 "Hyundai Motors, Swiggy IPOs get Sebi nod: A look at India’s biggest share offerings")
The Securities and Exchange Board of India (Sebi) has given the nod to initial public offerings (IPOs) from both Swiggy and Hyundai Motors.
The company will now have to submit an updated draft red herring prospectus (DRHP).
Swiggy, which had in April submitted draft papers to Sebi for a confidential initial public offering (IPO), will likely list its shares in November.
The food delivery startup’s IPO comes nearly three years after its competitor Zomato went public.
Swiggy is targeting a valuation of around $15 billion and aims to raise $1-1.2 billion — which would make it India’s sixth biggest IPO.
Hyundai Motors plans to raise $3 billion at a roughly $20 billion valuation — which would make it India’s biggest IPO ever.
This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki’s IPO in 2003.
The carmaker is likely to launch its IPO in November.
Let’s take a look at India’s biggest IPOs:
LIC
India’s biggest IPO came in May 2022 when Life Insurance Corporation of India put shares on sale.
The company raised around $2.45 billion (Rs 21,000 crore) from the IPO.
The Centre had offered the public a 3.5 per cent stake in the insurance giant.
Shares for general investors were listed at a band of Rs 902 to Rs 949 per share.
Policy holders were given a discount of Rs 60, while retail investors and employees had a rebate of Rs 45.
The company put 22.13 crore shares on offer.
Of these 9.88 crore shares were reserved for qualified institutional buyers and over 2.96 crore shares for non-institutional buyers.
Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.
The company shares listed at Rs 865 per unit on the BSE.
Today, the shares are listed at Rs 1016.
Paytm
Paytm filed for an IPO in July 2021.
The mobile payments and digital money transfer firm raised $2.19 billion (18,300 crore).
Paytm’s parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares.
Paytm’s IPO had comprised a fresh issue of equity shares worth Rs 8,300 crore and an offer for sale (OFS) of shares worth up to Rs 10,000 crore.
The OFS, or secondary share sale, consisted of the sale of shares worth up to Rs 402.65 crore by founder Vijay Shekhar Sharma.
The company had set aside 75 per cent of the offer for QIBs, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors.
The first day of its IPO had secured the highest ever retail percentage subscription for IPOs with retail sizes in excess of Rs 1,000 crore over the last decade.
Paytm had priced its shares in a price band of Rs 2,080-2,150 per share.
The share, which listed at Rs 1955, is today valued at Rs 688.
Coal India
State-run miner Coal India filed for its IPO in August 2010.
It raised around $1.82 billion (Rs 15,200 crore).
Coal India had offered 631.63 million equity shares for sale.
Coal India’s IPO had witnessed the highest subscription on the final day of bidding.
Coal India was oversubscribed just 1.71x on Day 2, but saw 15.28x subscription on the last day.
The highest oversubscription, 25.4 times, came from non-institutional investors.
Coal India’s shares were fixed at a price band of Rs 225 to 245.
The shares listed on November 4, 2010, at a price of Rs 287.75 per unit.
Coal India’s shares are currently listed at Rs 504.15 on the stock market.
General Insurance Corp of India
State-owned General Insurance Corp of India filed for its IPO in August 2017.
It raised $1.35 billion (Rs 11,370 crore).
The IPO was subscribed 80 per cent on the first day of the bidding – receiving bids for 9,93,04,384 shares against the total issue size of12,47,00,000 shares.
It was subscribed 90 per cent on the second day and oversubscribed 1.06 times on the third and final day of bidding.
The firm had fixed a price band of Rs 855 to 912 for its shares.
The shares listed at Rs 850.
It is currently listed at Rs 398.
SBI Cards
The State Bank of India filed for its IPO in 2019.
It raised $1.24 billion (Rs 10,340 crore).
The company had set a price band of Rs 750 to Rs 755 for its shares.
It offered employees a discount of Rs 75 per share.
The IPO was oversubscribed 26.54 times – receiving bids for 266 crore equity shares against offer size of over 10 crore shares.
Shares listed for qualified institutional buyers saw oversubscription of 57.18 times, while those listed for non-institutional investors witnessed oversubscription of 45.23 times.
Shares set aside for retail investors were oversubscribed 2.5 times.
The share listed at Rs 658.
The share price is currently Rs 770.60.
Zomato
Indian food delivery platform Zomato, which competes with Swiggy, filed for an IPO in April 2021.
It raised $1.12 billion (Rs 9,375 crore).
The Zomato IPO included a fresh offering of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore.
The company fixed a price band for its shares of Rs 72 to 76.
Its IPO was oversubscribed 38 times.
The share listed at Rs 115 on the BSE on July 23, 2021.
It is currently at Rs 286.
With inputs from agencies
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