Additionally within the letter:
■ Ola Electrical financials
■ Trump’s win boosts Starlink
■ Musk claims X utilization spike
Swiggy IPO oversubscribed as QIBs do final-day heavy lifting
Sriharsha Majety, Group CEO, Swiggy
Meals and grocery supply agency Swiggy’s Rs 11,300-crore preliminary public providing (IPO) was subscribed 3.6 times the shares on supply as institutional traders amped up their bidding exercise on the ultimate day.
Inform me extra: The bookbuilding for the providing, which commenced on November 6, noticed certified institutional bidders (QIBs) swoop in on the final day and bid for six times the shares allocated to them.
Retail traders subscribed to their portion 1.14 occasions, whereas the portion reserved for workers noticed 1.65x bidding.
Non-institutional traders, which embody corporates and excessive web value people (HNIs), bid for less than 41% of the shares reserved for them.
The massive image: This was the nation’s second-largest IPO this 12 months after Hyundai Motor India and noticed vital curiosity from institutional traders. Within the firm’s anchor guide, which closed on November 5, Swiggy allotted shares value Rs 5,085 crore to over 75 global and domestic investors. We had earlier reported that the anchor book was oversubscribed by 25 times.
The Bengaluru-based agency’s shares will listing on the inventory exchanges on November 13.
In numbers: Swiggy had set a price band of Rs 371-390 per share for its providing, which incorporates Rs 4,499 crore in major fundraise and an offer-for-sale of inventory value Rs 6,828 crore by traders together with Prosus, Accel, Elevation Companions, Norwest, Tencent, and Meituan.
On the higher finish of the value band, the corporate is valued at over Rs 95,000 crore. Gurugram-based Zomato had a market capitalisation of Rs 2.2 lakh crore as of Thursday’s market shut. We measured up the two fierce rivals against each other throughout segments similar to meals supply and fast commerce right here.
Additionally Learn | Swiggy IPO: Here’s how it stacks up against Zomato
BlackBuck units IPO value band at Rs 259-273; valuation lowered
Rajesh Yabaji, founder, BlackBuck
Flipkart-backed truck aggregator platform BlackBuck has set the value band for its upcoming initial public offering (IPO) at Rs 259 to Rs 273 per share. This values the corporate at Rs 4,818 crore, which is 36% decrease than its final non-public valuation of Rs 7,500 crore in July 2021 – when it closed a spherical led by Tribe Capital.
CCI probe finds Zomato, Swiggy breached antitrust legal guidelines, paperwork present
Zomato CEO Deepinder Goyal; Sriharsha Majety, Group CEO, Swiggy
An investigation by India’s antitrust physique discovered meals supply giants Zomato and SoftBank-backed Swiggy breached competition laws, with their enterprise practices favouring choose eating places listed on their platforms, Reuters reported.
Driving the information: Zomato secured “exclusivity contracts” with companions in alternate for lowered commissions, whereas Swiggy promised enterprise progress to pick companions who listed solely on its platform, as per confidential paperwork from the Competitors Fee of India (CCI).
Background: The investigation in opposition to Swiggy and its prime rival Zomato started in 2022 after a grievance by the Nationwide Restaurant Affiliation of India in regards to the impression on meals shops of alleged anti-competitive practices by these platforms.
Penalties: Shares of Zomato fell 3% after the report. The CCI case is talked about as one of many “inner dangers” in Swiggy’s IPO prospectus, which says “any breach of the provisions of Competitors Act, could appeal to substantial financial penalties.”
Present state: The 2 meals giants in recent times have reshaped how Indians order meals, as lots of of 1000’s of shops listed on their apps simply when each smartphone use and on-line ordering grew quickly.
Ola Electrical Q2 outcomes: web loss narrows YoY to Rs 495 crore; income jumps 39%
Bhavish Aggarwal,CEO, Ola Electrical
Electrical two-wheeler car (EV) maker Ola Electrical on Friday reported a narrowing of its net loss to Rs 495 crore for the quarter ended September 2024, from Rs 524 crore a 12 months in the past.
Financials:
- Income from operation rose 39% YoY to Rs 1,214 crore
- Sequentially, the loss widened from Rs 347 crore within the June quarter
- Ebitda loss stood at Rs 223 crore, from Rs 321 crore a 12 months in the past
- Whole deliveries in Q2 had been 98,619 in opposition to 56,813 a 12 months in the past.
Founder converse: In an earnings name with analysts, Ola Electrical’s founder and CEO Bhavish Aggarwal mentioned that the two-wheeler trade noticed elevated aggressive aggression within the second quarter. He added that the agency noticed capability constraints on its service community through the interval.
“Over the past couple of months, we confronted a capability situation at our service centres as a result of our service capability progress lagged our gross sales quantity progress over the 2 to a few quarters,” he mentioned.
Recap: We reported on November 1 that the two-wheeler maker has regained its market share, reaching 31% in October after 5 consecutive months of decline. Regardless of the latest rise in gross sales, Ola Electrical has confronted a rise in buyer complaints about after-sales service, software program points and {hardware} malfunctions.
To deal with service-related issues, CEO Aggarwal introduced on Septemeber 27 that Ola Electric would double its service centres to 1,000 by December as a part of its ‘Hyperservice’ marketing campaign.
Additionally Learn: Ola Electric gets show cause notice for consumer rights violations
Trump’s victory could give Starlink and Amazon leverage for India satcom push
With Donald Trump set for a second time period within the White Home, Elon Musk’s Starlink and Amazon Kuiper may receive a boost in India for his or her deliberate satellite tv for pc web plans.
Driving the information: A battle is underway between Jio and Airtel, and international satellite tv for pc corporations Starlink and Jeff Bezos-backed Amazon Kuiper, over the allocation mode of satellite tv for pc spectrum and its pricing to help broadband-from-space providers.
Communications minister Jyotiraditya Scindia mentioned earlier this week that satellite tv for pc airwaves is not going to be auctioned however allotted administratively, although at a price to be determined by telecom regulator Telecom Regulatory Authority of India (Trai).
A telecom official informed ET that given Musk’s shut relationship with Trump, Indian gamers’ misgivings could enhance.
Context: Making a case for equal remedy, Indian telcos have requested for auctioned satellite tv for pc spectrum. International operators have rejected the telcos’ name, calling it ‘self-serving’. They’ve held that since satcom airwaves are a shared useful resource, they can’t be auctioned.
Sure, however: Indian telcos are relying on the federal government to finalise a good satellite tv for pc spectrum allocation and pricing coverage that ensures a level-playing area between telcos and satcom corporations.
Elon Musk says X noticed all-time excessive utilization amid US elections frenzy
Billionaire Elon Musk mentioned his social media platform X has registered record usage through the US election that noticed Republican candidate Donald Trump returning as president for a second time.
The numbers:
- X logs 434.1 billion international consumer seconds through the election interval
- New consumer sign-ups rise 15.5%
- Signal-ups throughout US election rely at 43%
Musk’s claims: In his posts, Musk mentioned X is now the highest information app on AppStore in Canada and quantity 2 on the information app rating in Norway.
Inform me extra: Musk had been a key promoter in Trump’s marketing campaign through his platform. Having donated $120 million, he was additionally the second highest financial supporter of the Republican social gathering’s candidate.
Trump’s victory noticed an upsurge in Musk’s web value, bringing it to $285.6 billion. His contemporaries Jeff Bezos and Larry Ellison noticed a rise of their wealth as effectively.
Immediately’s ETtech Prime 5 publication was curated by Riya Roy Chowdhury and Blessy Reji in Bengaluru.
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