Market Live Updates Today: Indian indices likely to open higher amid positive global cues

RateGain Travel Technologies IPO subscribed 19% on day 1

The initial public offering of RateGain Travel Technologies, the travel and hospitality solutions provider, has been subscribed 19 percent so far on December 7, the first day of bidding, as it received bids for 33 lakh equity shares against an IPO size of 1.73 crore units.

The offer size has been reduced to 1.73 crore equity shares from 3.18 crores after the company mopped up Rs 598.83 crore from anchor investors ahead of IPO opening.

The reserved portion of retail investors was subscribed 1 time and that of employees saw 2 percent subscription.

Non-institutional investors and qualified institutional buyers are yet to put in their bids for the offer.

Marwadi Shares and Finance view on Shriram Properties Limited IPO:

Considering FY21 EBITDA of Rs 512.44 million on post issue basis, the company is going to list at EV/EBITDA of 51.84 with the market cap of Rs 20,013 million.

While its peers namely Sobha Limited and Oberoi Realty limited are trading at EV/EBITDA of 15.60 and 33.00 respectively. We assign “Avoid” rating to this IPO as valuation is expensive as compared to its peers.

Medplus Health Services IPO to open on December 13

India’s second-largest pharmacy retailer Medplus Health Services has decided to launch its initial public offering on December 13 and fixed a price band at Rs 780-796 per equity share.

The company is planning to mop up Rs 1,398.29 crore through its public issue that consists of fresh issuance of shares worth Rs 600 crore and an offer-for-sale of shares worth Rs 798.29 crore by selling shareholders.

The Investor PI Opportunities Fund - I is going to sell shares worth Rs 623 crore and SS Pharma LLC Rs 107 crore worth shares through offer-for-sale.

Wall Street ends higher

Wall Street's major averages closed higher on Monday with economically sensitive sectors and travel-related stocks advancing solidly as invests were encouraged by some optimistic comments from a top U.S. official on the latest COVID-19 variant.

The Dow Jones Industrial Average rose 646.95 points, or 1.87%, to 35,227.03, the S&P 500 gained 53.24 points, or 1.17%, to 4,591.67 and the Nasdaq Composite added 139.68 points, or 0.93%, to 15,225.15.

Oil extends gains on easing Omicron fears, Iran delay

Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.

Brent crude futures rose 34 cents, or 0.5%, to $73.42 a barrel at 0124 GMT, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $69.92 a barrel, up 43 cents, or 0.6%, building on a 4.9% gain in the previous session.

Petrol, diesel prices on December 7

Petrol and diesel prices remained static on December 7, according to a price notification of state-owned fuel retailers. The fuel rates have been unchanged after the excise duty cut by the Centre to bring down retail rates from record highs.

The government cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers battered by record-high retail fuel prices. Following this, many states and union territories have cut value-added tax (VAT) to give further reprieve to consumers battered by record-high retail prices.

The price band for the offer has been fixed at Rs 405-425 per equity share.

Shares in the Rs 1,335.7-crore IPO will be offered at Rs 405-425 each (face value of Re 1). The IPO consists of a fresh issuance of shares worth Rs 375 crore and an offer for sale of up to 22.6 million shares by the promoters and existing investors.

Investors can bid for a minimum lot size of 35 equity shares and in multiples of 35 shares thereafter. The minimum retail investment is Rs 14,875 for one lot of 35 shares, while the maximum is Rs 1,93,375 for 13 lots.

RateGain Travel Technologies mobilises Rs 598 crore from anchor investors:

RateGain Travel Technologies on December 6 garnered Rs 598.83 crore from 34 anchor investors ahead of the opening of its initial public offering. The bidding for the offer will open on December 7 and close on December 9.

The company in its BSE filing said that after consultation with merchant bankers, it has finalised allocation of 1,40,90,136 equity shares to anchor investors at a price of Rs 425 per equity share, the upper price band.