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GNG Electronics Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 825 core and an offer for sale (OFS) of up to 97 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday.
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Indian equity markets experienced notable fluctuations during the week, before staging a strong recovery on Friday, closing the week with modest gains, a recovery underscores the market's resilience despite earlier volatility, with heavyweight sectors like FMCG and IT playing a key role in lifting investor sentiment.
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Shares of multibagger stock Styrenix Performance Materials, which has given returns of 108.2% in the current calendar year so far, are likely to remain in focus today as the record date for its interim dividend of Rs 31 per share is December 17.
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The primary market continues its robust performance as the year 2024 approaches the end, with four new IPOs set to open for subscription next week, highlighting a strong finish to a year marked by vibrant activity in the IPO space.The Street is not only set to witness new IPO openings, but also gears up for the listing of the shares of 9 companies.Here is a list of IPO events lined up for the week ahead:
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Senco Gold Limited raised Rs 459 crore through a Qualified Institutions Placement (QIP), issuing 40.8 lakh equity shares at Rs 1,125 per share. Major investors included funds managed by Tata AIA Life Insurance and ICICI Prudential Life, among others. The funds will support the company's expansion plans, including adding 18-20 stores annually.
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