Women Health is expected to refile for about ₹500 crore.Several companies have received Sebi's approval, including Rubicon Research, which is looking to raise ₹1,085 crore and Corona Remedies (₹800 crore). 124102314 Fertility, Women's Health in Focus Others who have received the green light include Paramesu Biotech (₹600 crore), Allchem Lifesciences (₹190 crore), Paras Healthcare (about ₹900 crore), Veeda Clinical Research (about ₹500 crore) and Gujarat Kidney and Superspeciality Hospital (₹128 crore).Genetix Biotech is planning to file for an IPO soon.Emails sent to the companies remained unanswered.The flurry of approvals and filings reflects the trends shaping the sector, particularly in segments such as fertility and women's healthcare, according to experts."We are seeing a strategic shift, particularly within the assisted reproductive technology (ART) sector," said Saurav Chaube, research analyst at Samco Securities. "The growing investor interest is driven by compelling market fundamentals, including rising infertility awareness, favourable demographics and a projected CAGR (compound annual growth rate) of around 15% over the next decade."Companies such as Indira IVF and Gaudium IVF have filed through the confidential route, signalling a maturing market, where players seek to optimise their public offerings by minimising early scrutiny and opportunist litigation, according to Chaube.While the ART segment draws investor attention domestically, broader macro trends are also supporting the pharma and healthcare listing wave. Samir Bahl, chief executive of Anand Rathi Advisors, said global markets have increasingly focused on pharma and healthcare since Covid-19, with countries such as the US and India ramping up investments in pharma and biotech innovation."As supply chains diversify away from China, Indian pharma companies seem well positioned to leverage their cost advantage, capitalise on export opportunities and raise capital for R&D in biosimilars, specialty drugs, etc," he said.Further, Bahl said, Indian pharma companies are commanding high price-to-earnings ratios, signalling favourable valuations and keen investor interest in the pharma and healthcare sector.

Are constant maturity index funds a better bet than short-term bank deposits?

2 weeks ago
Mumbai: Investors looking for a low-cost, low-risk parking ground with easy liquidity have an alternative to short-term bank deposits. A clutch of mutual funds, including Axis, Birla, HDFC, ICICI and Bandhan, are offering constant maturity index funds tracking the CRISIL-IBX Financial Services 3-6 Month Debt Index.The open-ended product invests in short-term debt instruments, including bonds and money-market securities issued by banks, NBFCs and other financial institutions. "This fund is tailored for investors seeking a low-risk, cost-effective and short-term investment avenue. It is particularly suitable for conservative investors, corporate treasuries, and high-net-worth individuals looking to park surplus funds for 3-6 months," says Aditya Pagaria, senior fund manager, Axis Mutual Fund.124102147With indicative yields of 6-6.4%, these products offer as much as 200 basis points more than the 4.25% typically earned on 3-6-month bank deposits. Moreover, it's a liquid product without any lock-in.These schemes follow a 'roll-down' strategy: the fund manager buys 6-month securities, holds them until their maturity comes down to 3 months, and then rebalances by selling and reinvesting in fresh 6-month papers. By staying in the 3-6-month bucket, the funds keep duration risk low and volatility minimal. Fund houses say apart from being a short-term parking ground, savvy investors are also using these products to stagger their entry into equities or as a temporary parking spot while waiting for a market correction."While investors have been using this scheme to park short-term money, increasingly there is also interest from investors looking at this fund to stagger their investments into equity through Systematic Investment Plan (SIPs) or systematic transfer plans (STPs)," says Sirshendu Basu, head - Products, Bandhan Mutual Fund.

Domestic equity markets decline for fourth straight session amid H-1B visa concerns

2 weeks ago
Mumbai: Domestic equity indices extended losses for a fourth straight session on Wednesday as uncertainty over the US's economic actions against India kept investors on edge.NSE Nifty fell 112 points, or 0.45%, to close at 25,056, while the BSE Sensex dropped 386 points, or 0.5%, to 81,715. Both benchmarks have lost 1.4% and 1.6%, respectively, over the past four sessions."In the last few days, we've seen the H-1B visa announcement dampen sentiment in the markets. While our estimate is that tier-1 companies will take only a 1-2% hit on their profits, the sentiment has soured due to which we are seeing some profit taking," said Pankaj Pandey, head of fundamental research at ICICI Direct.Earlier this week, Donald Trump announced a levy of $100,000, or ₹88 lakh, on new H-1B visa applications, a move expected to impact Indian information technology companies. Foreign portfolio investors net sold shares worth ₹2,425.7 crore, while domestic institutions were buyers worth ₹1,211.7 crore."The Nifty rallied from 24,400 to 25,400 in just three weeks without a pullback, after the announcement of strong GDP numbers as well as a GST cut, pushing momentum indicators into overbought territory," said Ruchit Jain, vice-president at Motilal Oswal Financial Services. "This has now triggered a short-term correction within the broader uptrend."Jain said market dips offer buying opportunities for positional traders and investors.He added that Nifty will see support at 24,500-24,800 levels and resistance near 25,500, with the index likely to remain range-bound in the near term.Nifty's Volatility Index, or VIX, known as the market's fear gauge, fell 1% to 10.52 on Wednesday.The broader market too extended declines, with the Nifty Midcap 150 down 0.9% and the Nifty Small-cap 250 lower by 0.6%. Out of 4,320 stocks traded on BSE, 1,540 advanced and 2,651 declined.Elsewhere in Asia, Japan rose 0.3%, China gained 0.8% and Hong Kong jumped 1.4%, while South Korea slipped 0.4% and Taiwan lost 0.2%. The pan-European Stoxx 600 index was down 0.3% at the time of going to print.
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