NIIT Learning valued at Rs 5,000 cr; Concord Biotech IPO subscribed 25x

NIIT Learning valued at Rs 5,000 cr on debut

Shares of NIIT Learning Systems—demerged from NIIT—finished at Rs 374 during their trading debut on Tuesday. At the last close, the company was valued at a little over Rs 5,000 crore. 

NIIT Learning offers managed training services to corporations across North America and Europe. The demerger became effective on May 24 and consequently those holding one share of NIIT, as on the record date of June 8, were allotted one share of NIIT Learning Systems. 

“The demerger will provide the business sharper focus, simplified decision-making, focused allocation of growth capital and enhanced agility,” the company said in a release. The company ended the financial year 2022-23 (FY23) with revenue visibility of $363 million, the release said. In FY23, NIIT Learning had recorded net profit of Rs 192 crore on revenue of Rs 1,362 crore.

Concord Biotech IPO subscribed 25x

Concord Biotech’s IPO, the second largest for calendar 2023, was subscribed 25 times on Tuesday, the concluding day of the issue. The institutional portion of the issue was subscribed 68 times, the high networth individual portion was subscribed 17 times, and retail investor portion was subscribed nearly 4 times. 

Concord Biotech’s IPO is entirely an offer for sale by Helix Investment. At the top-end of the price band of Rs 741, the issue size works out to Rs 1,551 crore, second-most after Mankind Pharma’s Rs 4,300-crore IPO in April. Based in Ahmedabad, Concord Biotech is a maker of fermentation-based bulk drugs. Late Rakesh Jhunjhunwala’s investment arm Rare Enterprises owns a 24.1 per cent in the company. The company is valued at Rs 7,752 crore in the IPO.

Indian bourses lead global IPO activity: EY

Indian stock exchanges (BSE and NSE, including SMEs) have ranked first in the world in terms of the number of IPOs and 8th in terms of issue proceeds during YTD23, with no cross-border deals recorded, according to EY, a leading global professional services organisation. According to the report, Indian stock exchanges (BSE and NSE, including SMEs) have ranked first in the world in terms of the number of IPOs and 8th in terms of issue proceeds during YTD23, with no cross-border deals recorded. The main markets, comprising BSE and NSE, saw 6 IPOs in Q2 2023, including a fund raiser by an infrastructure investment trust, compared to 14 IPOs in Q2 2022 and 4 IPOs in Q1 2023. This represents a 57 per cent decrease compared to Q2 2022 and an increase of 50 per cent compared to Q1 2023.