Analysis of 6 major tech IPO launches of 2021 — Zomato, Paytm, Nykaa, Fino Payments Bank, Policy Bazaar and CarTrade Tech — shows investor euphoria could be fading.
The shares fell as much as 9.4% to Rs 860 versus their IPO price of 949, before paring about half of the losses. LIC is the fourth-largest deal among global IPOs priced this year.
A group of ministers is likely to meet on 4-5 March to decide whether the govt should go ahead with the IPO, as foreign portfolio investors could be key to its success.
Prominent tech startups, including Oyo Hotels and Delhivery, are pushing back their IPO and preparing to reappraise target valuations amid battering received by newly listed firms.
Move comes after FM Sitharaman sharply reduced asset-sale targets at budget announcement, raising questions about how much she plans to raise from the LIC IPO.
LIC IPO is supposed to be India's biggest-ever public issue. The government plans to sell anywhere between 5-10% stake in the insurer, which could fetch it around Rs 1 lakh crore.
A knock-out listing could see LIC raise as much as $10 billion from the IPO with a minimum dilution of 5%. That would make it the third biggest globally involving an insurer.
The proposed amendment to the Insolvency and Bankruptcy Code aims to reduce timelines and provide for a mechanism that involves minimal interaction with the court. It fails on both counts.
Open to public feedback until 26 November, the revised guidelines, among other changes, give CA firms more flexibility to advertise & promote their services.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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