Tag: Stock Market

  • NSE Shares Climb 5% on Debut, Boosting Market Value by Rs 22,000 Crore

    NSE Shares Climb 5% on Debut, Boosting Market Value by Rs 22,000 Crore

    The National Stock Exchange of India (NSE) made a strong entrance into the public market on Thursday, September 24, with shares rising 5.21% above their initial public offering (IPO) price on the first day of trading. The stock opened at Rs 1,800 on the BSE, surpassing the IPO price of Rs 1,785, and later peaked at Rs 1,878. This performance added approximately Rs 22,000 crore to the exchange’s market capitalization, pushing it to about Rs 4.64 lakh crore.

    NSE Stock Climbs Above IPO Price

    NSE shares started trading 0.84% above the issue price and quickly gained momentum, reaching a high of Rs 1,878. At this level, the exchange’s market value stood at roughly Rs 4.64 lakh crore, nearly Rs 22,000 crore above its valuation at the issue price. By 11:04 a.m., the stock traded at Rs 1,839, giving NSE a market cap of about Rs 4.56 lakh crore—placing it among the world’s 10 largest listed exchanges and India’s 10 most valuable listed companies at that moment. In comparison, rival exchange BSE, which listed in 2017, had a market value of approximately Rs 1.32 lakh crore.

    NSE’s debut contrasted sharply with other major Indian IPOs. Hyundai Motor India fell more than 7% on its first trading day in 2024, Life Insurance Corporation of India dropped nearly 8% in 2022, and Paytm shares lost over 27% on their 2021 debut.

    IPO Attracts Nearly Six Times the Shares on Offer

    NSE’s Rs 22,560-crore IPO (about USD 2.4 billion) was the country’s second-largest, after Hyundai Motor India’s offering. The public portion drew bids for 505.81 million shares against 88.64 million available, resulting in overall demand of about 5.7 times the shares offered. Institutional and large investors led the charge. Before the public offer, NSE allotted 37.79 million shares to anchor investors at Rs 1,785 each, raising Rs 6,746 crore. Existing shareholders sold shares through the IPO, with NSE receiving no new capital from the sale. Retail investors bid for only slightly more shares than their reserved portion.

    NSE first filed for an IPO in 2016, but regulatory disputes and legal proceedings delayed the listing for years. Recent tighter rules for derivatives trading and lower trading volumes prompted the exchange to reduce the offer size and lower its IPO price.

    Analysts Comment on NSE’s Longer-Term Prospects

    Deven Choksey, managing director of DRChoksey Finserv, described NSE as a ‘deep value’ investment, highlighting the exclusive nature of the exchange business, the trading activity on established platforms, and the potential for new products. ‘The exchange business is exclusive. It’s not a common business,’ he said. Choksey advised investors who missed an IPO allotment to buy shares gradually and hold them for three to five years. He also projected that NSE could benefit if India’s total stock market value rises over the next decade.

    VK Vijayakumar, chief investment strategist at Geojit Investments, noted that NSE could offer a long-term opportunity ‘if the NSE stock becomes available in today’s trade at a fair price.’

  • FTSE 100 Opens Higher as US-Iran Talks Resume; JD Sports Profit Falls, Airtel Money Plans London IPO

    FTSE 100 Opens Higher as US-Iran Talks Resume; JD Sports Profit Falls, Airtel Money Plans London IPO

    The FTSE 100 opened 40.75 points higher at 10,749.08 on Wednesday, as investors welcomed signs of renewed diplomacy between the United States and Iran. The positive start came ahead of a fresh batch of flash PMI data from Europe, the UK, and the US.

    Market Movers

    Brent crude futures fell 0.43% to USD 98.82 per barrel, while U.S. West Texas Intermediate (WTI) advanced 0.99% to USD 89.62. Sterling rose to USD 1.3382 early Wednesday from USD 1.3372 late Tuesday, and edged up against the euro to EUR 1.1661 from EUR 1.1658.

    Gainers

    • Rentokil rose 2.40% to 324.20p
    • Sage Group advanced 1.41% to 1,003.50p
    • Standard Chartered gained 1.24% to 2,294p
    • InterContinental Hotels Group rose 1.14% to USD 155.85
    • London Stock Exchange Group added 1.10% to 8,244p
    • 3i Group increased 1.09% to 2,702p

    Losers

    • Smiths Group fell 1.11% to 2,752p
    • Spirax Group dropped 0.76% to 7,220p
    • Severn Trent declined 0.71% to 3,086p
    • Admiral Group slipped 0.54% to 3,686p
    • AstraZeneca fell 0.36% to 12,626p
    • Next edged 0.34% lower to 14,640p

    US-Iran Diplomacy

    US President Donald Trump said envoys held a ‘very good’ three-hour meeting with an Iranian delegation on the sidelines of the United Nations General Assembly in New York. Special Envoy Steve Witkoff confirmed talks took place through mediators who “shuttled between the two sides throughout the day,” describing the round as “successfully completed” and indicating a further meeting is expected within days. Iran’s conditions, communicated through Qatari mediators, include a halt to hostilities on all fronts, removal of the US naval blockade, and the return of frozen funds, according to Esmaeil Baghaei, spokesperson of the Ministry of Foreign Affairs of Iran.

    JD Sports H1 Profit Declines

    British sports and fashion retailer JD Sports reported a 19.7% decline in first-half profit, driven by weakness in its North American market. The group maintained its full-year earnings outlook. Shares are down 10% over the past year. Profit before tax and adjusting items was GBP 282 million, slightly above the GBP 279 million consensus estimate. Revenue fell to GBP 5.90 billion from GBP 5.94 billion a year earlier. Like-for-like sales fell 2.8%, while organic sales dipped 0.7%. JD Sports left its full-year profit before tax and adjusting items guidance at GBP 700 million to GBP 800 million and its free cash flow forecast unchanged at GBP 460 million to GBP 520 million.

    Airtel Money Confirms London IPO

    Airtel Money confirmed plans for a London IPO. The African mobile payments business is reportedly seeking a valuation as high as $9 billion (GBP 6.8 billion). The fintech, with more than 50 million active customers, aims to raise as much as $800 million. CEO Ian Ferrao said, “A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve. This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”

    Global Market View

    In the US, the tech-heavy Nasdaq climbed 0.45% to a record close of 27,244.28, supported by a nearly 7% gain in shares of SanDisk. The S&P 500 was marginally lower at 7,764.64, while the Dow Jones Industrial Average shed 0.36% to finish at 51,863.69. In Asia on Wednesday, Tokyo’s Nikkei 225 was closed, while China’s Shanghai Composite dipped 0.4%. Hong Kong’s Hang Seng declined 0.96%, and South Korea’s Kospi edged up 0.9%. In India, both the Nifty 50 and the Sensex rose by 0.53% and 0.52%, respectively.

    Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions.

  • Elevate Campuses IPO Opens with 5% Subscription on Day One; Brokerages Issue Neutral Ratings

    Elevate Campuses IPO Opens with 5% Subscription on Day One; Brokerages Issue Neutral Ratings

    Elevate Campuses, a student accommodation and K-12 education asset manager, launched its Rs. 2,100-crore initial public offering (IPO) on September 23, 2026. By midday, the issue had attracted bids for only 5% of the shares on offer, reflecting cautious investor sentiment. The price band is set at Rs. 343–Rs. 362 per share, and the subscription window remains open until September 25.

    Day One Subscription Details

    As per NSE data at 12:08 p.m. IST, investors bid for 15,98,836 shares against the total 3,36,73,468 shares available. The retail portion saw 7% subscription, while non-institutional investors subscribed to 12% of their allocation. A later update at 12:40 p.m. maintained the overall subscription at 5%, with retail at 8% and non-institutional at 13%. The qualified institutional buyer (QIB) portion had received no bids at that time. These figures are midday snapshots and may change before the issue closes.

    Price Band, Lot Size, and Listing Timeline

    The IPO consists entirely of fresh equity shares with no offer-for-sale component. At the upper end of the price band, the company aims to raise Rs. 2,100 crore. The minimum bid is 41 shares, costing Rs. 14,842 at Rs. 362 per share. The company is expected to list on the NSE and BSE on September 30, subject to completion of the offer process.

    Proceeds from the IPO will be used to acquire K-12 education entities and campuses, repay borrowings, and meet other corporate needs. The company has allocated Rs. 750 crore for debt repayment or prepayment. Prior to the public issue, Elevate Campuses raised Rs. 945 crore from anchor investors.

    About Elevate Campuses

    Elevate Campuses owns and manages student accommodation at higher education institutions and also owns K-12 school assets. Its services include housing, dining, safety, and campus operations. As of March 31, 2026, the company’s owned student accommodation portfolio covered seven campuses with over 20,000 beds, and it managed an additional 14 campuses with more than 55,000 beds. The company reported capacity to serve 80,255 students across 15 Indian cities and one city in the UAE as of FY26.

    Planned expansions include adding 2,128 beds at IIT Madras and UPES Dehradun, as well as growth in the managed portfolio and K-12 assets. These additions are part of the company’s growth strategy but do not affect the midday subscription figures.

    Brokerage Views and Concerns

    Brokerages have issued neutral calls on the IPO. SBI Securities assigned a ‘neutral’ rating, noting that debt would remain elevated despite the planned Rs. 750-crore repayment and preferring to track the company’s performance post-listing. Swastika also gave a ‘neutral’ call, citing leverage, client concentration, and the proposed use of proceeds for a related-party acquisition.

    Swastika highlighted that Elevate Campuses’ FY26 profit after tax of Rs. 173.8 crore included an exceptional gain of about Rs. 105 crore from an asset sale. Excluding that gain, profit is estimated at around Rs. 68–70 crore, making the valuation appear demanding.

    Meanwhile, the unofficial grey market price was reported at Rs. 367, a premium of Rs. 5 over the top of the IPO band. Grey market prices are unofficial and do not determine the listing price.

  • NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE’s Long-Awaited Public Debut

    The National Stock Exchange of India (NSE) is set to begin trading on the BSE on September 24, after its Rs 22,562 crore initial public offering attracted solid demand from both retail and institutional investors. The IPO closed on September 21, and the listing marks NSE’s first appearance as a publicly traded company.

    Because the offering is structured as an offer for sale (OFS), the proceeds will go to existing shareholders rather than to the exchange itself. The issue carried a price band of Rs 1,700 to Rs 1,785, with eight shares per lot.

    GMP Cools Ahead of Listing

    Heading into the debut, the grey market premium (GMP) has cooled sharply, signaling more measured expectations among unofficial market participants. Moneycontrol reported a GMP of around Rs 45.5 on September 22, implying a listing price of roughly Rs 1,830 — about 2.55% above the upper end of the IPO price band.

    Earlier estimates had been stronger, with Business Standard reporting a Rs 68 GMP and Mint later citing Rs 81. These unofficial premiums can change quickly before shares begin trading, and the actual listing price may differ from grey market expectations.

    Subscription Highlights

    According to exchange data, the NSE IPO was subscribed 5.71 times by the final bidding day. Institutional demand led the way:

    • Qualified institutional buyers: 12.68 times
    • Non-institutional investors: 6.55 times
    • Retail investors: 1.39 times

    What to Watch on Listing Day

    Trading is expected to begin around 10 AM IST on Thursday, September 24, with the BSE hosting the debut. Market observers have highlighted NSE’s strong position across Indian capital markets and its diversified financial infrastructure.

    Shivani Nyati of Swastika Investmart said the IPO could deliver “minor listing gains,” while also emphasizing the company’s long-term investment case. The opening price will show whether strong institutional participation can overcome the recent cooling in grey market sentiment.

  • Indian Stock Market Opens Lower: Sensex Plunges 500 Points, Nifty Falls 200 Points as NSE Listing Takes Center Stage

    Indian Stock Market Opens Lower: Sensex Plunges 500 Points, Nifty Falls 200 Points as NSE Listing Takes Center Stage

    Indian equity markets opened sharply lower on Thursday, with the BSE Sensex plunging more than 500 points and the NSE Nifty falling over 200 points. The decline was attributed to weak global cues, rising bond yields, and expensive crude oil. The much-anticipated listing of the National Stock Exchange (NSE) on the bourses remained the key domestic event of the day.

    On Wednesday, the Nifty had rebounded 0.62%, driven by a 2.4% surge in metals. However, experts warned that market volatility would remain elevated with sharp intraday swings. The total market capitalization of BSE Sensex companies stood at Rs 4,83,54,454 crore.

    Overnight, US markets ended mixed, with the Nasdaq hitting a fresh record close, while the S&P 500 was nearly flat and the Dow Jones fell sharply.

    The main focus on Thursday was the listing of NSE shares on the BSE and the Metropolitan Stock Exchange of India (MSEI). NSE’s shares were expected to see a modest gain of 2-3%. On the BSE Sensex website, the pre-open status of NSE Ltd. stood at Rs 1,735 at 9:22 am. The NSE IPO was priced in a band of Rs 1,700-1,785 per share, with Rs 1,785 being the upper end. However, GIFT Nifty futures were at 23,270 points in the morning, indicating a negative start for the Nifty 50 index.

    Among the 30 Sensex firms, major winners included Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid, and Larsen & Toubro. On the other hand, HCLTech, Infosys, Tata Consultancy Services, Titan, and Mahindra & Mahindra were among the laggards.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Analytics Insight does not provide financial advice or guidance on stocks. Readers are encouraged to conduct their own research before making investment decisions.

  • NSE IPO Shares Debut at Rs 1,809 on BSE, Marking a 1.35% Premium Over Issue Price

    NSE IPO Shares Debut at Rs 1,809 on BSE, Marking a 1.35% Premium Over Issue Price

    The National Stock Exchange of India (NSE) made its public-market debut on Thursday, September 24, with shares listing on the BSE at Rs 1,809.10, a modest 1.35% premium over the IPO issue price of Rs 1,785. This milestone marks the first time India’s largest stock exchange has traded publicly, following a massive Rs 22,561.57-crore initial public offering.

    The IPO, which opened for subscription on September 17 and closed on September 21, saw strong demand across investor categories. The overall subscription stood at 5.71 times, with bids for 50.58 crore shares against 8.86 crore shares on offer. Qualified institutional buyers led the charge with a 12.68 times subscription, while non-institutional investors subscribed 6.55 times and retail investors 1.39 times. The allotment was finalized on September 22.

    Since the IPO was entirely an offer for sale (OFS), NSE itself will not receive the proceeds. Instead, the funds will go to existing selling shareholders after applicable expenses and taxes.

    Grey-market premiums had signaled a relatively subdued opening, with unofficial estimates suggesting an indicative price of around Rs 1,825. However, the actual listing at Rs 1,809.10 fell slightly below that mark. The stock later touched Rs 1,844 in early trading, pushing the gain over the issue price to about 3.31%.

    The listing gives investors direct exposure to one of India’s most critical market infrastructure institutions and is seen as a landmark event for the country’s capital markets.

  • FTSE 100 Opens Higher as Middle East Tensions Push Brent Above $105, Treasury Yields Climb

    FTSE 100 Opens Higher as Middle East Tensions Push Brent Above $105, Treasury Yields Climb

    The FTSE 100 opened 20.23 points higher at 10,725.49 on Thursday, as ongoing tensions in the Middle East kept oil prices elevated above $105 per barrel, while surging US Treasury yields continued to weigh on risk appetite across European markets.

    Brent crude futures rose 2.46% to $105.6 per barrel, and US West Texas Intermediate (WTI) advanced 2.20% to $94.19 per barrel. Sterling traded at $1.3243 early Thursday, slightly lower than $1.3254 at the London equities close on Wednesday. Against the euro, sterling fell to €1.1628 from €1.1636.

    Gainers and Losers

    On the upside, JD Sports Fashion rose 2.18% to 75.84p, British American Tobacco advanced 1.91% to 4,278p, and Antofagasta gained 1.50% to 3,802p. Glencore rose 1.48% to 560.70p, Bunzl added 1.28% to 2,686p, and BP increased 1.26% to 564.20p.

    On the downside, Standard Life fell 3.83% to 890.50p, Computacenter dropped 1.37% to 5,405p, and Pershing Square Holdings declined 1.20% to 3,616p. Admiral Group slipped 0.71% to 3,646p, Games Workshop Group fell 0.62% to 17,620p, and AstraZeneca edged 0.40% lower to 12,380p.

    Vistry Shares Fall After Loss and Downsizing Plans

    Vistry shares slumped after the company reported a £661 million pre-tax loss and announced plans to downsize, spooking investors. The housebuilder fell by as much as 7% to 248p in early trade.

    Adam Vettese, market analyst at eToro, commented: “This morning’s sell-off is the market calling time on another year of moving goalposts. Adam Daniels is doing the unglamorous work of shrinking Vistry to 12,000 homes, exiting South East private sales and cutting a land bank that was too big for the returns it produced. That is the right diagnosis; it does not make the next twelve months any cleaner.”

    On the Beach Posts Record Bookings

    On the Beach recorded a 9% rise in bookings, pushing total transaction value to £1.3 billion, marking the fifth consecutive year of record highs. The growth was fueled by a summer booking rebound, with volumes 4% ahead of the prior year, as more customers purchased trips closer to departure dates.

    Chief executive Shaun Morton attributed the uptick to “strategic investments” in technology and the company’s expanded product offering. The firm estimates pre-tax profit of £28 million to £35 million in the next financial year but remains “mindful” of the impact the Iran war is having on consumer confidence.

    Halma Raises Margin Outlook

    Halma raised its outlook for the annual adjusted operating profit margin, citing strong first-half progress. The health and safety device maker now expects an adjusted EBIT margin of 23.5% to 24% for the year through March 2027, up from its previous guidance of around 22.7%.

    The company maintained its forecast for low double-digit percentage organic constant-currency revenue growth, including roughly five percentage points of premium growth from its photonics business.

    Global Market Overview

    In the US, the S&P 500 dropped 0.75% to close at 7,706.03, while the Nasdaq Composite fell 1.13% to 26,936.04. The Dow Jones Industrial Average was down 352.10 points, or 0.68%.

    In Asia on Thursday, Tokyo’s Nikkei 225 gained 0.76% to 65,513.99, while China’s Shanghai Composite dipped 1.22%. Hong Kong’s Hang Seng declined 0.29%, and South Korea’s Kospi edged up by 0.9%. In India, both the Nifty 50 and the Sensex fell by 1.61% and 1.60%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing involves risk. Always conduct your own research before making any investment decisions.

  • FTSE 100 Opens Higher Amid Middle East Tensions; Brent Crude Surges Past $105

    FTSE 100 Opens Higher Amid Middle East Tensions; Brent Crude Surges Past $105

    The FTSE 100 opened 20.23 points higher at 10,725.49 as renewed geopolitical tensions in the Middle East pushed oil prices above $105 per barrel, while rising US Treasury yields continued to weigh on risk appetite across European markets.

    Brent crude futures rose 2.46% to $105.6 per barrel, and US West Texas Intermediate (WTI) advanced 2.20% to $94.19 per barrel. Sterling was quoted at $1.3243 early Thursday, slightly lower from $1.3254 at the London equities close on Wednesday. Against the euro, sterling fell to €1.1628 from €1.1636 the prior day.

    Gainers & Losers

    • Top Gainers: JD Sports Fashion rose 2.18% to 75.84p, British American Tobacco advanced 1.91% to 4,278p, Antofagasta gained 1.50% to 3,802p, Glencore rose 1.48% to 560.70p, Bunzl added 1.28% to 2,686p, and BP increased 1.26% to 564.20p.
    • Top Losers: Standard Life fell 3.83% to 890.50p, Computacenter dropped 1.37% to 5,405p, Pershing Square Holdings declined 1.20% to 3,616p, Admiral Group slipped 0.71% to 3,646p, Games Workshop Group fell 0.62% to 17,620p, and AstraZeneca edged 0.40% lower to 12,380p.

    Vistry Shares Slump After Loss and Downsizing Plan

    Vistry shares tumbled after reporting a £661 million pre-tax loss and announcing plans to downsize. The housebuilder fell as much as 7% to 248p in early trade. Adam Vettese, market analyst at eToro, commented, “This morning’s sell-off is the market calling time on another year of moving goalposts. Adam Daniels is doing the unglamorous work of shrinking Vistry to 12,000 homes, exiting South East private sales and cutting a land bank that was too big for the returns it produced. That is the right diagnosis; it does not make the next twelve months any cleaner.”

    On the Beach Posts Record Booking Increase

    On the Beach reported a 9% rise in bookings, bringing total transaction value to £1.3 billion, marking the fifth consecutive year of record highs. The summer booking rebound contributed to growth 4% ahead of the prior year, driven by customers purchasing trips closer to departure dates. Chief executive Shaun Morton attributed the uptick to strategic investments in technology and an expanded product offering. The company estimates pre-tax profit between £28 million and £35 million in the next financial year, but remains mindful of the impact the Iran war is having on consumer confidence.

    Halma Raises Margin Outlook

    Halma lifted its outlook for annual adjusted operating profit margin, citing strong first-half progress. The health and safety device maker now expects an adjusted EBIT margin of 23.5% to 24% for the year through March 2027, up from its previous guidance of around 22.7%. The company maintained its forecast for low double-digit percentage organic constant-currency revenue growth, including roughly five percentage points of premium growth from its photonics business.

    Global Market Overview

    In the US, the S&P 500 dropped 0.75% to close at 7,706.03, while the Nasdaq Composite fell 1.13% to 26,936.04. The Dow Jones Industrial Average was down 352.10 points, or 0.68%. In Asia on Thursday, Tokyo’s Nikkei 225 gained 0.76% to 65,513.99, while China’s Shanghai Composite dipped 1.22%. Hong Kong’s Hang Seng declined 0.29%, and South Korea’s Kospi edged up 0.9%. In India, both the Nifty 50 and the Sensex fell 1.61% and 1.60%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.

  • Coinbase Launches Retail IPO Access for US Users, Kicking Off with Oura Smart Ring

    Coinbase Launches Retail IPO Access for US Users, Kicking Off with Oura Smart Ring

    Coinbase has officially opened initial public offering (IPO) access to eligible retail customers in the United States, marking a significant expansion beyond its core cryptocurrency trading services. The new feature allows users to request shares at the IPO price before public trading begins, with smart-ring maker Oura being the first company available through the program.

    Coinbase Starts Retail IPO Access With Oura

    Announced on September 21, the IPO service is accessible through a dedicated section in the Coinbase app. Eligible customers must fund their accounts before indicating the number of shares they wish to request. After the company publishes an expected price range, users can submit a ‘Conditional Offer to Buy,’ which can be canceled or revised while the order book remains open. However, submitting a request does not guarantee an allocation; available shares depend on customer demand and the amount supplied to Coinbase.

    “This new feature is yet another step toward growing the Everything Exchange, as our US customers now gain early exposure to high-interest companies before they hit public exchanges,” Coinbase said in a statement.

    Oura IPO Details: Price Range and Share Structure

    Oura plans to list its common stock on the NASDAQ Global Select Market under the ticker OURA. Its amended registration statement shows an expected IPO price between $40 and $44 per share. The offering covers 50 million shares: Oura will sell 13.5 million new shares, while existing shareholders will offer another 36.5 million shares. Underwriters may also purchase up to 7.5 million additional shares from selling shareholders.

    Once the order book closes, Coinbase will allocate shares through its internal method. Customers may receive the full requested amount, a smaller allocation, or no shares. Allocated stock will be deposited into the customer’s account at the final IPO price and become tradable when public trading begins.

    Coinbase Discourages Quick IPO Share Sales

    Coinbase’s allocation system will favor customers who appear willing to hold their shares. A customer who sells allocated stock within 30 days may lose access to new IPO offerings for the next 60 days. Repeated sales within this period could also lead to smaller or less frequent allocations. These rules are designed to limit short-term flipping and distribute shares to longer-term investors.

    The exchange has not disclosed every factor used by its allocation system. Coinbase Capital Markets will operate the service as a FINRA-registered broker-dealer, aggregating customer orders and routing them through Apex Clearing Corporation. The broker will act as an agent and will not underwrite an offering, hold shares in inventory, or trade against customers. Users must also complete a standard FINRA eligibility questionnaire.

    Anthropic Access Not Yet Confirmed

    The launch comes as investors monitor reports about a possible Anthropic public offering. However, Coinbase has not named Anthropic as an upcoming deal or confirmed that its customers will receive shares in any future listing. The company said it plans to add more IPOs when selling-group allocations become available, with Oura remaining the only confirmed offering at launch.

    Meanwhile, COIN shares rose during the session as cryptocurrency prices and related stocks also gained. The stock movement coincided with Bitcoin reaching an eight-month high near $85,000.

  • Varmora Granito Targets Rs. 100 Crore Faucet Acquisition Post-IPO

    Varmora Granito Targets Rs. 100 Crore Faucet Acquisition Post-IPO

    Varmora Granito Opens Rs. 708 Crore IPO

    Varmora Granito, a ceramic and vitrified tiles manufacturer, has launched its initial public offering (IPO) worth Rs. 708.02 crore. The company aims to use the proceeds to reduce debt and expand its building materials business. The IPO, which opened on September 22, 2026, combines a fresh issue of Rs. 320 crore with an offer for sale of Rs. 388.02 crore. The price band is set at Rs. 140 to Rs. 148 per share.

    Debt Repayment Strategy

    The company plans to allocate Rs. 245 crore from the fresh issue to repay borrowings and accrued interest. CFO Bhavesh Koshti stated that Varmora Granito currently has approximately Rs. 240 crore of net debt, which will be largely cleared post-IPO, allowing the company to become net cash positive. The company had invested around Rs. 450 crore in two manufacturing plants over the past two years, leading to increased inventory and working capital pressure, but inventory levels have since declined.

    Premium Tiles Driving Growth

    Varmora Granito operates eight manufacturing facilities in Morbi, Gujarat, with a total tile production capacity of 50.6 million square metres, currently utilised at about 72%. The company sold 38.34 million square metres of tiles in FY26, up from 36.12 million in FY24. Glazed vitrified tiles (GVT) have become the main growth category, contributing 84% of revenue, up from 57% three years ago. GVT volumes grew at an annual rate of 12% between FY23 and FY25.

    Faucet Acquisition and South India Expansion

    Chairman and Managing Director Bhavesh Varmora revealed plans to acquire a faucet manufacturing business with an annual turnover capacity of about Rs. 100 crore. The company currently manufactures sanitaryware but outsources faucets for its bathware division. “We have identified the targets. We are working on it. It will take another two quarters,” Varmora said. Additionally, the company is considering a joint venture in South India, following a similar arrangement in the northeast.

    IPO Subscription and Analyst Views

    As of September 22, the IPO received bids for 0.08 times the shares available. Retail investors subscribed 0.14 times their allocated portion, while non-institutional investors subscribed 0.03 times. Brokerages offered mixed reviews: Ventura gave a ‘Subscribe’ rating, citing premium products and wider distribution, while Swastika assigned a ‘Neutral’ rating due to limited valuation support for short-term listing gains. The minimum retail investment is Rs. 14,948 for 101 shares. Allotment is expected on September 25, with listing on NSE and BSE on September 29.