The Rs 572-crore IPO of One MobiKwik Systems, priced at Rs 265-279 per share, was entirely a fresh issue and was subscribed 119.4 times, generating bids worth Rs 39,542 crore. The issue received bids of 141.73 crore shares against the offered 1.19 crore equity shares. The retail portion was subscribed 134.7 times, while QIBs subscribed to the issue 119.5 times. NIIs subscribed 109 times.
Investors taking this route can find their returns erode, when the NAV and market price converge. Several ETFs, based on the US markets, are currently trading at a premium to their NAVs due to renewed interest among investors to diversify and take an exposure to the US markets after Donald Trump's recent win in the US Presidential poll.
In 2012, Sebi introduced algo trading through the direct market access facility, which provided advantages such as faster order execution, reduced transaction costs, greater transparency, better audit trails and improved liquidity. However, its access was limited to institutional investors.
The Nifty rose 0.9%, or 219.60 points, to close at 24,768.30, while the Sensex gained 1%, or 843.16 points, to 82,133.12. Both ended the week around 0.5% higher. Analysts expect Nifty to move towards 25,000 levels by December end.
A federal appeals court on Friday left in place a mid-January deadline in a federal law requiring TikTok to be sold or face a ban in the United States, rejecting a request made by the company to halt enforcement until the Supreme Court reviews its challenge of the statute.
The global credit ratings firm S&P issues a warning: How the Board of Education opts to fund the CTUs new contract will determine the financial health of the district for years to come.
