Hero FinCorp files for Rs 3,668 crore IPO; Akums IPO subscribed over 50x

Among the selling shareholders for Hero FinCorp are AHVF II Holdings (Apollo Management), Apis Growth, Link Investment Trust, and Otter

Hero FinCorp, the financial services arm of two-wheeler maker Hero MotoCorp, has filed its draft red herring prospectus (DRHP) for a Rs 3,668 crore initial public offering (IPO). The maiden share sale will comprise a Rs 2,100 crore fresh fund raise and an offer for sale of Rs 1,568 crore.

Among the selling shareholders are AHVF II Holdings (Apollo Management), Apis Growth, Link Investment Trust, and Otter. At present, Hero MotoCorp owns a 39.56 per cent stake in Hero FinCorp, and the promoter Munjal family holds about 35 per cent. Incepted in 1991, Hero FinCorp mainly offers two-wheeler financing, leveraging 2,000 retail touchpoints of Hero MotoCorp.

It also has a presence in affordable housing, education loan, and micro, small and medium enterprise (MSME) segments. As of March 2024, the company had assets under management of Rs 51,821 crore, of which retail and MSME loan verticals contributed 65 per cent and 21 per cent, respectively.

Akums IPO subscribed over 50x

Akums Drugs and Pharmaceuticals’ IPO saw over 50 times more demand than shares on offer. The institutional investor portion of the issue was subscribed 68 times, the high networth individual portion over 40 times, and the retail portion around 20 times.

Akums Drugs’ IPO comprised a Rs 680 crore fresh fundraising and Rs 1,177 crore in secondary share sales, translating into a total issue size of Rs 1,857 crore. The IPO proceeds will mainly be used to repay debt. At the top end, Akums Drugs will be valued at Rs 10,687 crore on a post-dilution basis.

In 2023-24 (FY24), the company clocked revenue from operations of Rs 4,178 crore, registering a year-on-year growth of 14 per cent. In FY24, Akums had a 30 per cent share of the domestic contract development and manufacturing organisation market.

Ceigall India subscribed 61% on Day 1 of offer

The initial public offering (IPO) of infrastructure company Ceigall India received 61 per cent subscription on the first day of bidding on Thursday. The Rs 1,252.66-crore initial share sale received bids for 13,507,627 shares against 2,23,13,663 shares on offer, according the NSE data. The category for non-institutional investors received 90 per cent subscription, while the retail individual investors part got subscribed 80 per cent.   

Unicommerce sets price band at Rs 102-108/share 

SoftBank-backed SaaS platform Unicommerce eSolutions on Thursday announced a price band of Rs 102 to Rs 108 a share for its Rs 276-crore IPO. The company's maiden public issue will open for subscription on August 6 and conclude on August 8 and the bidding for the anchor portion will open for a day on August 5, the company announced. 

Pharma firm Rubicon files draft papers
 

Pharmaceutical formulation company Rubicon Research Ltd has filed draft papers with capital markets regulator Sebi to garner Rs 1,085 crore through an initial share sale.
 

The company's initial public offering (IPO) is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of shares valued at Rs 585 crore by promoter, General Atlantic Singapore RR Pte Limited, according to the Draft Red Herring Prospectus (DRHP) filed on Wednesday.
 

At present, General Atlantic owns over 57 per cent stake in Rubicon Research.