There are signs that the IPO market could heat up again in the US Softbank's arm is in the news. A Reuters report shows the chip maker filed with regulators confidentially for a US stock market listing. That could set the stage for the largest IPO in the US this year.

Softbank's arm registers for US IPO

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence.

Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors.

The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1).

Also Read | <a href="https://www.wionews.com/world/china-urges-canada-not-to-engage-in-political-manipulation-over-uyghur-muslims-558205">China urges Canada not to engage in 'political manipulation' over Uyghur Muslims</a> 
 
“The essence of this reform is to let the market decide,” the CSRC said.

The CSRC said that there will be no administrative restrictions on pricing and scale of new shares.

“This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN.

“It is one step in the right direction,” he said.

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China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy.

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence. Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors. The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1). Also Read | China urges Canada not to engage in 'political manipulation' over Uyghur Muslims “The essence of this reform is to let the market decide,” the CSRC said. The CSRC said that there will be no administrative restrictions on pricing and scale of new shares. “This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN. “It is one step in the right direction,” he said. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

China to soon launch long-awaited IPO reforms

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co.&nbsp;

The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it.

The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai.

According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa.

The energy trading division of Aramco also intends to go public.

In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy.

The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion.

(With inputs from agencies)

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The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO. Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co. The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it. The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai. According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa. The energy trading division of Aramco also intends to go public. In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy. The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion. (With inputs from agencies) WATCH WION LIVE HERE:

Saudi Aramco's Luberef gets regulator nod for initial public offering

If you can't buy luxury car maker Porsche, you can at least go and buy its shares because luxury car maker Porsche's shares will list on stock markets today.

WION Business News | Historic Porsche IPO amid market tumult

Hong Kong’s largest initial public offering (IPO) of the year this week is a welcome boost for the city but is unlikely to overcome the geopolitical tensions and lack of policy clarity that have deterred investment in what was once the world’s largest IPO venue.

Hong Kong IPOs suffer from business downturn amid US, China tensions

German auto major Volkswagen has announced its intention to float for an initial public offering of its super sports car brand Porsche. The IPO could be the largest in German history and the biggest in Europe since 1999.

Volkswagen triggers landmark Porsche IPO plan

The stock markets might be running dry, but it's still raining IPOs in India. One of the most-awaited IPOs, Life Insurance Corporation (LIC) has finally made its debut. But looks like the investors may have to wait a bit long for return. Know why.

LIC debuts at a discount but how did other Indian firms perform at stock market listing?

The initial public offering (IPO) of Life Insurance Corporation of India (LIC) dominated headlines for a number of days and it is already the biggest IPO in the history of the Indian capital&nbsp;market.

After the initial IPO, the share allotment will be carried out on May 12. The IPO subscriptions started on May 4 and by the time it ended on May 9, it was reported that the IPO was oversubscribed around 2.95 times – a fact that surprised a number of experts despite high expectations from the offering.

With the help of the LIC IPO, the central government was reportedly looking to raise Rs 21,000 crore and apart from the policyholders, a lot of interest was also noticed from the Qualified Institutional Buyers.

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According to BSE data, 11.20 crore bids were received for the 3.95 crore shares.

The IPO was priced between INR 902-949 per equity share ahead of the offering.

According to the timeline presented by the authorities, the money will be returned to unsuccessful bidders on May 13 while the equity shares will be sent to the successful bidders on May 16. The official trading of the LIC stocks in the equity market is expected to start from May 17.

Also read |&nbsp;<a href="https://www.wionews.com/world/to-end-contempt-of-court-order-us-judge-tells-donald-trump-to-meet-conditions-pay-110000-in-fines-478258" hreflang="en">To end contempt order, US judge tells Trump to meet conditions, pay $110,000</a>

In another major development, the Supreme Court of India made it clear that they will not be interfering with the IPO and share allotment after petitions were filed against the process.

The court said that the changes made to the LIC Act is a question "that needs further reconsideration” but decided to not make any changes in the IPO process.

Here's how the users can check their&nbsp;LIC IPO allotment status -&nbsp;

Login at the direct BSE link - bseindia.com/investors/appli_check.aspx

Select the LIC IPO from the drop box

Enter the LIC IPO application number

Enter the user's PAN details

Click on the 'I'm not a robot' option

Click 'submit'

The initial public offering (IPO) of Life Insurance Corporation of India (LIC) dominated headlines for a number of days and it is already the biggest IPO in the history of the Indian capital market.

The initial public offering (IPO) of Life Insurance Corporation of India (LIC) dominated headlines for a number of days and it is already the biggest IPO in the history of the Indian capital market. After the initial IPO, the share allotment will be carried out on May 12. The IPO subscriptions started on May 4 and by the time it ended on May 9, it was reported that the IPO was oversubscribed around 2.95 times – a fact that surprised a number of experts despite high expectations from the offering. With the help of the LIC IPO, the central government was reportedly looking to raise Rs 21,000 crore and apart from the policyholders, a lot of interest was also noticed from the Qualified Institutional Buyers. Also read | 'One of a kind': UK man sells single 'extremely rare' potato chip for £2,000 According to BSE data, 11.20 crore bids were received for the 3.95 crore shares. The IPO was priced between INR 902-949 per equity share ahead of the offering. According to the timeline presented by the authorities, the money will be returned to unsuccessful bidders on May 13 while the equity shares will be sent to the successful bidders on May 16. The official trading of the LIC stocks in the equity market is expected to start from May 17. Also read | To end contempt order, US judge tells Trump to meet conditions, pay $110,000 In another major development, the Supreme Court of India made it clear that they will not be interfering with the IPO and share allotment after petitions were filed against the process. The court said that the changes made to the LIC Act is a question "that needs further reconsideration” but decided to not make any changes in the IPO process. Here's how the users can check their LIC IPO allotment status - Login at the direct BSE link - bseindia.com/investors/appli_check.aspx Select the LIC IPO from the drop box Enter the LIC IPO application number Enter the user's PAN details Click on the 'I'm not a robot' option Click 'submit'

LIC IPO share allotment today: Everything you need to know about the process

As per a stock exchange filing, Life Insurance Corp's (LIC) largest-ever initial public offering (IPO) was oversubscribed 2.95 times as six days of bidding ended on Monday.

However, foreign institutional investors (FII) have been cautious about the IPO, according to an Indian government official.

"Predominantly this issue has been domestically lifted," &nbsp;said Tuhin Kanta Pandey, secretary of India's Department of Investment and Public Asset Management, (DIPAM).

Watch |&nbsp;Gravitas | LIC IPO: All you need to know

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As per a report by Bloomberg, foreign institutional investors have mostly avoided India's largest share sale, finding it too expensive in light of currency uncertainties and the global market environment.

However, in the final hours before the subscription deadline on Monday, FII's pushed up their offers for India's largest share sale.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/lic-ipo-opens-on-may-4-perks-price-and-other-details-475671">LIC IPO opens on May 4: Perks, Price and other details</a>

Citing data from the exchanges, Bloomberg reports that overseas investors placed orders for 61 per cent of the shares set aside for institutional purchasers in the $2.7 billion initial public offerings.

According to Bloomberg, the lack of international investor interest contrasts sharply with several of last year's Indian IPOs like &nbsp;One97 Communications Ltd., which controls, digital payments business Paytm, and Zomato Ltd., a food delivery company.

While overseas investors only started to come in on the last day, retail buyers have been pouring in since the issue went on sale.

The subscription has been driven by policyholders. The segment allocated for policyholders has been subscribed over 6.12 times. Bids worth Rs 12,034 crore have been submitted by policyholders. Employees' shares were subscribed 4.4 times, while retail individual investors' shares were subscribed 2 times.

(With inputs from agencies)

​​​​​​​

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As per a stock exchange filing, Life Insurance Corp's (LIC) largest-ever initial public offering (IPO) was oversubscribed 2.95 times as six days of bidding ended on Monday.

As per a stock exchange filing, Life Insurance Corp's (LIC) largest-ever initial public offering (IPO) was oversubscribed 2.95 times as six days of bidding ended on Monday. However, foreign institutional investors (FII) have been cautious about the IPO, according to an Indian government official. "Predominantly this issue has been domestically lifted," said Tuhin Kanta Pandey, secretary of India's Department of Investment and Public Asset Management, (DIPAM). Watch | Gravitas | LIC IPO: All you need to know As per a report by Bloomberg, foreign institutional investors have mostly avoided India's largest share sale, finding it too expensive in light of currency uncertainties and the global market environment. However, in the final hours before the subscription deadline on Monday, FII's pushed up their offers for India's largest share sale. Also read | LIC IPO opens on May 4: Perks, Price and other details Citing data from the exchanges, Bloomberg reports that overseas investors placed orders for 61 per cent of the shares set aside for institutional purchasers in the $2.7 billion initial public offerings. According to Bloomberg, the lack of international investor interest contrasts sharply with several of last year's Indian IPOs like One97 Communications Ltd., which controls, digital payments business Paytm, and Zomato Ltd., a food delivery company. While overseas investors only started to come in on the last day, retail buyers have been pouring in since the issue went on sale. The subscription has been driven by policyholders. The segment allocated for policyholders has been subscribed over 6.12 times. Bids worth Rs 12,034 crore have been submitted by policyholders. Employees' shares were subscribed 4.4 times, while retail individual investors' shares were subscribed 2 times. (With inputs from agencies) Watch WION LIVE HERE:

Policyholders lead subscription of India's biggest IPO LIC, while foreign investors shun it

Life Insurance Corporation is a household name. Buying an LIC insurance policy is considered as gold standard of savings or ensuring oneself against the or oddities of life. The Insurance giant LIC's share sale has begun yesterday.

LIC's mega IPO gets an extra day for subscription

The largest initial public offering (IPO) in India, Life Insurance Corporation (LIC), opened for subscription today.

The IPO's price range is Rs 902-949, with policyholders receiving a Rs 60 discount and retail investors and employees receiving a Rs 45 discount.

The government's 3.5 percent share in LIC will be sold in an initial public offering (IPO) on May 9 to raise Rs 205 billion.

Reserved LIC IPO Portions

The IPO is wholly a government offer-for-sale of 221,374,920 equity shares, with the government receiving the entire profits.

Up to 1,581,249 units are reserved for employees, and up to 22,137,492 units are reserved for policyholders, out of the total number of shares on the block.

Qualified institutional buyers will receive 50% of the net offer, retail investors will receive 35%, and non-institutional investors will receive 15%.

<a href="https://www.wionews.com/business-economy/lic-ipo-opens-on-may-4-perks-price-and-other-details-475671">Also read | LIC IPO opens on May 4: Perks, Price and other details</a>

Here are ten things you should be aware of:&nbsp;

1: The LIC IPO has a price range of Rs 902-949 per equity share.

2: LIC policyholders will receive a Rs 60 discount per equity share, while retail investors and employees will receive a Rs 45 reduction.

3: At the upper end of the offering price, investors can bid for a minimum of 15 shares (one lot) for Rs. 14,235.

4: On May 17, LIC shares will be offered on stock exchanges.

5: By dissolving a 3.5 percent share in LIC, the government hopes to generate Rs 210 billion.

6: The valuation for an IPO would be the greatest in the Indian market's history. Previously, the greatest fundraises were observed in the Paytm IPO last year, which raised Rs 183 billion, and Coal India, which raised Rs 152 billion in 2010.

7: The LIC has contacted policyholders via SMS and other means to inform them of the stock sale.

8: For several months, LIC has been alerting the public about the IPO through numerous platforms, including print and television commercials.

9: Due to the current market conditions, the country's largest insurer cut the size of its IPO from 5% to 3.5 percent.

10: On September 1, 1956, LIC was created by merging and nationalising 245 private life insurance companies, with an initial capital of Rs 50 million.

The largest initial public offering (IPO) in India, Life Insurance Corporation (LIC), opened for subscription today. The IPO's price range is Rs 902-949, with policyholders receiving a Rs 60 discount and retail investors and employees receiving a Rs 45 discount.

The largest initial public offering (IPO) in India, Life Insurance Corporation (LIC), opened for subscription today. The IPO's price range is Rs 902-949, with policyholders receiving a Rs 60 discount and retail investors and employees receiving a Rs 45 discount. The government's 3.5 percent share in LIC will be sold in an initial public offering (IPO) on May 9 to raise Rs 205 billion. Reserved LIC IPO Portions The IPO is wholly a government offer-for-sale of 221,374,920 equity shares, with the government receiving the entire profits. Up to 1,581,249 units are reserved for employees, and up to 22,137,492 units are reserved for policyholders, out of the total number of shares on the block. Qualified institutional buyers will receive 50% of the net offer, retail investors will receive 35%, and non-institutional investors will receive 15%. Also read | LIC IPO opens on May 4: Perks, Price and other details Here are ten things you should be aware of: 1: The LIC IPO has a price range of Rs 902-949 per equity share. 2: LIC policyholders will receive a Rs 60 discount per equity share, while retail investors and employees will receive a Rs 45 reduction. 3: At the upper end of the offering price, investors can bid for a minimum of 15 shares (one lot) for Rs. 14,235. 4: On May 17, LIC shares will be offered on stock exchanges. 5: By dissolving a 3.5 percent share in LIC, the government hopes to generate Rs 210 billion. 6: The valuation for an IPO would be the greatest in the Indian market's history. Previously, the greatest fundraises were observed in the Paytm IPO last year, which raised Rs 183 billion, and Coal India, which raised Rs 152 billion in 2010. 7: The LIC has contacted policyholders via SMS and other means to inform them of the stock sale. 8: For several months, LIC has been alerting the public about the IPO through numerous platforms, including print and television commercials. 9: Due to the current market conditions, the country's largest insurer cut the size of its IPO from 5% to 3.5 percent. 10: On September 1, 1956, LIC was created by merging and nationalising 245 private life insurance companies, with an initial capital of Rs 50 million.

India's largest IPO, LIC, opens for subscription: 10 things to know

India is preparing for its largest IPO or Initial Public Offering it's starting on May 4th. The company will be opening for subscriptions, the price band is set between 902 and 949 rupees per share, what does this IPO mean for the Indian economy?

LIC: Image makeover for India's legacy firm?

India's insurance giant LIC has been reduced by 50 in size but it is still the biggest stake sale in India's stock listing history. As per the details announced yesterday, LIC IPO will be worth nearly 21,000 crore rupees or 2.7 billion dollars it will hit primary market on May 4.

LIC IPO: India's insurance giant has biggest stock sale in India

India is all set to have its biggest-ever IPO. A Mega $2.7 billion LIC IPO is to open on May 4. Watch this report to know more.

LIC IPO: India's Biggest-ever IPO to open on May 4

The initial public offering (IPO) of the Life Insurance Corporation (LIC) will open for the anchor investors on May 2 and the general public will be offered the IPO from May 4 to May 9.

The announcement was made by LIC in their press conference on Wednesday.

LIC chairman MR Kumar called the public issue ‘LIC 3.0’ and said that it will open between INR 902 to INR 949. Policyholders will be given an INR 60 discount and retail investors will get INR 45 discount.

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LIC is also expected to be listed on the stock exchanges on May 17.

DIPAM secretary Tuhin Kanta Pandey confirmed that the LIC IPO will be the biggest initial public offering in the history of the Indian market but also pointed out that the size of the IPO is perfect for the market considering the constraints and the long-term goals as a prominent value creator.

"This (LIC IPO) is right sized, considering the capital market environment and will not crowd out capital supply given the current market environment," Pandey said according to a PTI report.

According to the report, the Indian government will sell around 3.5 percent of its stake in LIC for INR 21,000 crores which will mean that LIC will be valued at INR 6 lakh crore.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/kerala-becomes-latest-indian-state-to-make-wearing-masks-in-public-mandatory-amid-surge-in-covid-19-cases-474261" hreflang="en">Kerala becomes latest Indian state to make wearing masks in public mandatory</a>

"Valuation reported was speculative. It is neither being undervalued or overvalued. Valuation process is a discovery process. Its embedded value is difficult to decipher even for us. This (3.5% for INR 21,000 crore) is a fair and attractive valuation," Pandey was quoted as saying.

The government was supposed to sell its stakes in March 2022, but it was delayed due to the ongoing Russia-Ukraine crisis. The Indian markets have somewhat recovered from the jolts of COVID-19 pandemic and the listing of LIC in the stock market is expected to stabilise the situation even more.

WATCH |&nbsp;India's coal reserves fall. What does it mean?

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The initial public offering (IPO) of the Life Insurance Corporation (LIC) will open for the anchor investors on May 2 and the general public will be offered the IPO from May 4 to May 9.

The initial public offering (IPO) of the Life Insurance Corporation (LIC) will open for the anchor investors on May 2 and the general public will be offered the IPO from May 4 to May 9. The announcement was made by LIC in their press conference on Wednesday. LIC chairman MR Kumar called the public issue ‘LIC 3.0’ and said that it will open between INR 902 to INR 949. Policyholders will be given an INR 60 discount and retail investors will get INR 45 discount. Also read | Musk criticises Twitter's censorship lawyer Gadde after buying the platform LIC is also expected to be listed on the stock exchanges on May 17. DIPAM secretary Tuhin Kanta Pandey confirmed that the LIC IPO will be the biggest initial public offering in the history of the Indian market but also pointed out that the size of the IPO is perfect for the market considering the constraints and the long-term goals as a prominent value creator. "This (LIC IPO) is right sized, considering the capital market environment and will not crowd out capital supply given the current market environment," Pandey said according to a PTI report. According to the report, the Indian government will sell around 3.5 percent of its stake in LIC for INR 21,000 crores which will mean that LIC will be valued at INR 6 lakh crore. Also read | Kerala becomes latest Indian state to make wearing masks in public mandatory "Valuation reported was speculative. It is neither being undervalued or overvalued. Valuation process is a discovery process. Its embedded value is difficult to decipher even for us. This (3.5% for INR 21,000 crore) is a fair and attractive valuation," Pandey was quoted as saying. The government was supposed to sell its stakes in March 2022, but it was delayed due to the ongoing Russia-Ukraine crisis. The Indian markets have somewhat recovered from the jolts of COVID-19 pandemic and the listing of LIC in the stock market is expected to stabilise the situation even more. WATCH | India's coal reserves fall. What does it mean?

LIC IPO to open to general public on May 4, expected to be biggest in India despite reduced offer size

India's largest life insurance company is going public in March, it's expected to make its initial public offering now there are a lot of unknowns about this decision and questions are there why is LIC going public, how big will be the IPO and how many shares will be on offer?

Why is LIC going public, how big will be the IPO?

India's biggest life insurance company LIC is going public. It is expected to launch its IPO in March 2022. Why is LIC going public? How big will the IPO be? How many shares will be sold? Palki Sharma gets you the details.

Gravitas | LIC IPO: All you need to know

Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital markets regulator SEBI, paving the way for India’s largest initial public offering (IPO).

Life Insurance Corporation of India files $8 billion IPO papers

The market is abuzz today with one positive development. Want to know what it is? &nbsp;

Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. &nbsp;&nbsp;

The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/up-goa-assembly-polls-2022-polling-underway-in-two-indian-states-55-seats-in-up-40-in-goa-up-for-grabs-453098" hreflang="en">UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs</a>

The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. &nbsp;

It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government.&nbsp;

According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/marvellous-accomplishment-in-2022s-maiden-mission-isro-puts-three-satellites-into-orbit-successfully-453091" hreflang="en">Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully</a>

An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. &nbsp;&nbsp;

The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. &nbsp;&nbsp;

By the end of March, the listing may get completed, the source added. &nbsp;

(With inputs from agencies)&nbsp;

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares.

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. Also Read | UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government. According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. Also Read | Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. By the end of March, the listing may get completed, the source added. (With inputs from agencies)

New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months.

According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale.

A security review of all platform companies before they list overseas is needed as per the new rules of the Cyberspace Administration of China (CAC).

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-decoding-chinas-crackdown-on-everything-438842/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Chinese firms raised $12.8 billion in the United States in the first seven months of last year, but the deals halted after the New York debut of Didi Global in late June triggered a regulatory backlash by Beijing. That brought tighter scrutiny for all offshore listings.

Some smaller Chinese companies are now reviving efforts to sell shares in the United States, confident they are not targeted by the new rules seeking to block offshore listings by firms handling large amounts of data or posing national security risks.

The US Securities and Exchange Commission has stepped up its supervision of Chinese companies listed overseas, including reviews of their cybersecurity.

SEC Chair Gary Gensler is especially critical of Chinese businesses that use shell companies to get around Chinese rules blocking foreign ownership for their industries.

<a href="https://www.wionews.com/world/didi-to-delist-from-new-york-stock-exchange-after-chinese-regulator-pressure-433722">Also read |&nbsp;Didi to delist from New York Stock Exchange after Chinese regulator pressure</a>

Under these deals, the Chinese business forms a shell company in the Cayman Islands or somewhere else. The shell company then sells its stock to investors after listing in New York.

The shell company has no ownership of the Chinese company. Instead, it has service contracts with it. These arrangements are called variable interest entities, or “VIEs.”

“I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company,” Gensler said.

"I think both US and Chinese regulators hope legitimate, law-abiding companies like us can grow bigger and stronger through listings," Zhang Jiulin, chairman of insurance broker Hengguang Holding Co.

His company filed a draft IPO prospectus on Jan 18 with the Securities Exchange Commission (SEC), aiming to raise up to $19.6 million via its Nasdaq listing later this year.

Zhang brushed aside concerns that tighter Chinese control of cross-border data transfer will hamper the firm's U.S. listing, saying Hengguang did not collect sensitive individual customer data.

Apart from the new IPO applications, more than a dozen Chinese companies have also amended IPO papers this year, SEC filings showed.

"Market participants are seeing the light at the end of the tunnel," said Ming Liao, founding partner of private equity firm Prospect Avenue Capital. 
&nbsp;

(With inputs from agencies)

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months. According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale.

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months. According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale. A security review of all platform companies before they list overseas is needed as per the new rules of the Cyberspace Administration of China (CAC). Chinese firms raised $12.8 billion in the United States in the first seven months of last year, but the deals halted after the New York debut of Didi Global in late June triggered a regulatory backlash by Beijing. That brought tighter scrutiny for all offshore listings. Some smaller Chinese companies are now reviving efforts to sell shares in the United States, confident they are not targeted by the new rules seeking to block offshore listings by firms handling large amounts of data or posing national security risks. The US Securities and Exchange Commission has stepped up its supervision of Chinese companies listed overseas, including reviews of their cybersecurity. SEC Chair Gary Gensler is especially critical of Chinese businesses that use shell companies to get around Chinese rules blocking foreign ownership for their industries. Also read | Didi to delist from New York Stock Exchange after Chinese regulator pressure Under these deals, the Chinese business forms a shell company in the Cayman Islands or somewhere else. The shell company then sells its stock to investors after listing in New York. The shell company has no ownership of the Chinese company. Instead, it has service contracts with it. These arrangements are called variable interest entities, or “VIEs.” “I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company,” Gensler said. "I think both US and Chinese regulators hope legitimate, law-abiding companies like us can grow bigger and stronger through listings," Zhang Jiulin, chairman of insurance broker Hengguang Holding Co. His company filed a draft IPO prospectus on Jan 18 with the Securities Exchange Commission (SEC), aiming to raise up to $19.6 million via its Nasdaq listing later this year. Zhang brushed aside concerns that tighter Chinese control of cross-border data transfer will hamper the firm's U.S. listing, saying Hengguang did not collect sensitive individual customer data. Apart from the new IPO applications, more than a dozen Chinese companies have also amended IPO papers this year, SEC filings showed. "Market participants are seeing the light at the end of the tunnel," said Ming Liao, founding partner of private equity firm Prospect Avenue Capital. (With inputs from agencies)

New York poised for first IPO by Chinese company in seven months after regulatory crackdown

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded.

SenseTime Group shares surged as much as 23% from their IPO price on Thursday, adding billions of dollars to the artificial intelligence start-up`s market value as it debuted in Hong Kong in the city`s final major float for the year.&nbsp;

Even when SenseTime's share had grown by 11 per cent at the end of morning session, net worth of Xiao'ou had touched USD 3.9 billion.

Some analysts had expected the shares to struggle due to weak demand during the IPO process and worries about SenseTime`s inclusion on a U.S. investment blacklist that prompted the Chinese firm to shelve its first attempt to list.

"The main reason that support is coming to the share price is that the market had already digested the U.S. sanction issue," said Kenny Ng, Everbright Sun Hung Kai analyst.

"SenseTime set the IPO price at the lower end of the range which left room for the price performance after listing."

The Chinese company raised $740 million in its initial public offering and priced its shares at HK$3.85 ($0.4937) each.

The deal valued SenseTime at $16.4 billion, while at the session`s high its market capitalisation had added some $3.8 billion.

SenseTime ended at HK$4.13 in its debut session, up 7.3% from its IPO price. It was the fifth most actively traded stock by turnover with 329.97 million shares changing hands worth HK$1.406 bln.

The broader Hang Seng Index gained just 0.11% while tech stocks in Hong Kong were marginally positive on the day.

SenseTime`s IPO was Hong Kong`s fifth largest in 2021, Dealogic data shows.

Hong Kong has struggled to attract big ticket deals this year due to a regulatory crackdown on a number of sectors by Chinese authorities.

(With inputs from agencies) 
&nbsp;

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded.

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded. SenseTime Group shares surged as much as 23% from their IPO price on Thursday, adding billions of dollars to the artificial intelligence start-up`s market value as it debuted in Hong Kong in the city`s final major float for the year. Even when SenseTime's share had grown by 11 per cent at the end of morning session, net worth of Xiao'ou had touched USD 3.9 billion. Some analysts had expected the shares to struggle due to weak demand during the IPO process and worries about SenseTime`s inclusion on a U.S. investment blacklist that prompted the Chinese firm to shelve its first attempt to list. "The main reason that support is coming to the share price is that the market had already digested the U.S. sanction issue," said Kenny Ng, Everbright Sun Hung Kai analyst. "SenseTime set the IPO price at the lower end of the range which left room for the price performance after listing." The Chinese company raised $740 million in its initial public offering and priced its shares at HK$3.85 ($0.4937) each. The deal valued SenseTime at $16.4 billion, while at the session`s high its market capitalisation had added some $3.8 billion. SenseTime ended at HK$4.13 in its debut session, up 7.3% from its IPO price. It was the fifth most actively traded stock by turnover with 329.97 million shares changing hands worth HK$1.406 bln. The broader Hang Seng Index gained just 0.11% while tech stocks in Hong Kong were marginally positive on the day. SenseTime`s IPO was Hong Kong`s fifth largest in 2021, Dealogic data shows. Hong Kong has struggled to attract big ticket deals this year due to a regulatory crackdown on a number of sectors by Chinese authorities. (With inputs from agencies)

A professor and MIT grad suddenly becomes one among world's richest

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock.

"The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company,&nbsp;which did not make the registration form public, said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/how-gamestop-missed-out-on-capitalising-on-the-reddit-rally-362984">How GameStop missed out on capitalising on the Reddit rally</a>

Reddit, which was founded in 2005, had around 52 million daily users as of August this year.

In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/technology/reddit-buys-tiktoks-competitor-dubsmash-promises-diversity-349746">Reddit buys TikTok's competitor Dubsmash; promises diversity</a>

Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.”

Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop.

Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies.

Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital.

(With inputs from agencies)

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission. The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock. "The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company, which did not make the registration form public, said in a statement. Also read | How GameStop missed out on capitalising on the Reddit rally Reddit, which was founded in 2005, had around 52 million daily users as of August this year. In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters. Also read | Reddit buys TikTok's competitor Dubsmash; promises diversity Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.” Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop. Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies. Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital. (With inputs from agencies)

Social media platform Reddit to go public, files confidential IPO

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

Shares in&nbsp;Krafton&nbsp;Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday.

Analysts attributed the share tumble of South Korea's second-largest IPO to an expensive valuation and China regulation risks, with gaming companies facing uncertain prospects after China regulators have come down hard on a number of industries, upending norms with new guidance and rules.

Also read |&nbsp;<a href="https://www.wionews.com/technology/pubg-mobile-india-in-hot-water-for-sharing-data-with-chinese-servers-393567">PUBG Mobile India in hot water for sharing data with Chinese servers</a>

Krafton&nbsp;shares opened down 9.9 per cent from their IPO price of 498,000 won, making it South Korea's lowest trading debut since LG Philips LCD, now LG Display, first went public in 2004, according to data from Refinitiv Eikon.

The stock closed down 8.8 per cent from the IPO price, valuing the company at about $19.32 billion.

"This was a classic case of the owners being a bit too greedy in their valuation assessment of the company. Although the IPO price range was lowered, it was not lowered enough," said Douglas Kim, an independent analyst, who publishes on Smartkarma.

Krafton&nbsp;derived 87 per cent of its revenue from Asia excluding South Korea in the January-March quarter, a large portion of which is estimated by analysts to come from sales in China handled by Tencent.

Also read |&nbsp;<a href="https://www.wionews.com/technology/pubg-battlegrounds-mobile-india-officially-launched-for-android-395353">Pubg Battlegrounds Mobile India officially launched for Android</a>

Krafton&nbsp;earns fees by providing technology services for "Peacekeeper Elite", a game similar to "PUBG Mobile" that Tencent distributes and is usually among China's top two grossing games, it said in an IPO filing.

"About 70 per cent (of sales) appear to be from Tencent," LightStream Research analyst Mio Kato, who publishes on Smartkarma, told Reuters.

"China has already made noises about (Tencent's) 'Honor of Kings' ... If they also request changes for 'Peacekeeper Elite' that would be a negative and could be a very large negative."

Shares in Tencent and global gaming companies with China exposure such as Activision Blizzard tumbled last week after the Economic Information Daily, which is affiliated with the official Xinhua Agency, called online gaming "spiritual opium".

Tencent quickly said it would further curb minors' access to its flagship video game "Honor of Kings".

Still,&nbsp;Krafton&nbsp;raised $3.75 billion in South Korea's second-largest IPO after Samsung Life Insurance's float in 2010, even after the firm cut its fund-raising target by a quarter after regulators ordered it to revise its filings.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bgmi-maker-kraftons-shares-tumble-20-after-listing-debut-404410/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Based on market capitalisation,&nbsp;Krafton&nbsp;was benchmark KOSPI's 19th biggest stock on Tuesday, excluding preferred shares.

Some 65 per cent of the IPO proceeds will go to&nbsp;Krafton, which plans to use the bulk of the funds to acquire other gaming companies. The remainder went to shareholders cashing out their investments.

More large offerings are in the pipeline in what is shaping up to be a bumper year for South Korean stock market floats, including EV battery maker LG Energy Solution and payments firm Kakao Pay, which is backed by China's Ant Financial.

($1 = 1,148.9900 won)

Shares in Krafton Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday.

Shares in Krafton Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday. Analysts attributed the share tumble of South Korea's second-largest IPO to an expensive valuation and China regulation risks, with gaming companies facing uncertain prospects after China regulators have come down hard on a number of industries, upending norms with new guidance and rules. Also read | PUBG Mobile India in hot water for sharing data with Chinese servers Krafton shares opened down 9.9 per cent from their IPO price of 498,000 won, making it South Korea's lowest trading debut since LG Philips LCD, now LG Display, first went public in 2004, according to data from Refinitiv Eikon. The stock closed down 8.8 per cent from the IPO price, valuing the company at about $19.32 billion. "This was a classic case of the owners being a bit too greedy in their valuation assessment of the company. Although the IPO price range was lowered, it was not lowered enough," said Douglas Kim, an independent analyst, who publishes on Smartkarma. Krafton derived 87 per cent of its revenue from Asia excluding South Korea in the January-March quarter, a large portion of which is estimated by analysts to come from sales in China handled by Tencent. Also read | Pubg Battlegrounds Mobile India officially launched for Android Krafton earns fees by providing technology services for "Peacekeeper Elite", a game similar to "PUBG Mobile" that Tencent distributes and is usually among China's top two grossing games, it said in an IPO filing. "About 70 per cent (of sales) appear to be from Tencent," LightStream Research analyst Mio Kato, who publishes on Smartkarma, told Reuters. "China has already made noises about (Tencent's) 'Honor of Kings' ... If they also request changes for 'Peacekeeper Elite' that would be a negative and could be a very large negative." Shares in Tencent and global gaming companies with China exposure such as Activision Blizzard tumbled last week after the Economic Information Daily, which is affiliated with the official Xinhua Agency, called online gaming "spiritual opium". Tencent quickly said it would further curb minors' access to its flagship video game "Honor of Kings". Still, Krafton raised $3.75 billion in South Korea's second-largest IPO after Samsung Life Insurance's float in 2010, even after the firm cut its fund-raising target by a quarter after regulators ordered it to revise its filings. Based on market capitalisation, Krafton was benchmark KOSPI's 19th biggest stock on Tuesday, excluding preferred shares. Some 65 per cent of the IPO proceeds will go to Krafton, which plans to use the bulk of the funds to acquire other gaming companies. The remainder went to shareholders cashing out their investments. More large offerings are in the pipeline in what is shaping up to be a bumper year for South Korean stock market floats, including EV battery maker LG Energy Solution and payments firm Kakao Pay, which is backed by China's Ant Financial. ($1 = 1,148.9900 won)

South Korea's Krafton, maker of hit game 'PUBG', tumbles on stock market debut

Ride-hailing company&nbsp;Didi&nbsp;Global on Thursday denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States.

The Wall Street Journal, citing people familiar with the matter, reported that the Chinese company has been mulling delisting plans as a crackdown in China widens and it has received support from cybersecurity regulators.

Didi, which listed in New York last month after raising $4.4 billion in an initial public offering (IPO), said in a statement that the WSJ report was not true.

"The company affirms that the above information is not true," it said, in reference to the report. "The company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company."

Shares in&nbsp;Didi&nbsp;jumped as much as 40% in premarket trade on news of the WSJ report, but pared gains when trading opened on Wall Street.&nbsp;Didi&nbsp;rose 11.2% from Wednesday to close at $9.86 a share, but is down 29.6% from its listing price on June 30.

Days after&nbsp;Didi's market debut, the Cyberspace Administration of China (CAC) launched an investigation into the company and asked it to stop registering new users, citing national security and the public interest.

The regulator also said it would remove the mobile apps operated by&nbsp;Didi&nbsp;from app stores.

<a href="https://www.wionews.com/technology/chinese-regulators-suggested-ride-hailing-giant-didi-delay-its-us-ipo-report-396087">Also read |&nbsp;Chinese regulators suggested ride-hailing giant Didi delay its US IPO: Report</a>

Didi's listing was the biggest stock sale by a Chinese company since the 2014 listing of e-commerce behemoth Alibaba Group Holding Ltd.

The action against&nbsp;Didi&nbsp;came close on the heels of a month-long regulatory crackdown on China's massive internet sector for antitrust, customer data privacy and other violations, which has rattled investors.

Beijing said earlier this month that officials from at least seven departments, including the CAC, Ministry of Transport, and State Administration for Market Regulation (SMAR) were conducting an on-site cybersecurity review of&nbsp;Didi.

The CAC had been looking into whether there is a possibility of some of the company's data ending up in the hands of a foreign entity given Beijing's sensitivity about usage of onshore data, sources have told Reuters.

Didi&nbsp;has been in talks with bankers, regulators and key investors to try to resolve the problems following its listing on the New York Stock Exchange, the WSJ report said.&nbsp;

The WSJ reported that&nbsp;Didi&nbsp;had asked its major underwriters to assess investors' views regarding a privatisation plan, as well as the pricing range that they would accept.

A take-private deal that would involve a tender offer for its publicly traded shares is one of the preliminary options being considered, the WSJ report said.

Chinese companies have been under increasing US&nbsp;scrutiny.

A commissioner with the U.S. Securities and Exchange Commission said on Monday that US-listed Chinese companies must disclose the risks of Chinese government interference in their business as part of their regular reporting obligations.

The SEC in March adopted measures that would kick foreign companies off American stock exchanges if they do not comply with US&nbsp;auditing standards. The Public Company Accounting Oversight Board has long complained about its lack of access in China.

Ride-hailing company Didi Global on Thursday denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States.

Ride-hailing company Didi Global on Thursday denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States. The Wall Street Journal, citing people familiar with the matter, reported that the Chinese company has been mulling delisting plans as a crackdown in China widens and it has received support from cybersecurity regulators. Didi, which listed in New York last month after raising $4.4 billion in an initial public offering (IPO), said in a statement that the WSJ report was not true. "The company affirms that the above information is not true," it said, in reference to the report. "The company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company." Shares in Didi jumped as much as 40% in premarket trade on news of the WSJ report, but pared gains when trading opened on Wall Street. Didi rose 11.2% from Wednesday to close at $9.86 a share, but is down 29.6% from its listing price on June 30. Days after Didi's market debut, the Cyberspace Administration of China (CAC) launched an investigation into the company and asked it to stop registering new users, citing national security and the public interest. The regulator also said it would remove the mobile apps operated by Didi from app stores. Also read | Chinese regulators suggested ride-hailing giant Didi delay its US IPO: Report Didi's listing was the biggest stock sale by a Chinese company since the 2014 listing of e-commerce behemoth Alibaba Group Holding Ltd. The action against Didi came close on the heels of a month-long regulatory crackdown on China's massive internet sector for antitrust, customer data privacy and other violations, which has rattled investors. Beijing said earlier this month that officials from at least seven departments, including the CAC, Ministry of Transport, and State Administration for Market Regulation (SMAR) were conducting an on-site cybersecurity review of Didi. The CAC had been looking into whether there is a possibility of some of the company's data ending up in the hands of a foreign entity given Beijing's sensitivity about usage of onshore data, sources have told Reuters. Didi has been in talks with bankers, regulators and key investors to try to resolve the problems following its listing on the New York Stock Exchange, the WSJ report said. The WSJ reported that Didi had asked its major underwriters to assess investors' views regarding a privatisation plan, as well as the pricing range that they would accept. A take-private deal that would involve a tender offer for its publicly traded shares is one of the preliminary options being considered, the WSJ report said. Chinese companies have been under increasing US scrutiny. A commissioner with the U.S. Securities and Exchange Commission said on Monday that US-listed Chinese companies must disclose the risks of Chinese government interference in their business as part of their regular reporting obligations. The SEC in March adopted measures that would kick foreign companies off American stock exchanges if they do not comply with US auditing standards. The Public Company Accounting Oversight Board has long complained about its lack of access in China.

Didi Global denies media report it plans to go private after $4.4 billion New York IPO

Shares of Indian food delivery giant&nbsp;Zomato&nbsp;soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-zomato-files-for-111-billion-ipo-as-food-delivery-surges-in-pandemic-381024">India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic</a>

Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy.

Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week.

The stock then rocketed up 80 per cent in the opening 10 minutes, taking&nbsp;Zomato's market capitalisation across the one trillion rupee mark.

India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot.

This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April.

Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent.

This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma.&nbsp;

Many of the start-ups, though, are loss-making.

Zomato&nbsp;for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021.

"We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company,"&nbsp;Zomato's chief executive Deepinder Goyal said&nbsp;Friday.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year. Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit. Also read | India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy. Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week. The stock then rocketed up 80 per cent in the opening 10 minutes, taking Zomato's market capitalisation across the one trillion rupee mark. India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot. This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April. Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent. This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma. Many of the start-ups, though, are loss-making. Zomato for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021. "We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company," Zomato's chief executive Deepinder Goyal said Friday.

Frenzied appetite for India food delivery giant Zomato's IPO

China has proposed new rules that would require almost all companies seeking to list in foreign countries to undergo a cybersecurity review. This move will tighten oversight over its internet giants.

"In accordance with the "National Security Law of the People's Republic of China", "Network Security Law of the People's Republic of China", "Data Security Law of the People's Republic of China" and other laws and regulations, our office has revised the "Cyber ​​Security Review Measures" in conjunction with relevant departments, and now solicits public opinions from the public", read the statement.&nbsp;

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The report is being considered as one of the most concrete steps taken yet to restrain the ability of technology firms to raise capital in the US. This will be done through a so-called Variable Interest Entity model that the likes of Alibaba Group Holding Ltd. to Baidu Inc. and Didi Global Inc. have adopted.&nbsp;

Regulators are also considering requiring VIEs like Alibaba that have already gone public to seek approval for additional share offerings.

Feng Chucheng, a partner at research firm Plenum in Beijing, was quoted by Bloomberg saying, "These rules will push more Chinese internet firms to list in Hong Kong instead of in another country, to bypass such a review". He added, "The one million-user threshold is very low and would basically apply to every internet company aspiring for an IPO".&nbsp;

China has proposed new rules that would require almost all companies seeking to list in foreign countries to undergo a cybersecurity review. This move will tighten oversight over its internet giants.

China has proposed new rules that would require almost all companies seeking to list in foreign countries to undergo a cybersecurity review. This move will tighten oversight over its internet giants. "In accordance with the "National Security Law of the People's Republic of China", "Network Security Law of the People's Republic of China", "Data Security Law of the People's Republic of China" and other laws and regulations, our office has revised the "Cyber Security Review Measures" in conjunction with relevant departments, and now solicits public opinions from the public", read the statement. Also read | Joe Biden warns Vladimir Putin on ransomware attack from Russia The report is being considered as one of the most concrete steps taken yet to restrain the ability of technology firms to raise capital in the US. This will be done through a so-called Variable Interest Entity model that the likes of Alibaba Group Holding Ltd. to Baidu Inc. and Didi Global Inc. have adopted. Regulators are also considering requiring VIEs like Alibaba that have already gone public to seek approval for additional share offerings. Feng Chucheng, a partner at research firm Plenum in Beijing, was quoted by Bloomberg saying, "These rules will push more Chinese internet firms to list in Hong Kong instead of in another country, to bypass such a review". He added, "The one million-user threshold is very low and would basically apply to every internet company aspiring for an IPO".

China adds foreign IPO rules for various firms

China’s cybersecurity watchdog suggested Didi Global Inc delay its initial public offering and urged it to review its network security, weeks before the Chinese ride-hailing giant went public, the Wall Street Journal (WSJ) reported on Monday, citing people familiar with the matter. 
 
It isn’t known whether Didi carried out its own review, according to the WSJ report. But a person close to the company told the newspaper, the company ultimately decided to go ahead with the IPO as it faced increasing investor pressure for a big payout. 
 
The Cyberspace Administration of China (CAC) launched the investigation into Didi on Friday, just two days after the company began trading on the New York Stock Exchange. 
 
On Sunday, the agency ordered a suspension of app downloads for Didi after it found the company illegally collected personal user data. 
 
Didi said in a statement on Monday, it had no knowledge before its $4.4 billion listing that CAC would start to investigate the company and order its app to be taken down. 
 
Officials in Beijing, especially those at CAC, were wary of the ride-hailing giant’s troves of data potentially falling into foreign hands as a result of the greater public disclosure associated with a US&nbsp;listing, according to the WSJ report. 
 
Chinese internet regulators have tightened rules for the country's tech giants in recent years, asking companies to collect, store and handle key data properly. 
 
Didi, which offers services in China and more than 15 other markets, gathers vast amounts of real-time mobility data every day. 
 
(With inputs from agencies)

China’s cybersecurity watchdog suggested Didi Global Inc delay its initial public offering and urged it to review its network security, weeks before the Chinese ride-hailing giant went public, the Wall Street Journal (WSJ) reported on Monday, citing people familiar with the matter.

China’s cybersecurity watchdog suggested Didi Global Inc delay its initial public offering and urged it to review its network security, weeks before the Chinese ride-hailing giant went public, the Wall Street Journal (WSJ) reported on Monday, citing people familiar with the matter. It isn’t known whether Didi carried out its own review, according to the WSJ report. But a person close to the company told the newspaper, the company ultimately decided to go ahead with the IPO as it faced increasing investor pressure for a big payout. The Cyberspace Administration of China (CAC) launched the investigation into Didi on Friday, just two days after the company began trading on the New York Stock Exchange. On Sunday, the agency ordered a suspension of app downloads for Didi after it found the company illegally collected personal user data. Didi said in a statement on Monday, it had no knowledge before its $4.4 billion listing that CAC would start to investigate the company and order its app to be taken down. Officials in Beijing, especially those at CAC, were wary of the ride-hailing giant’s troves of data potentially falling into foreign hands as a result of the greater public disclosure associated with a US listing, according to the WSJ report. Chinese internet regulators have tightened rules for the country's tech giants in recent years, asking companies to collect, store and handle key data properly. Didi, which offers services in China and more than 15 other markets, gathers vast amounts of real-time mobility data every day. (With inputs from agencies)

Chinese regulators suggested ride-hailing giant Didi delay its US IPO: Report

China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a country's biggest ride-hailing firm that just days ago pulled off one of the largest US initial public offerings (IPOs) of the past decade.

World Business Watch: China blocks 'Didi' from app stores days after US IPO

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. 
 
Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. 
 
In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. 
 
According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. 
 
Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. 
 
The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. 
 
India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. 
 
However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. 
 
Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. 
 
Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report.

According to a report published in the Wall Street Journal, investment companies linked to the grandson of former President Jiang Zemin and the son-in-law of former Politburo Standing Committee member Jia Qinglin stood to profit from the IPO with their ownership in the Ant Group.

Ant Group is the financial payments arm of Ma’s Alibaba empire.

A lot has been written about what went wrong. There are many possibilities.&nbsp;

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The WSJ report described them as "a coterie of well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi and his inner circle.”

Among the families is Boyu Capital, a private-equity firm founded by Jiang’s grandson, Jiang Zhicheng.&nbsp;

Another is Li Botan, who controls the Beijing Zhaode Group, that has invested in Ant through three layers of investment vehicles, the report said.

Li is the son-in-law of Jia Qinglin, a senior leader who served on the top Politburo Standing Committee for ten years until 2012 and is close to Jiang.

The investment vehicles tied to party-linked families, according to the Wall Street Journal, added to other concerns the leadership had about the Ant Group IPO.&nbsp;

The last-minute suspension in early November of the $35 billion IPO of the Ant Group, which is Alibaba’s financial arm and behind Alipay, China’s biggest digital payments company, triggered intense speculation about the fate of Ma, but subsequent reports have said he is working with regulators to address their concerns.

Reports earlier this month said regulators and the group were close to agreeing a restructuring plan, which would put all of Ant’s businesses into a financial holding company and subject it to requirements that apply to banks.

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report.

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report. According to a report published in the Wall Street Journal, investment companies linked to the grandson of former President Jiang Zemin and the son-in-law of former Politburo Standing Committee member Jia Qinglin stood to profit from the IPO with their ownership in the Ant Group. Ant Group is the financial payments arm of Ma’s Alibaba empire. A lot has been written about what went wrong. There are many possibilities. × The WSJ report described them as "a coterie of well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi and his inner circle.” Among the families is Boyu Capital, a private-equity firm founded by Jiang’s grandson, Jiang Zhicheng. Another is Li Botan, who controls the Beijing Zhaode Group, that has invested in Ant through three layers of investment vehicles, the report said. Li is the son-in-law of Jia Qinglin, a senior leader who served on the top Politburo Standing Committee for ten years until 2012 and is close to Jiang. The investment vehicles tied to party-linked families, according to the Wall Street Journal, added to other concerns the leadership had about the Ant Group IPO. The last-minute suspension in early November of the $35 billion IPO of the Ant Group, which is Alibaba’s financial arm and behind Alipay, China’s biggest digital payments company, triggered intense speculation about the fate of Ma, but subsequent reports have said he is working with regulators to address their concerns. Reports earlier this month said regulators and the group were close to agreeing a restructuring plan, which would put all of Ant’s businesses into a financial holding company and subject it to requirements that apply to banks.

What led to China blocking Jack Ma’s record IPO?

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