Latest news with #InitialPublicOffering
Hindustan Times
17 hours ago
- Business
- Hindustan Times
Prestige Group posts ₹25 crore net profit in Q4 FY25, down 82% YoY
Bengaluru-based listed real estate developer Prestige Group has posted an 82% decline in its consolidated net profit to ₹25 crore in the quarter ended March from ₹140 crore in the year-ago period, the company said in a regulatory filing. The company stated that the total income for the Q4 quarter also dropped to ₹1,589.3 crore from ₹2,232.5 crore in the corresponding quarter of the previous fiscal year. For the full financial year 2024-25, Prestige Estates recorded a decline in its net profit, which fell to ₹467.5 crore from ₹1,374.1 crore in 2023-24, down by 66%. Annual revenue was also down to ₹7,735.5 crore, a decrease from ₹ 9,425.3 crore in the previous year. In FY25, the company also partnered with Valor Group to develop an office complex worth ₹4,500 crore in Mumbai. The project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. Also Read: Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. "The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse ₹504 crore into the SPV (special purpose vehicle), which will be established to develop this project. In April 2025, Prestige Hospitality Ventures Limited ('PHVL'), a wholly-owned subsidiary of the Company, filed Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed Initial Public Offering, comprising an offer for sale of such number of equity shares aggregating up to ₹1000 crore and fresh issue of equity shares aggregating up to ₹1700 crore, the regulatory filing said.
The Hindu
a day ago
- Business
- The Hindu
OYO founder Ritesh Agarwal invites name suggestions for its parent firm Oravel Stays
OYO founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its Initial Public Offering (IPO) and looks to have more premium segment offerings. 'There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future,' people familiar with the strategy told PTI. Mr. Agarwal took to social media platforms to seek name suggestions to help craft a "new identity". "We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product — but the parent company powering a global ecosystem of urban innovation and modern living. We believe it's time the world had a new kind of global brand — born in India, but built for the world," the OYO founder said in the post on Thursday (May 29, 2025). How often does a global company ask the world to name it? That's exactly what we're doing. OYO started over a decade ago with a simple idea of upgrading quality living space across and drive standardisation. Since then, we've grown from a single room in India to a network of… — Ritesh Agarwal (@riteshagar) May 29, 2025 Mr. Agarwal shared that it should be a bold, one-word corporate name, global in feel, not tied to one culture or language, tech-forward, sharp, but also human and memorable, and broad enough to grow beyond hospitality, preferably with a .com domain available. He offered a prize of ₹3 lakh to the winner along with a chance to meet him. PTI had reported that OYO has arranged for five investment banks to give a crucial presentation to its key shareholder SoftBank in June at the latter's London office on Grosvenor Street, that could determine the company's path to public listing, as it eyes launching an IPO in the last quarter of the current fiscal. "OYO is actively exploring launching a separate app for its premium hotels and mid-market to premium company-serviced hotels as the segment has seen exponential growth across India as well as its global markets. There is a very high possibility that the name being selected may end up being the name of the premium hotels app that OYO has been working to launch in near future," said people familiar with the matter.
Indian Express
2 days ago
- Business
- Indian Express
This Word Means: Initial Public Offering (IPO)
WHY NOW? OpenAI on Wednesday (May 28) indicated its openness to a potential future IPO, depending on the company's own readiness as well as how public markets respond. IPO stands for Initial Public Offering. Put simply, it is the process by which a company goes public. It refers to the process by which a privately held company, or a government-owned enterprise like LIC, raises funds by offering shares to the public or to new investors. The IPO is the first step in the process of listing a company on the stock exchange. HOW IS AN IPO LISTED? In India, a company listing an IPO first has to file its offer document with the market regulator, Securities and Exchange Board of India (Sebi). The offer document contains all relevant information about the company, its promoters, its projects, financial details, the object of raising the money, terms of the issue, etc. WHY LIST A COMPANY? A company may opt to be listed on the stock exchange primarily to raise capital. It may also help diversify and broaden its shareholder base. The listing process mandates additional regular disclosures by companies, resulting in more stringent compliance requirements. This benefits the shareholders. Listing also provides an exit to the company's existing investors. WHICH COMPANIES ARE ELIGIBLE FOR AN IPO? In India, Sebi has mandated that companies need to meet the following criteria before approaching the public for funds: WHO FIXES THE IPO SHARE PRICES? The price of the IPO per share is fixed by the issuer in consultation with the merchant banker. They arrive at the total valuation of the company based on parameters such as assets, revenues, profits, and future cash flow projections, and the total value of the company is then divided by the post-offer shares outstanding to arrive at the price of each share. The market regulator, Sebi, does not play any role in price fixation. WHO CAN INVEST IN AN IPO? Anyone above the age of 18 years of age is eligible to become an investor. All one needs is a brokerage account to invest. There are various categories of investors who can invest in an IPO.
Pink Villa
2 days ago
- Business
- Pink Villa
Police chase BTS agency chair Bang Si Hyuk in 400 Billion KRW stock fraud probe, search warrant issued against HYBE
Bang Si Hyuk, the founder and chairman of HYBE (BTS label), is at the center of an intensifying police investigation into alleged fraudulent transactions, and now, the police have taken a critical next step. Police Authorities have officially applied for a search and seizure warrant against HYBE and related parties. According to Newsen, the Seoul Metropolitan Police's Financial Crime Investigation Unit submitted the request to the Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutors' Office. This is their second attempt after an earlier request was rejected in early May. What Is Bang Si Hyuk's Controversy? Bang Si Huk and his close associates misled investors in 2019 about HYBE's plans to go public. At the time, the company, then known as BigHit Entertainment, reportedly told certain investors there were no immediate IPO (Initial Public Offering) plans, citing unfavorable market conditions. However, around that same time, HYBE had already applied for a designated audit, a formal and significant first step in the process of preparing for an IPO. The case involves a 400 billion KRW (approx. USD 290 million) deal, allegedly tied to misleading investors and hidden profit-sharing. Why is The Police Investigating? Police now believe this discrepancy may not have been accidental. HYBE was quietly laying the groundwork for its blockbuster stock market debut in 2020. Some early investors, taking management's words at face value, sold their shares, private equity firms like Easton PE and Newmain Equity stepped in and bought stakes later that year. The Financial Supervisory Service is also conducting its review, raising the stakes further. If police can prove that HYBE intentionally misled investors during this period, the case could evolve into a significant capital markets scandal. For now, prosecutors are reviewing the warrant request. If approved, it could give investigators access to crucial internal materials from HYBE. But the question remains: Will this affect BTS? The answer is both no and yes. No, because BTS as a group is not involved in the investigation. They have no connection to the alleged fraudulent transactions, and their name hasn't come up in any part of the scandal. The members are completely separate from the business dealings under scrutiny. Yes, in the sense that BTS is closely tied to HYBE and its subsidiary BigHit Music. Public perception of the company may indirectly cast a shadow, simply because of that association. However, it's unlikely to have any lasting impact on the group itself. One can take it mostly as no effect will fall upon BTS.
Indian Express
2 days ago
- Business
- Indian Express
BTS mastermind Bang Si Hyuk may face life in prison over suspected $290 million fraud; HYBE shares plunge
HYBE's chairman and CEO, Bang Si Hyuk (the company that manages BTS and other big K-pop names), is reportedly facing a criminal investigation over allegations that he may have been involved in a fraudulent securities transaction. Leading one of the most powerful K-pop agencies, and having also expanded the branches in America by joining hands with Scooter Braun, he now faces accusations of misleading investors. He is in the middle of a probe by South Korea's Financial Supervisory Service (FSS), the country's top financial watchdog. The alleged fraudulent stock market deal is worth 400 billion KRW (roughly $290 million), according to the Korea Times. HYBE's stock is at 266,000 won now, dropping 13,000 won or 4.66% compared to the previous day, according to Chosun Biz. Also read: Explained: Controversy and drama at Hybe, the K-pop company behind BTS Back in 2019, when Bang's HYBE was still called BigHit Entertainment, the FSS suspects that he hid his plans from investors to enlist the company for an Initial Public Offering. At the time, venture capitalists and institutional investors were wondering if the K-pop agency planned to go public. But, according to these investors, Bang told them there were no such plans at the time, and that statement convinced many to sell their shares, believing there was no upcoming public stock listing and thinking there might not be much profit if they held on to the shares. But as the investigation is launched, the FSS says they have gotten their hands on evidence that Bang secretly planned to list the company on IPO. They even applied for a designated auditor, a legal step that's required before a company can list on the stock market. Also read: 'We're getting a BTS concert': Indian fans hopeful as HYBE plans Mumbai office But where did the money go? Sources shared with officials that Bang signed a deal with a private equity fund (PEF), which in return purchased all the sold shares. This fund had been set up by someone close to Bang Si Hyuk. And in 2020, when BigHit's K-pop groups were doing commercially well on the global front, HYBE did go public, and the value of those shares skyrocketed. Further investigation reveals that Bang Si Hyuk even had a secret arrangement with the PEF which stated that he was entitled to 30% of the profits from their investment. These were the profits that came directly from buying those undervalued shares and then selling them after HYBE's IPO, something that was never disclosed by the company. That deal earned him around 400 billion KRW, or $290 million. Under South Korea's Capital Markets Act, it is important for investors to be transparent about financial agreements while filing for an IPO. Failing to do so is considered fraudulent and unfair trading. The FSS is trying to prove that Bang made the investors sell their shares early on so that his close friends and partners could purchase those, and he could secretly profit — he could be charged under Article 443 of the law. And if the profit earned from such fraudulent trading exceeds 5 billion KRW (this one is 400 billion KRW), the punishment is a minimum of 5 years in prison, and in extreme cases, life imprisonment. The FSS has already finished most of their investigation. They're preparing to send it to prosecutors through a fast-track process, meaning things are moving quickly. A HYBE spokesperson has denied all the allegations, claiming that all the transactions were reviewed by lawyers and were within legal limits. But, investigators claim they have access to records of HYBE holding internal meetings and filing paperwork with EY Hanyoung (an external auditor) in November 2019, showing they were absolutely preparing for IPO.
