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Economic Times
6 days ago
- Business
- Economic Times
FPIs exercise caution in Indian IPO market amidst volatility in 2025
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Foreign portfolio investors (FPIs) are treading cautiously in the domestic primary market amid high market volatility and the slower pace of initial public offerings (IPO), shunning the euphoria of have invested just over $1.8 billion (Rs15,864 crore) in IPOs in the calendar year till May, compared with $4 billion (Rs33,487 crore) in the same period a year calendar 2024, they pumped in a record $14.5 billion (Rs 1.2 lakh crore) as an all-time high of 178 companies raised primary equity through IPOs and qualified institutional placements (QIPs).So far in 2025, 15 companies have launched IPOs, nearly half the 29 that hit the primary market in the year earlier the aggregate ₹27,467 crore raised is almost at par with the ₹27,651 crore raised in the first five months of shows the average IPO size in 2025 so far has nearly doubled from last year. In 2024, over 80 companies had raised nearly ₹1.5 lakh crore through the IPO route, making it a record year for primary fundraising. "Compared with early 2024, FPIs were selling in the secondary market (between October 2024 and March 2025) because of a host of domestic and international uncertainties," said Arka Mookerjee, partner, capital markets, JSA Advocates & Solicitors. "That risk-off sentiment rubbed off on the primary market too."FPIs have become selective in the primary market, he said."In the past month, the primary market has seen FPI activity picking up especially in unique new-age tech companies where valuations are cheap, thanks to the stability in the secondary market. If it continues, foreign investors will be more encouraged to look at IPOs," Mookerjee contrast to the slack in the IPO market, FPIs showed heightened interest in the secondary market in May--their net investment at $2.1 billion was the highest in eight benefitted from the changing stance of foreign investors on emerging markets (EM).In May, emerging markets excluding China saw the largest net inflow since December 2023 of $13 billion, with almost every market in the plus column, noted Macquarie Capital in a report, adding that India, Taiwan and Brazil reported a strong and block deals worth ₹91,600 crore led by stake sales by investors in companies such as ITC and InterGlobe Aviation may have encouraged secondary market FPI line with their foreign counterparts, domestic funds also remained bullish in Indian equities. They invested a net ₹49,108 crore in May compared with ₹18,063 crore in the previous a revival in FPI flows in April and May, their net position in Indian equities remained negative in the first five months of 2025 due to the heavy selling between January and March. FPIs were net sellers to the tune of $10.6 billion (₹92,490 crore) in the first five months of 2025.
Time of India
6 days ago
- Business
- Time of India
FPIs exercise caution in Indian IPO market amidst volatility in 2025
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Foreign portfolio investors (FPIs) are treading cautiously in the domestic primary market amid high market volatility and the slower pace of initial public offerings (IPO), shunning the euphoria of have invested just over $1.8 billion (Rs15,864 crore) in IPOs in the calendar year till May, compared with $4 billion (Rs33,487 crore) in the same period a year calendar 2024, they pumped in a record $14.5 billion (Rs 1.2 lakh crore) as an all-time high of 178 companies raised primary equity through IPOs and qualified institutional placements (QIPs).So far in 2025, 15 companies have launched IPOs, nearly half the 29 that hit the primary market in the year earlier the aggregate ₹27,467 crore raised is almost at par with the ₹27,651 crore raised in the first five months of shows the average IPO size in 2025 so far has nearly doubled from last year. In 2024, over 80 companies had raised nearly ₹1.5 lakh crore through the IPO route, making it a record year for primary fundraising. "Compared with early 2024, FPIs were selling in the secondary market (between October 2024 and March 2025) because of a host of domestic and international uncertainties," said Arka Mookerjee, partner, capital markets, JSA Advocates & Solicitors. "That risk-off sentiment rubbed off on the primary market too."FPIs have become selective in the primary market, he said."In the past month, the primary market has seen FPI activity picking up especially in unique new-age tech companies where valuations are cheap, thanks to the stability in the secondary market. If it continues, foreign investors will be more encouraged to look at IPOs," Mookerjee contrast to the slack in the IPO market, FPIs showed heightened interest in the secondary market in May--their net investment at $2.1 billion was the highest in eight benefitted from the changing stance of foreign investors on emerging markets (EM).In May, emerging markets excluding China saw the largest net inflow since December 2023 of $13 billion, with almost every market in the plus column, noted Macquarie Capital in a report, adding that India, Taiwan and Brazil reported a strong and block deals worth ₹91,600 crore led by stake sales by investors in companies such as ITC and InterGlobe Aviation may have encouraged secondary market FPI line with their foreign counterparts, domestic funds also remained bullish in Indian equities. They invested a net ₹49,108 crore in May compared with ₹18,063 crore in the previous a revival in FPI flows in April and May, their net position in Indian equities remained negative in the first five months of 2025 due to the heavy selling between January and March. FPIs were net sellers to the tune of $10.6 billion (₹92,490 crore) in the first five months of 2025.
Time of India
27-05-2025
- Business
- Time of India
Can Titan maintain strong growth despite challenges from high gold prices?
ET Intelligence Group: Titan Company shares have gained nearly 7.4% after declaring double-digit revenue and profit growth for the fourth quarter on May 8, outperforming the 5% gain in the BSE Durables index amid a volatile broader market. The jewellery and watch maker is expected to continue reporting strong momentum driven by increase in ticket sizes and reach. It plans to open 40-50 new Tanishq stores in FY26 while aiming to renovate, relocate or enlarge 50-60 existing stores. According to Emkay Global Financial Services , Titan observed an impact on consumer sentiment due to high gold prices , in gold jewellery, within the sub-₹50,000 price band. In the higher price band, buyer growth was seen with higher demand for simple designs that attracted lower making charges. To offer more options to consumers amid steep gold prices, Titan has introduced a 9-carat collection in its Caratlane business to make products affordable. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 군산치과 깜짝 놀랄 임플란트 가격 확인하기 군산예미담치과의원 Undo Higher gold prices also increased the company's finance cost to ₹252 crore in the March 2025 quarter from ₹201 crore in the year-ago quarter. Jewellers and manufacturers tend to lease gold from bullion banks instead of maintaining their own inventories of the precious metal to reduce the risk of price volatility. Gold-on-lease (GOL) rates shot up recently, adding to the woes of gold users. Agencies The company mentioned during the analyst call after declaring quarterly result that overall gold price increase has a larger impact for the full year. GOL rates have been settling down and are now about 75-80 bps above the historical number after nearly doubling. Revenue from operations and net profit grew by 19.4% and 13% on-year to ₹14,916 crore and ₹871 crore. Ebitda margin rose by 10 bps on year to 11.9% in March quarter. Centrum Broking expects Titan to benefit from launch of new designs and rising share in wedding jewellery. After considering lower FY25, it has cut earnings for FY26 and FY27 by 13% and 6% and have changed rating from 'buy' to 'add' with a P/E of 60 for FY27 and target price of ₹3,960. Live Events
Economic Times
24-05-2025
- Business
- Economic Times
Aegis Vopak Terminals plans Rs 2,800 crore IPO to reduce debt and expand operations
The company does not have any pure-play listed peer. Its valuation looks skewed given its growth phase and the impact of interest outgo on net profit. Aegis Vopak Terminals is set to raise ₹2,800 crore through equity. The funds will be used to repay debt and expand operations. The IPO will dilute promoter holdings. Recent financials show strong revenue and profit growth. Expansion plans at Mangalore and Pipavav ports are underway. The company's valuation is currently high but expected to normalize after debt repayment. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ET Intelligence Group: Aegis Vopak Terminals (AVTL), which operates liquid and gas storage tank terminals across major ports in India, plans to raise ₹2,800 crore through fresh equity to repay debt and to fund capital expenditure. AVTL is a joint venture between Aegis Logistics , which owns 50.1%, and the Netherlands-based Vopak, which holds 47.4%. After the IPO , the promoter group holding will fall to nearly 87% from the current 97.4%.A higher interest outgo impacted net profit of the company in the past. This will change for the better once it repays debt by using the IPO proceeds worth ₹2,015.9 crore. The utilisation of the existing capacities is likely to improve as the number of customers increases. In addition, it is in the process of expanding terminal capacity across ports, which is expected to improve future factors indicate a high growth potential even though the financial performance in the past three years may look subdued. Given these factors, investors with a higher risk appetite may consider the IPO for the long in 2022, the company is the country's largest third-party owner and operator of storage tanks with 70,800 tonnes of capacity for liquified petroleum gas (LPG) and 1.5 million cubic meters for liquid products such as petroleum, vegetable oil, lubricant and other chemicals as of December 2024. It operates 20 tank terminals at six ports including Kandla, Pipavav, JNPT, Mangalore, Kochi, and Haldia. Once the new capacities at Mangalore port and Pipavav port become operational, the LPG capacity will increase to 200,800 AVTL, FY23 was the first full year of operations. In FY24, revenue increased by 59% year-on-year to ₹561.8 crore. Net profit was ₹86.5 crore compared with a net loss of ₹0.8 operating margin before depreciation and amortisation (Ebitda margin) improved by 590 basis points to 70.8%. In the nine months to December 2024, revenue rose by 23.6% year-on-year to ₹464.1 crore while net profit grew by 154.9% to ₹85.9 crore. The Ebitda margin expanded by 650 basis points to 73.6%. Net debt reduced to ₹1,717.4 crore from ₹2,301.4 crore in December company does not have any pure-play listed peer. Its valuation looks skewed given its growth phase and the impact of interest outgo on net FY24, interest formed 59% of operating margin. Once the debt is repaid, the valuation is expected to normalise. At the upper end of the price band, the company's enterprise value (EV) is 49 times Ebitda. The average multiple for the port sector is at around 26.
Time of India
23-05-2025
- Business
- Time of India
Aegis Vopak Terminals plans Rs 3,500 crore IPO to reduce debt and expand operations
ET Intelligence Group: Aegis Vopak Terminals (AVTL), which operates liquid and gas storage tank terminals across major ports in India, plans to raise ₹3,500 crore through fresh equity to repay debt and to fund capital expenditure. AVTL is a joint venture between Aegis Logistics , which owns 50.1%, and the Netherlands-based Vopak, which holds 47.4%. After the IPO , the promoter group holding will fall to nearly 87% from the current 97.4%. A higher interest outgo impacted net profit of the company in the past. This will change for the better once it repays debt by using the IPO proceeds worth ₹2,015.9 crore. The utilisation of the existing capacities is likely to improve as the number of customers increases. In addition, it is in the process of expanding terminal capacity across ports, which is expected to improve future profit. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Realize seu sonho de ter uma hidromassagem em casa Brasil Banheiras Saiba Mais Undo These factors indicate a high growth potential even though the financial performance in the past three years may look subdued. Given these factors, investors with a higher risk appetite may consider the IPO for the long term. Established in 2022, the company is the country's largest third-party owner and operator of storage tanks with 70,800 tonnes of capacity for liquified petroleum gas (LPG) and 1.5 million cubic meters for liquid products such as petroleum, vegetable oil, lubricant and other chemicals as of December 2024. It operates 20 tank terminals at six ports including Kandla, Pipavav, JNPT, Mangalore, Kochi, and Haldia. Once the new capacities at Mangalore port and Pipavav port become operational, the LPG capacity will increase to 200,800 tonnes. Agencies For AVTL, FY23 was the first full year of operations. In FY24, revenue increased by 59% year-on-year to ₹561.8 crore. Net profit was ₹86.5 crore compared with a net loss of ₹0.8 crore. Live Events The operating margin before depreciation and amortisation (Ebitda margin) improved by 590 basis points to 70.8%. In the nine months to December 2024, revenue rose by 23.6% year-on-year to ₹464.1 crore while net profit grew by 154.9% to ₹85.9 crore. The Ebitda margin expanded by 650 basis points to 73.6%. Net debt reduced to ₹1,717.4 crore from ₹2,301.4 crore in December 2023. The company does not have any pure-play listed peer. Its valuation looks skewed given its growth phase and the impact of interest outgo on net profit. In FY24, interest formed 59% of operating margin. Once the debt is repaid, the valuation is expected to normalise. At the upper end of the price band, the company's enterprise value (EV) is 49 times Ebitda. The average multiple for the port sector is at around 26.
