It’s the year of public outings!
The first half of this fiscal year saw a record 31 initial share sales and the momentum shows no signs of slowing. The IPO pipeline looks strong, with 28 firms eyeing to raise Rs 38,000 crore in the second half and another 41 awaiting the Securities and Exchange Board of India’s nod to launch initial public offerings worth Rs 44,000 crore, a report said.
Speaking of capital, 20 companies have mobilised over Rs 18,400 crore via Qualified Institutional Placements in the first half of FY24, more than four-fold from the year-ago period. This trend is expected to persist throughout the second half of the year, Sanjay Moorjani, Research Analyst at SAMCO Securities, told PTI.
ICYMI: Malaria could be eliminated by 2040. The World Health Organisation has approved a new vaccine that scientists argue will be a game-changer in the fight against the disease. Trials have shown that the R21/Matrix vaccine, developed by Oxford University together with the Serum Institute of India, reduces malaria by up to 75%.
And, the best part? The vaccine can be manufactured cheaply and on a mass scale.
Oh and finally, here are 40 trailblazing startups from around the world outmaneuvering companies from the West.
In today’s newsletter, we will talk about
- Artha Group’s investment philosophy
- Mobile toilets promise safety, hygiene
Here’s your trivia for today: Which team did India beat in the 1983 World Cup?
Venture capital
Artha Group’s investment philosophy
For Artha Group, a funding winter means new investment opportunities. Founder Anirudh A Damani says this confidence stems from the potential he sees in India as well as Artha’s history of making successful investments in startups under a similar funding lull.
Playbook:
- The Artha Group has a portfolio of over 150 startups and has exited its investments in 31 companies.
- It works across startup stages by being an accelerator via Artha Access; a seed stage investor via Artha Venture Capital; a growth investor through Artha Select Fund, and takes part in bridge rounds of late-stage funding via Continuum Fund.
- As for the future, Damani says Artha is looking at launching its second seed fund in the next two to three months.
Sanitation
Mobile toilets promise safety, hygiene
Last month, Tamil Nadu Minister for Municipal Administration, K N Nehru, flagged off 15 She Toilets for 15 zones in the city. As of October 5, six buses have been sent out, covering three zones. The mobile toilets promise safety, hygiene, and sanitation to women and female public service workers.
Key takeaways:
- Greater Chennai Corporation (GCC) has procured the 15 mobile She Toilets at a cost of Rs 4.37 crore.
- The mobile toilets also have a tank to collect the sewage, which is then pumped into Chennai Metropolitan Water Supply and Sewerage Board’s pumping stations across the city.
- In the past, GCC had set up e-toilets and rental toilets in the city. But users lost faith in them as many of the toilets became unusable over time due to lack of water supply, broken taps and doors, and open defecation around the area.
News & updates
- Big money: The Powerball jackpot climbed to an estimated $1.55 billion after no one matched the game’s six numbers Saturday and won the giant prize. The $1.55 billion prize is for a sole winner who is paid through an annuity, with annual checks over 30 years.
- Star IPO: German footwear brand Birkenstock Holding Ltd has secured enough commitments from investors to price its US initial public offering (IPO) at the top of its indicated range and attain a $10 billion valuation, people familiar with the matter reportedly told Reuters.
- Clean energy: Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman said on Sunday that the first hydrogen train in the Middle East will begin trials next week.
What you should watch out for
- Q2 earnings: Top-tier IT services firms Tata Consultancy Services (October 11), Infosys, and HCL Technologies (October 12) are expected to release second-quarter results. Analysts expect IT services firms to show muted sequential growth due to macroeconomic factors.
- TCS share buyback: TCS will be considering a proposal for a buyback of equity shares on October 11. TCS had carried out a share buyback worth Rs 18,000 crore in 2022, when it repurchased 4 crore shares at Rs 4,500 apiece.
- Key data release: Industrial production and manufacturing production data for August as well as inflation rate for September will be out on October 12 while Wholesale Price Index (WPI) data for September is slated for release on October 13, 2023.
Which team did India beat in the 1983 World Cup?
Answer: West Indies
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