After opening the day marginally higher, share markets in India have traded flat and are trading marginally above the dotted line. Sectoral indices are trading on a mixed note with stocks in the pharma sector and stocks in the metal sector trading in green, while stocks in the energy sector are leading the losses.
The BSE Sensex is trading up by 42 points (up 0.1%), and the NSE Nifty is up by 6 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.14 to the US$.
In news from the IPO space. According to Livemint, biscuits maker – Anmol Industries Ltd plans to list in 2018 and has begun work on an initial public offer (IPO). The company plans to file offer documents with the regulator soon.
The Kolkata based company has already appointed bankers for the process and plans to raise over Rs 10 billion through the offer, which would see the company valued at about Rs 40-50 billion.
The company has a turnover of over Rs 12 billion and sells over 30 variants of biscuits, cakes and cookies through over 2500 distributors. It also exports a range of biscuits to countries in Asia, Africa, Europe, the Middle East and the Caribbean Islands.
Several food and beverage companies have tapped the IPO market in the last few years in order to raise funds, retire debt and allow exits to private equity investors.
These include Indore-based Prataap Snacks Ltd, which sells potato crisps and a variety of savouries under the brand name Yellow Diamond which recently raised over Rs 4.8 billion.
IPOs Underperform Broad Market Indices
2017 will undoubtedly be considered as the year of IPOs. The IPO activity is headed for a record. They have garnered more than Rs 650 billion, surpassing the previous record of Rs 375 billion in 2010. This year, the demand has exceeded expectations.
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