Ola Electric's IPO subscribed 4.3 times; Akums Drugs shares gain 17%

Ola Electric’s IPO subscribed 4.3 times on final day

Ola Electric Mobility’s initial public offering (IPO) garnered just 4.3 times subscription with some investors staying away from subscribing to shares of the loss-making electric two-wheeler (E2W) maker amid a global market selloff. The offering garnered bids for nearly 2 billion shares worth Rs 15,000 crore as against 465 million shares worth Rs 3,535 core on offer in the main book of the IPO. The institutional investor portion of the IPO was subscribed 5.3 times, high networth individual 2.4 times, and retail 3.92 times. Ola raised another Rs 2,763 crore from anchor investors. The company’s Rs 6,146-crore IPO — biggest in nearly two years — was priced at Rs 72-76 per share. Ahead of the IPO, Ola’s shares commanded a grey market premium (GMP) of 15 per cent. However, following Monday’s selloff GMPs whipsawed and even slipped into negative, which market players said impacted sentiment towards the IPO.
 

 

Day 1: Unicommerce IPO fully booked within hours

The initial public offering (IPO) of SoftBank-backed SaaS platform Unicommerce eSolutions  got fully-subscribed within hours of opening for subscription on Tuesday. The initial share sale received bids for 2,09,25,906 shares, as against 1,40,84,681 shares on offer, translating into 1.49 times subscription, according to the NSE data till 13:42 hours. The portion for Retail Individual Investors attracted 6.66 times subscription, while the category for non institutional investors fetched 1.01 times subscription. Unicommerce eSolutions on Monday said it has garnered over Rs 124 crore from anchor investors. The issue, with a price band of Rs 102 to Rs 108 a share, is open for public subscription from August 6-8.

 

Akums Drugs shares gain 17% on debut

Shares of Akums Drugs and Pharmaceuticals rose over 17 per cent during their trading debut on Tuesday. Shares of the drug maker ended at Rs 796.5, with a gain of Rs 117.5, or 17.3 per cent over the issue price of  Rs 679. The gains follow strong demand during the IPO which saw nearly 50 times more demand than the shares on offer. Akums Drugs’ initial public offering (ipo) comprised Rs 680 crore in fresh fundraising and Rs 1,177 crore in secondary share sales, translating into a total issue size of Rs 1,857 crore. The IPO proceeds will mainly be used to repay debt. At the last close, Akums Drugs was valued at Rs 12,534 crore. 
 

Nuvama arm begins operations in Dubai 

The private-banking arm of Nuvama Wealth Management has begun operating in Dubai and expects to begin business in Singapore in the next quarter, looking to tap the wealth in the two financial hubs. Nuvama Private aims for the offshore business to account for as much as a quarter of revenue and profit within three to five years, according to its president and head Alok Saigal. “Dubai and Singapore are central pillars of our proposition to give access to the India opportunity,” Saigal said in an interview. Mumbai-based Nuvama, backed by Asian private equity firm PAG, has hired three bankers in its Dubai International Financial Center office and expects to add three more by year-end, Saigal said. Bloomberg