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Startup Digest: Nykaa IPO closes, Policybazaar IPO ready, Uber commits Rs 100 crore towards drivers ; SoftBank sells $2 billion of DoorDash shares
IPO galore again: Nykaa IPO subscribed 82 times on the final day:
SINCE MARKETS ARE BOOMING UP, CORPORATES VIE WITH ONE ANOTHER TO COME OUT WITH IPOs. INVESTORS NEED TO BE CAUTIOUS.
The initial public offering (IPO) of Nykaa was subscribed 82 times by November 1 (at the time of writing), the final day of bidding of the issue that opened on October 28. The offer has received bids for 216.5 crore equity shares against an IPO size of 2.64 crore equity shares, as per the subscription data.
Qualified institutional investors (QII) put in bids 91.18 times the portion set aside for them and non-institutional investors bought 112.02 times the shares against their reserved portion. A part set aside for retail investors was subscribed 12.06 times and that of employees saw 1.87 times subscription.
Nykaa’s IPO comprises fresh issuance worth Rs 630 crore and an offer for sale (OFS) worth Rs 4,721 crore. The company aims to mop up Rs 5,351.92 crore through IPO. A sum of Rs 2,396 crore was raised from anchor investors on October 27.
Policybazaar IPO opens for subscription; founders to reduce sale of own shares in IPO by 85-90%
The initial public offering of Policybazaar opened for subscription on Monday and will close on Wednesday. At the time of the writing, the IPO was subscribed 0.58 times and the retail category was fully subscribed. The IPO comprises a fresh issue of shares worth Rs 3,750 crore, along with an offer for sale (OFS) of shares worth Rs 1,959.72 crore by existing promoters and shareholders.
Through the IPO, the company will raise an amount of around Rs 5,826 crore. The price band of the IPO is set at Rs 940-980 per share. Founders Yashish Dahiya and Alok Bansal will sell fewer shares through the OFS than they had decided earlier in the IPO, as per reports. Increased interest in tech IPOs and the headroom for further growth in its business as well as likely valuation after the share sale led to the founders reducing their OFS by 85-90 percent by value.
Dahiya was supposed to sell his shares worth Rs 250 crore in the Policybazaar IPO as per the draft red herring prospectus (DRHP) filed in August. Policybazaar’s Rs 5,700 crore IPO is looking at a listing valuation of $6.15 billion. PB Fintech has garnered a little over Rs 2,569 crore from anchor investors ahead of its IPO.
PharmEasy to file for IPO next week
API Holdings, the parent company of the online pharmacy retailer PharmEasy, is expected to file a draft red herring prospectus with the markets regulator Securities Exchange Board of India (SEBI) next week, sources told CNBC-TV18.
The issue size for the public offering has been pegged between Rs 6,000 crore and Rs 6,500 crore. The issuance is expected to be an offer for sale with API Holdings setting the price band for the IPO at a discount of 15-20 percent in order to get good demand for the issue.
The final valuation will depend on the demand seen around the listing, sources said. API Holdings is looking to list by January-February 2022, depending on the relevant regulatory approval. The company is currently looking at a valuation of around $7 billion for the IPO.
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