Rishabh Instrument IPO subscribed 32x; Arkade Developers files DRHP

As of July 31, Arkade had developed 1.8 million square feet of residential property. Its revenue in FY23 stood at Rs 224 crore

Rishabh Instrument IPO subscribed 32x

The initial public offering (IPO) of Rishabh Instrument, a manufacturer of energy efficiency products, was subscribed nearly 32 times on Friday. The institutional portion was subscribed 72.5 times, retail portion 8.4 times, and high-networth individual (HNI) quota 31.3 times. The price band for the IPO was set at Rs 418-441 per share. At the top end, the company is valued at Rs 1,674 crore. The total IPO size was Rs 491 crore, of which about Rs 75 crore was fresh fundraise.
 

Arkade Developers files for IPO

Mumbai-based real estate developer Arkade Developers has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India. The company’s initial public offering (IPO) comprises a fresh issue of Rs 430 crore. Arkade plans to utilise the net proceeds for development of its ongoing and upcoming projects. As on July 31, Arkade had developed 1.8 million square feet of residential property. Its revenue in FY23 stood at Rs 224 crore.

ONGC, Oil India rally up to 6% after govt hikes natural gas price
 

Shares of state-owned oil exploration & produ­ction companies, Oil and Natural Gas Corporation (ONGC) and Oil India, surged up to 6 per cent on the BSE during Friday’s intraday trade after the government hiked price of domestic natural gas to $8.6 per metric million British thermal units (MMBtu). The new price, scheduled to take effect from September 1, marks an increase from the current price of $7.85 MMBtu. Rating agency Fitch, moreover, affirmed ONGC's rating at 'BBB-' with a stable outlook.

Fitch expected ONGC's upstream earn­ings before interest, tax, depre­ciation and amortization over FY24-FY27 to imp­rove, driven by increase in oil price assum­p­tions, given lower uncertainty on demand destruction related to energy transition risks.

BSE ups buyback price; shares gain

BSE has increased the acquisition price for its proposed Rs 375 crore buyback from Rs 816 per share to Rs 1,080. The record date set for the buyback is September 14. Shares of BSE rose 4.9 per cent to end at Rs 1,145 apiece on Friday. According to experts, BSE is the first company to use the recently tweaked buyback rules that allow companies to revise their buyback price ahead of their record date. This will be BSE’s third share repurchase since its listing in January 2017. Previously, it did a Rs 166 crore open market buyback in 2018. In 2019, the exchange did a tender-route buyback of shares worth Rs 460 crore.