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Indian Express
06-05-2025
- Business
- Indian Express
SEBI bars Synoptics Technologies, promoters for siphoning off IPO funds
The Securities and Exchange Board of India (SEBI) on Tuesday barred Mumbai-based Synoptics Technologies Ltd (STL) and its promoters from trading in securities market for siphoning away funds raised through the initial public offering (IPO). The regulator has prohibited First Overseas Capital Ltd, which acted as the lead manager to the IPO of STL, from taking up any new assignment relating to merchant banking activities in the securities market till further directions. 'The facts brought out during the examination reveal a well laid out plan of the Company and the Lead Manager, FOCL, to siphon away funds raised in the IPO,' SEBI said in the interim order. STL came out with a Rs 54.04 crore IPO and got listed on the SME Platform of NSE Ltd on July 13, 2023. Of the Rs 54.04 crore, Rs 35.08 crore was raised through a fresh issue of shares and the remaining Rs 18.96 crore was through an offer for sale of shares made by two promoters – Jatin Shah, also the company's Managing Director, and Jagmohan Manilal Shah. As per the disclosures made in the Red Herring Prospectus (RHP) filed by STL, issue-related expenses amounted to Rs 80 lakh, of which Rs 50 lakh was to be paid from the proceeds of the fresh issue, while the remaining Rs 30 lakh was to be met by the selling shareholders under the offer for sale. Net of these expenses, STL was projected to receive Rs 34.58 crore from the public issue, to be utilized for repayment of borrowings (Rs 5 crore), working capital (Rs 17.58 crore), investment in strategic acquisition/ joint venture (Rs 5.3 crore) and general corporate purpose (Rs 6.7 crore). In its investigation, SEBI found that Rs 19 crore from the issue proceeds was transferred out of the escrow account on July 12, 2023 – a day prior to the listing of the shares of the company and the grant of trading approval. These transfers were effected based on an instruction issued by FOCL to HDFC Bank on July 12, 2023, for release of issue-related expenses. The order said that the amount transferred ostensibly for meeting issue related expenses —Rs 19 crore—was grossly disproportionate to the Rs 80 lakh disclosed as issue expenses in the RHP, and accounted for more than 54 per cent of the total proceeds raised by Synoptics through the fresh issue of shares and 35 per cent of the total issue size. 'The actions of FOCL in giving instructions for the transfers to HDFC Bank, Fort Branch, Mumbai, are shocking and stunning at the same time,' the order said. When asked for a clarification, STL said the payments were not related to issue expenses and were instead for working capital (payment made to Dev Solutions) and strategic investment/joint venture objects (payment made to CN IT Solution and ABS Tech Services). STL had disclosed that the target entities for the proposed strategic investment had not yet been identified. However, within 20 days of the RHP filing—and on the very day the IPO proceeds were credited to the issue account—funds earmarked for strategic investment and general corporate purposes were transferred to CN IT Solutions and ABS Tech Services toward the object of strategic acquisition. SEBI said during a site visit conducted by NSE, it was found that neither of the entities was present/located at the stated address. In respect of Rs 6 crore transferred to Dev Solutions, a site visit by NSE revealed that no such business existed at the stated location.
Cision Canada
30-04-2025
- Business
- Cision Canada
QYOU Media Reports Record $31 Million in Revenue for 2024
Q4 2024 Delivers Third Consecutive Quarter of Positive Adjusted EBITDA TORONTO and MUMBAI, India and LOS ANGELES, Calif., April 30, 2025 /CNW/ - QYOU Media Inc., (TSXV: QYOU) (OTCQB: QYOUF) a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, is reporting financial results for the three months (Q4 2024) and year ended December 31, 2024 (FY 2024). Highlights include as follows: The company recorded annual revenue of $31,480,979 representing the highest annual revenue mark in corporate history. This revenue growth was primarily driven by the performance of the US and India based influencer marketing business units as the company streamlined operations and executed on a strategic shift to more financially profitable businesses driving stronger returns. Adjusted EBITDA*: For the year ended December 31, 2024 compared to the same period prior year, Adjusted EBITDA significantly improved 109% to $415,186 representing a YOY improvement of $5,137,745 ( -$4,722,599 in FY 2023). This was driven by strong revenue growth in the influencer marketing business units combined with the strategic discontinuation of the gaming business alongside operating cost controls across the company. Improved Net Loss: For the year ended December 31, 2024, net loss improved by $1,792,525 or 18% compared to prior year. This improvement was offset by significant tax charges along with impairment costs related to the discontinuation of the gaming business. Cash Balance: Cash used in operating activities for the year ended December 31, 2024 was $188,752 compared to $1,788,827 in prior year. The decrease in cash used in operating activities is primarily due to the strategic decision to discontinue the gaming operations along with operating cost controls across the Company. The Company concluded the year ended December 31, 2024 with cash of $946,784 (FY 2023 $736,713) Subsequent to year-end, the Company announced that Chatterbox, its subsidiary influencer marketing business in India, filed a Draft Red Herring Prospectus (DRHP) on the SME Platform of the BSE Limited ("BSE") (formerly known as the Bombay Stock Exchange). QYOU Media CEO and Co-Founder Curt Marvis commented, "The financial results of our business in FY 2024 demonstrate the early success of our repositioning and focus on our influencer marketing business units in the US and India. Three consecutive quarters of positive adjusted EBITDA and continued strong overall revenue growth was our goal and we achieved this while strategically moving on from other revenue-generating but loss-burdened business units. QYOU India Group CEO Raj Mishra, QYOU USA President Glenn Ginsburg and I are proud of the commitment of our teams both here and in India to make this all happen. Our focus now is to leverage this momentum further with our strong teams, unparalleled global client base and the boost we expect to achieve from the listing of Chtrbox in 2025 on the BSE. We all anticipate that 2025 will continue to be marked by new milestone achievements and new growth opportunities for our business in ways that can benefit all shareholders." *Note on Adjusted EBITDA: To supplement our consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards ("IFRS"), we present Earnings Before Interest Tax Depreciation and Amortization ("Adjusted EBITDA") which is a non-IFRS financial measure. The presentation of non-IFRS financial measurement are not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss or net income (loss) or any other performance measures derived in accordance with IFRS or as an alternative to net cash provided by operating activities or any other measures of cash flows or liquidity. We define earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as revenue minus operating expenses excluding non-cash and or non-recurring operating expenses of stock-based compensation, marketing credits, depreciation and amortization (interest and taxes are not included in the Company's operating expenses). Adjusted EBITDA is used as an internal measure to evaluate the performance of our operating segments. We believe that information about this non-IFRS financial measure assists investors by allowing them to evaluate changes in operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and other factors that affect reported results. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Furthermore, this measure may vary among companies; thus Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies. About QYOU Media Among the fastest growing creator driven media companies, QYOU Media operates in India and the United States through its subsidiaries, producing, distributing and monetizing content created by social media influencers and digital content stars. Our influencer marketing business in India, Chtrbox, is an influencer and marketing platform and agency, connecting brands/products and social media influencers. In the United States, we power major film studios, game publishers and brands to create content and market via creators and influencers. Founded and managed by industry veterans from Lionsgate, MTV, Disney, Sony and TikTok. QYOU Media's millennial and Gen Z-focused content has reached more than one billion consumers. Experience our work at Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects'', "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the completion of future investments, the approval of the Exchange of the investments, the approval of the Reserve Bank of India of future investments, the expected use of proceeds from the investment, and statements relating to the business and future activities of QYOU. These forward-looking statements are based on QYOU's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU's control. Additional risks and uncertainties regarding QYOU are described in its publicly-available disclosure documents, filed by QYOU on SEDAR ( except as updated herein. The forward-looking statements contained in this news release represent QYOU's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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Business Standard
24-04-2025
- Business
- Business Standard
NSE revises criteria for SME stocks to shift to mainboard; check new rules
NSE guidelines on SME stocks: The revised eligibility criteria for stocks looking to shift from the NSE SME platform to the NSE Main Board indices will be effective from May 1, 2025 NSE on SME stocks: The National Stock Exchange (NSE), on Thursday, April 24, 2025, revised the eligibility criteria for stocks looking to shift from the NSE SME platform to the NSE Main Board indices. In a circular issued today, NSE said that securities listed on NSE SME Platform shall be eligible to list on NSE main board, subject to such companies, fulfilling the revised eligibility criteria, effective May 1, 2025. What is the new criteria for SME stocks to migrate to the NSE Main board? According to the exchange's latest circular on SME stocks, SME securities should adhere to five major eligibility criterion in a bid to shift to the main board indices on the NSE. NSE's revised eligibility criteria for migration from NSE SME Platform to NSE Main Board - 1) Paid-up capital: The SME company's paid-up equity capital should not be less than ₹10 crore and the average capitalisation should not be less than ₹100 crore. NSE clarified that capitalisation will be the product of the price (average of the weekly high and low of the closing prices of the related shares quoted on the stock exchange for 3 months preceding the application date) and the post issue number of equity shares. 2) Revenue, Ebitda: The NSE circular stated that the SME company should have earned revenue from operations more than ₹100 crore in the last financial year. This rule has been added for the first time. Also, the company should have had positive operating profit from operations in at least two out of three financial years. 3) Listing period: NSE said the SME stock should have been listed on SME platform of the Exchange for at least three years. 4) Public shareholders: The total number of public shareholders in the SME company should be at least 500, down from the previous requirement of 1,000, as on the date of filing the application. 5) Promoter and Promoter Group: The revised eligibility criteria states that the Promoter and Promoter Group should hold at least 20 per cent stake in the SME company at the time of filing the application. Besides, the shareholding of the Promoters should not be less than 50 per cent of shares held by them, as on date of application for migration, on the date of listing. Also Read: Other eligibility criterions listed by NSE Apart from the above mentioned five eligibility criteria, allowing SME stocks to migrate to main board platform on the NSE, the stock exchange said that - 1) There should be no proceedings admitted under the Insolvency and Bankruptcy Code against the applicant SME company and promoting company. Moreover, the company should not have received any winding up petition admitted by NCLT/IBC. 2) In addition to this, the net worth of the SME company should be at least ₹75 crore. 3) The c ompany should not have faced any 'material' regulatory action in the past three years, including suspension of trading against the applicant company and Promoter by any Exchange. 4) The SME company, the Promoter, and/or any subsidiary company should not have received any debarment notice by market regulator Sebi. 5) The SME company should not have faced disqualification/debarment of the director of the company by any regulatory authority. 6) The applicant company should not have any pending investor complaints in SCORES. 7) There should be a cooling period of two months from the date the security has come out of the trade-to-trade category or any other surveillance action, by other exchanges where the security has been actively listed. 8) There should have been no Default in respect of payment of interest and/or principal to the debenture/bond/fixed deposit holders by the applicant, promoter/subsidiary company. NSE SME Market: All you need to know At present, there are at least 365 SME stocks trading on the NSE. Some of the notable names include Purple United Sales, Sahaj Solar, Ganesh Infraworld, EMA Partners, Aimtron Electronics, Royal Arc Electrodes, Precision Metaliks, and Transwind Infrastructures. So far in calendar year 2025, around 57 SME IPOs have been launched in the primary markets, including Spinaroo Commercial, Retaggio Industries, Identixweb, Active Infrastructures, Grand Continent Hotels, Paradeep Parivahan, and Shreenath Paper.
