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Star Health cuts IPO size to Rs 6400 crore after undersubscription

India’s largest private health insurer Star Health has cut the size of its initial public offering (IPO) to 64 billion rupees ($848.02 million) from 72.49 billion rupees earlier after a subdued response to the IPO last week, its prospectus showed. Star Health’s IPO failed to get fully subscribed last week, signalling weak investor demand for India’s third-biggest listing this year.

Last week, a source had told Reuters that the company will cut the offer for sale portion after the weak response despite it extending the subscription period.

Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had priced its IPO between 870 rupees and 900 rupees per share and a banking source had told Reuters that the company was aiming for a nearly $7 billion valuation. The IPO now consists of fresh issue of 22.2 million shares and offer for sale of 48.89 million shares, according to the prospectus dated Dec. 7, while the issue and offer were “subject to finalisation of basis of allotment.”

Investors will be closely watching the listing which is likely on Friday after Paytm’s dismal debut in November cast doubts on the big ticket IPOs and sparked concerns about overvaluation in the domestic equity market.Indian payments firm MobiKwik deferred its IPO plans, following Paytm’s lacklustre performance.

Other large offerings planned for later this year and the next include Softbank-backed firms Delhivery and OYO, which have filed draft papers for IPOs worth $992.73 million and $1.12 billion, respectively, and that of state-owned life insurance giant LIC, expected to be India’s biggest.Incorporated in 2005, Star Health offers coverage options for retail health, group health, personal accidents and overseas travel insurance.

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MapMyIndia IPO to open on Dec 9; price band set at Rs 1,000-1,033/ share

Digital mapping company MapMyIndia, which powers Apple maps, has fixed a price band of Rs 1,000-1,033 a share for its Rs 1,040-crore initial share-sale, which will open on December 9. The three-day initial public offering (IPO) will conclude on December 13. The bidding for anchor investors will open on December 8, the company announced. The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter.

The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01 lakh equity shares by Qualcomm Asia Pacific Pte Ltd and up to 13.7 lakh equity shares by Zenrin Co Ltd. In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling shareholders.

At present, promoters Rakesh Kumar Verma and Rashmi Varma hold 28.65 per cent and 35.88 per cent stake in the company.
The public issue is expected to fetch Rs 1,039.6 crore at the upper end of the price band. MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. The New Delhi-based company is leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

It provides products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT under the MapmyIndia and Mappls brands. The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN).

Apple products use MapmyIndia maps as do payment gateways like PayTm, PhonePe, or e-commerce food delivery platforms like McDonalds, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for the retail investors.

Investors can bid for a minimum of 14 equity shares and in multiples thereof. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.

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Singapore crypto exchange Coinstore enters India amid govt seeking to ban private cryptocurrencies

Even as the government seeks to ban all private cryptocurrencies through the new crypto bill, which is likely to be introduced in the Winter Session that began Monday, Singapore-based crypto futures and spot trading exchange Coinstore has forayed into the Indian market. The company on Monday announced its entry into the Indian crypto market with the launch of its web and app platform for Indian users. Users can “trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support,” Coinstore said in a statement. The exchange enables trading into over 50 cryptocurrencies. The launch assumes significance as more than 20 per cent of Coinstore’s active users come from India.

“With over 20 per cent of our active users from India, we decided to start local operations to fully support our Indian users,” said Jennifer Lu, Head Product and Co-Founder, Coinstore. The setting up of a local support office is currently underway in the country. The company will have offices in Delhi, Mumbai, and Bengaluru “that will act as its base in India for future expansion.”

Coinstore is also looking to hire local talent with 100 immediate openings in India for its customer support, marketing and operations division. The company added that its $120-million fund, which is allocated for India expansion, will be deployed towards marketing, hiring, and development of crypto-related products and services for the Indian market.

Users will be provided with a copy trading feature to follow trades of other successful traders in order to make strategic investment decisions from trading the future prices of cryptocurrencies. In June this year, Coinstore had launched its iOS and Android apps globally alongside their web trading platform. The company said it would soon undergo a “rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.”

Coinstore’s foray follows the entry of Malaysia-headquartered crypto exchange CGCX.io back in April this year, as per a company release, followed by the US-based crypto trading platform CrossTower that entered India in September this year. According to a Nasscom report published in September this year, cryptotech has the potential to create more than 8 lakh jobs by 2030 in India, up from 50,000 individuals employed currently. Moreover, the industry is expected to reach $241 million in size by 2030 in India from $6.6 billion invested by Indian retail investors in different crypto assets such as Bitcoin, Ethereum, Polygon, etc., the report noted. The crypto industry has grown by 39 per cent in the last five years in India.

Importantly, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 listed for introduction in the current Winter Session seek to create a framework for the creation of the official digital currency to be issued by the Reserve Bank of India. While it also intends to prohibit all private cryptocurrencies in India, however, it will allow for ‘certain exceptions’ to promote the underlying technology of cryptocurrency and its uses, the government had said in the legislative agenda released last week.

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Bank of Baroda raises Rs 1,997 cr via Basel III-compliant bonds

State-owned Bank of Baroda on Friday said it has raised Rs 1,997 crore by issuing Basel III-compliant bonds. The bank had come out with a Rs 2,000 crore issue of additional tier-I bonds on November 24.

“The bank has received total bid amount of Rs 5,308 crore, out of which the issuance was finalised for Rs 1,997 crore at 7.95 per cent (per annum),” BoB said in a regulatory filing.

The bank said it issued a total of 1,997 bonds of Rs 1 crore each under this issue to a total of 21 allottees. To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks. Stock of Bank of Baroda traded 3.33 per cent lower at Rs 89.90 apiece on BSE.

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