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Deccan Herald
5 days ago
- Business
- Deccan Herald
Tata Sons-backed Tata Capital files updated draft papers with Sebi for IPO
The proposed IPO is a combination of a fresh issuance of 21 crore equity shares as well as an Offer For Sale (OFS) of 26.58 crore shares, according to the updated Draft Red Herring Prospectus (DRHP) filed on Monday.
The Hindu
5 days ago
- Business
- The Hindu
Tata Sons-backed Tata Capital files updated draft papers with SEBI for IPO
Non-banking financial company Tata Capital has filed updated draft papers for an Initial Public Offering (IPO) comprising up to 47.58 crore equity shares. The proposed IPO is a combination of a fresh issuance of 21 crore equity shares as well as an Offer For Sale (OFS) of 26.58 crore shares, according to the updated Draft Red Herring Prospectus (DRHP) filed on Monday (August 4, 2025). Under the OFS, Tata Sons will offload 23 crore shares, and the International Finance Corporation (IFC) will divest 3.58 crore shares. The funds mobilised through the issue will be used for augmentation of the company's Tier-1 capital base to meet future capital requirements, including onward lending. Tata Capital filed draft papers in April with the markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in July. Following this, companies are required to file an updated DRHP before filing an RHP. Sources had told PTI that the IPO size could be $2 billion, valuing the company at around $11 billion. If successful, this IPO will be the largest initial share sale in the country's financial sector. It will also mark Tata Group's second public market debut in recent years, following the listing of Tata Technologies in November 2023. This move is part of the company's efforts to comply with the Reserve Bank of India's (RBI's) listing requirements. As per the RBI mandate, upper-layer NBFCs are required to list on the stock exchange within three years of being designated as such. Tata Capital was categorised as an upper-layer NBFC in September 2022. For the financial year 2024-25, Tata Group's financial services firm reported a PAT of Rs 3,655 crore as compared to ₹3,327 crore in FY24, and revenues surged to ₹28,313 crore from ₹18,175 crore. The issue is being managed by a consortium of book-running lead managers, including Axis Capital, Kotak Mahindra Capital Company, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd, Citigroup Global Markets India Pvt Ltd, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and JP Morgan India.
News18
5 days ago
- Business
- News18
Tata Sons-backed Tata Capital files updated draft papers with Sebi for IPO
Last Updated: New Delhi, Aug 5 (PTI) Non-banking financial company Tata Capital has filed updated draft papers for an Initial Public Offering (IPO) comprising up to 47.58 crore equity shares. The proposed IPO is a combination of a fresh issuance of 21 crore equity shares as well as an Offer For Sale (OFS) of 26.58 crore shares, according to the updated Draft Red Herring Prospectus (DRHP) filed on Monday. Under the OFS, Tata Sons will offload 23 crore shares, and the International Finance Corporation (IFC) will divest 3.58 crore shares. The funds mobilised through the issue will be used for augmentation of the company's Tier-1 capital base to meet future capital requirements, including onward lending. Tata Capital filed draft papers in April with the markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in July. Following this, companies are required to file an updated DRHP before filing an RHP. Sources had told PTI that the IPO size could be USD 2 billion, valuing the company at around USD 11 billion. If successful, this IPO will be the largest initial share sale in the country's financial sector. It will also mark Tata Group's second public market debut in recent years, following the listing of Tata Technologies in November 2023. This move is part of the company's efforts to comply with the Reserve Bank of India's (RBI's) listing requirements. As per the RBI mandate, upper-layer NBFCs are required to list on the stock exchange within three years of being designated as such. Tata Capital was categorised as an upper-layer NBFC in September 2022. For the financial year 2024-25, Tata Group's financial services firm reported a PAT of Rs 3,655 crore as compared to Rs 3,327 crore in FY24, and revenues surged to Rs 28,313 crore from Rs 18,175 crore. The issue is being managed by a consortium of book-running lead managers, including Axis Capital, Kotak Mahindra Capital Company, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd, Citigroup Global Markets India Pvt Ltd, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and JP Morgan India. PTI SP — DR DR view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
30-07-2025
- Business
- Mint
Sri Lotus Developers IPO Day 1: Check GMP, issue details, review. Apply or not?
Sri Lotus Developers IPO: The initial public offering of Sri Lotus Developers, a real estate firm backed by Bollywood celebrities and prominent investor Ashish Kacholia, will open for subscription on Wednesday, July 30, and will close on Friday, August 1. The Sri Lotus Developers IPO price band has been established at ₹ 140-150 per share. On Tuesday, July 29, the company secured ₹ 237 crore from institutional investors in advance of its IPO opening for subscriptions. Among those who received shares in the anchor round are Tata Mutual Fund (MF), Mahindra Manulife MF, Nippon India MF, Nuvama Asset Management, HSBC MF, SBI MF, Citigroup Global Markets Mauritius, Nomura Singapore Ltd, and Future Generali India Life Insurance Co. Ltd, as stated in a circular posted on BSE's website. According to the circular, the real estate company has issued 1.58 equity shares to 16 funds at ₹ 150 each, bringing the total fundraising to ₹ 237 crore. The company, promoted by Anand Kamalnayan Pandit, specializes in real estate development, focusing on the construction of both residential and commercial properties in Mumbai, Maharashtra, particularly in ultra-luxury and luxury redevelopment projects in the western suburbs. As of June 30, 2025, the company has finished several projects, with 5 ongoing and 11 planned for the future. Subscription for the public issue will open at 10:00 IST during Wednesday's deals. Rajan Shinde, Research Analyst of Mehta Equities Ltd stated that Sri Lotus Developers and Realty IPO offers investors an opportunity to invest in a Mumbai-based real estate developer focused on the high-growth ultra-luxury and luxury housing segment, with a strong presence in redevelopment projects. According to Shinde, operating within a fragmented and fiercely competitive market, the company distinguishes itself as a specialized ultra-luxury developer with significant profit margins, even as it enters at a premium valuation. The involvement of prominent investors and Bollywood figures in the pre-IPO placement increases visibility while raising expectations. 'Taking all aspects into account, we advise long-term investors looking for selective exposure to Mumbai's high-end real estate sector to 'SUBSCRIBE' to the Sri Lotus Developers and Realty Ltd IPO,' said Rajan Shinde. As per SBICAP Securities, the firm intends to increase its footprint in various micro-markets in the southern and central parts of Mumbai, including Nepean Sea Road, Prabhadevi, and the eastern suburbs like Ghatkopar. The company operates on an asset-light model, which contributes to a robust balance sheet and a net debt-free position. Among its competitors, SLDRL achieves the highest EBITDA and PAT margins for FY25. The brokerage advises investors to SUBSCRIBE to the IPO at the specified cut-off price. Sri Lotus Developers IPO consists entirely of a new issuance of shares valued at ₹ 792 crore, with no component for Offer For Sale (OFS). The funds raised from this new issuance will be allocated towards investments in its subsidiaries—Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd—to partially finance the development and construction expenses of its ongoing projects, namely Amalfi, The Arcadian, and Varun. Additionally, a portion of the funds will be reserved for general corporate purposes. Monarch Networth Capital and Motilal Oswal Investment Advisors are serving as the lead managers for this public offering. Sri Lotus Developers IPO GMP today or grey market premium is +44. This indicates Sri Lotus Developers share price were trading at a premium of ₹ 44 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sri Lotus Developers share price was indicated at ₹ 194 apiece, which is 29.33% higher than the IPO price of ₹ 150. 'Grey market premium' indicates investors' readiness to pay more than the issue price. In December, Sri Lotus Developers secured over ₹ 407 crore by issuing 2.66 crore shares through private placement. Among the investors, Bollywood legend Amitabh Bachchan bought approximately 6.7 lakh shares for ₹ 10 crore, while the Shah Rukh Khan Family Trust obtained around 6.75 lakh shares for ₹ 10.1 crore. Ashish Kacholia acquired 33.33 lakh shares for ₹ 50 crore. Among the other prominent investors are Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor, and Jeetendra, also known as Ravi Amarnath Kapoor. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
22-06-2025
- Business
- Time of India
Is the grey market premium misleading? Decoding the valuation gap in HDB Financial's IPO
Live Events HDB Financial Services ' upcoming Rs 12,500 crore IPO has attracted attention—largely due to its HDFC Bank parentage and earlier excitement in the grey market. But with the grey market premium (GMP) now cooling to around Rs 50–51, or roughly 7% over the IPO price, the earlier exuberance appears to be the IPO details were announced, HDB Financial shares were trading in the unlisted market at Rs 1,200–1,350 apiece—nearly 70–80% higher than the IPO's upper price band of Rs 740. This sharp correction in GMP raises key questions: is the IPO valuation more grounded in fundamentals, or are early unlisted investors now staring at significant notional losses At Rs 740, the IPO values HDB at 3.72x FY24 book value—broadly in line with listed NBFCs such as Bajaj Finance and Shriram Finance . This suggests the offer is conservatively priced by institutional benchmarks, despite the earlier hype reflected in unlisted market prices often reflect supply scarcity and retail sentiment, rather than business fundamentals. Prior to the IPO announcement, limited float and high demand in the unlisted space drove prices up, with little regard for structured valuation of investors bought HDB shares in the unlisted market at prices between Rs 1,200 and Rs 1,350. Based on the IPO valuation, they now face notional losses of 40–45%. For many, this serves as a cautionary tale about the risks of relying on grey market trends as a proxy for IPO Bank, which holds a 95% stake in HDB, is divesting 12.95 crore shares via an Offer For Sale (OFS). These shares were originally acquired at an average cost of Rs 46.4, meaning HDFC Bank could book a gain of over Rs 9,373 crore if the issue is fully subscribed at the top end of the price also helps the bank meet the RBI's upper-layer NBFC listing requirement, while unlocking capital without raising fresh suggest that the grey market premium may no longer be a reliable indicator of listing performance, especially for large, fundamentally priced IPOs. Recent trends show that anchor investors and long-only institutions are favouring reasonable valuations over overhyped the 42-48% discount between grey market and IPO valuations presents an opportunity for retail investors to enter a quality NBFC at a relatively fair price. Even if listing gains are modest, the long-term potential of HDB—especially given its HDFC parentage and focus on Tier-2/3 markets—remains attractive.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
