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Nykaa files IPO papers with SEBI; this new-age internet company to raise Rs 525 cr via fresh equity

Cosmetics retailer Nykaa has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI to launch an IPO. The public issue comprises fresh issue of shares worth Rs 525 crore, while the promoters and investors will sell up to 4.31 crore equity shares via offer for sale (OFS). Selling shareholders include promoters Sanjay Nayar Family Trust, and investors such as TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employee Trust, Yogesh Agencies & Investments Private Limited, JM Financial and Investment Consultancy Services, Sunil Kant Munjal, Harindarpal Singh Banga jointly with Indra Banga and others.

There are no listed companies in India that engage in a business similar to that of Nykaa. Kotak Mahindra Capital Company, Morgan Stanley India Company Private Ltd, BofA Securities India, Citigroup Global Markets India Private Ltd, ICICI Securities, and JM Financial. Link Intime India Private Ltd will be the registrar to the issue. The company has planned to utilise the net proceeds towards funding the investment in certain of its subsidiaries, namely, FSN Brands and/or Nykaa Fashion for funding the set-up of new retail stores worth Rs 35 crore; capital expenditure to be incurred by the company and investment in certain of its subsidiaries, namely, Nykaa E-Retail, FSN Brands and Nykaa Fashion for funding the set-up of new warehouses worth Rs 35 crore; repayment or prepayment of outstanding borrowings availed by the company and one of its subsidiaries, namely, Nykaa E-Retail worth Rs 130 crore; Rs 200 crore expenditure to enhance the visibility and awareness of its brands; and for general corporate purposes.

The promoters of the company are Falguni Nayar, Sanjay Nayar, Falguni Nayar Family Trust and Sanjay Nayar Family Trust. The weighted average return on net worth for the last three fiscals stood at 0.68 per cent. India has the second-largest urban population in the world. India will continue to grow across the digital use-case funnel, as there is significant headroom for growth at each level. This growth is expected to be driven by the affordability of the internet, continuous improvement in telecommunications infrastructure, increased adoption from Tier 2+ cities, the rising popularity of social media, competitively priced online offerings and growing trust and adoption of online payment platforms.

The number of online shoppers in India reached 150-180 million in 2020 (up from 120-150 million in 2019) with approximately 70% of these shoppers belonging to the non- Metro cities. These shoppers buy a variety of products online ranging from mobiles, electronics, fashion, beauty and personal care and groceries. The Beauty and Personal Care Market in India was sized at Rs 1,267 billion in 2019, growing at a CAGR of 13 pet cent in the last 3 years. Though the market fell down to Rs 1,120 billion in 2020 as a result of reduced spending during the first COVID-19 wave, it is projected to grow at a CAGR of 12 per cent to reach Rs 1,981 billion in 2025 implying a CAGR of 7.7 per cent from the pre-COVID-19 market in 2019.

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Rolex Rings IPO share allotment: Check status online, grey market premium soars 57%; share listing on Aug 9

Rolex Rings, whose Rs 731-crore IPO got over 130 times subscription, is likely to finalise share allotment on Wednesday, 4 August 2021. The public issue was fully subscribed within minutes of opening. In the primary market, Rolex Rings shares were seen commanding a premium of Rs 515 over IPO price. Rolex Rings shares were trading at Rs 1,415, a premium of 57 per cent from the issue price in the grey market, according to the people who deal in shares of unlisted companies. The shares are expected to be listed on stock exchanges BSE and NSE on 9 August 2021.

The initiation of refunds or unblocking of funds from ASBA account will take place on 5 August, and the equity shares will be credited to depository accounts of allottees on 6 August. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar of the issue is Link Intime India Pvt Ltd, a SEBI-registered entity, responsible for the IPO allotment and refund processing. Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country. The client base of Rolex Rings consists of leading global bearing manufacturers viz. SKF, Timken, Schaeffler, NEI & NRB Bearings.

Check Rolex Rings share allotment status via registrar Link Intime India website
To check the share allotment status, select the company name as ‘Rolex Rings — IPO’ from the drop-down list on the Link Intime India website when it gets declared. Check box either PAN, Application Number, or Depository/Client ID. Accordingly, enter the permanent account number or Application Number or Depository/Client ID in the box. Enter the given captcha in the provided space and click the submit button. This will display the number of shares that have been applied and allotted to the investor.

Check share allotment status in Rolex Rings through the BSE website
Another way to check the allotment status in Rolex Rings is through the BSE website (https://www.bseindia.com/investors/appli_check.aspx). Select ‘equity’ as the issue type, and ‘Rolex Rings Ltd’ as the issue name from the drop-down list, when it gets declared. Enter the application number and PAN (permanent account number). Click on ‘I am not a Robot’. In the last step, click on the search tab to view the status details.

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ACME Solar Holdings raises USD 334 million via offshore green bonds

ACME Solar Holdings on Friday announced raising USD 334 million by issuing offshore green bonds. “12 projects of ACME Solar Holdings Private Ltd (ACME) today agreed to a debt investment of approx. USD 334 million, which will be funded by US dollar-denominated green bonds that were successfully priced today,” a company statement said.

The bonds will be issued by an offshore company and proceeds will be used for subscription of non-convertible debentures issued by ACME’s projects, it added.

The bonds will have a tenor of five years and a coupon rate of 4.7 per cent. The issue was oversubscribed by over 3 times, which is a testimony of the strong business fundamentals of the underlying assets, it said.

The bonds have received Green certification from Climate Bonds Initiative. Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures.

ACME understands that the issue received tremendous response from marquee investors with a distribution split of 56 per cent/ 22 per cent / 22 per cent between APAC, EMEA and North America/LATM regions. The bonds will list on Singapore Exchange Securities Trading Ltd. Manoj K Upadhyay, Founder & Chairman, ACME Group, said in the statement, “I am very thankful to all the investors for their participation and confidence in us. We have always been supported well by our Indian lenders and we are very happy to receive encouraging support from international investors as well. This will broaden our Source of capital”.

”The success of the issuance is testimony to not only the thriving solar sector in India but also a vote of confidence in the quality of our projects included in the offerings and management of the Company,” Rajat Seksaria, CEO, ACME Solar, said in the statement. This was the right time for us to diversify our lender base and tap the overseas markets that are deeper and provide an alternative capital source for stable and diversified renewable assets, Neeraj Gupta, CFO, ACME Solar, said.

“ESG theme-based investing with strong business fundamentals is globally gaining momentum. While the inherent nature of our business is net carbon negative, investors probably also gave weightage to ACME’s active efforts in implementing and operating its project with harmonious social connect with local communities in the catchment area of its project locations,” Sandeep Kashyap, President, Business, ACME Solar, said. The ACME Solar’s current portfolio is 4.8 GWp, which includes 2.2 GWp of operational capacity and another 2.6 GWp is under construction, spread across 12 states.

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Asian stocks sink after Wall St pulls back from record

Asian stock markets declined Wednesday after Wall Street pulled back from a record as investors awaited a Federal Reserve report for signs of when US stimulus might be withdrawn. Investors also were uncertain how much farther China will go with a regulatory crackdown that set off a slide in its internet share prices. Shanghai, Tokyo and Sydney retreated while Hong Kong advanced.

Investors were digesting US earnings reports while worries increased after the Centers for Disease Control and Prevention recommended even vaccinated people return to wearing masks indoors in areas where the coronavirus’s more contagious delta variant is spreading. “Investors turned cautious,” said Edward Moya of Oanda in a report.

A meeting of the Federal Reserve board that began Tuesday is expected to bring an update on when the US central bank might start to reduce bond purchases that inject money into financial markets and keep interest rates low. The Shanghai Composite Index lost 0.6 per cent to 3,363.00, declining for a third day, while the Nikkei 225 in Tokyo fell 1.5 per cent to 27,561.50. The Hang Seng in Hong Kong shed 0.2 per cent to 25,027.16.

The Kospi in Seoul lost 0.4 per cent to 3,220.17, while Sydney’s S&P-ASX 200 gave up 0.8 per cent to 7,369.70. New Zealand and Southeast Asian markets declined. On Wall Street, the benchmark S&P 500 fell 0.5 per cent to 4,401.46, snapping a five-day streak of gains. The Dow Jones Industrial Average dropped 0.2 per cent to 35,058.52. The Nasdaq lost 1.2 per cent to 14,660.58.

Selling was most pronounced in technology and communication stocks, and in companies that rely on consumer spending. Traders shifted money into sectors seen as less risky, including utilities, health care and in companies that make household and personal goods. Shares in Chinese internet giants slid for a third day as investors waited for possible new action after Beijing stepped up anti-monopoly and data security enforcement against the industry. They were reported to be considering restrictions on for-profit education ventures.

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