India Grid Trust&#39;s initial public offering to raise up to $347 million was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed.

Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange.

India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund&#39;s IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times.

IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings.

Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors.

Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO.

Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer.

(Reuters)

Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange

India Grid Trust's initial public offering to raise up to $347 million was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed. Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange. India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund's IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times. IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings. Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends. India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors. Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO. Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer. (Reuters)

India Grid Trust IPO fully subscribed on last day of sale

BSE&#39;s initial public offer -- the first by a domestic stock exchange in India -- to raise up to Rs 1,243 crore was fully subscribed by the afternoon trade today, the second day of the offer.

The IPO, which closes tomorrow, received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares, data available with the NSE till 1330 hrs showed.&nbsp;The stock exchange aims to raise up to Rs 1,243 crore from the IPO, which is priced at Rs 805-806 per share.

During the initial share sale -- which is also a first by any company this year -- shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band.&nbsp;The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE.

Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.&nbsp;Last Friday BSE had raised Rs 373 crore by allotting shares to anchor investors.

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The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares (WION)
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BSE shares will be listed on NSE as Sebi rules do not allow self-listing for an exchange.&nbsp;Capital market regulator Sebi had given its final go- ahead to the draft prospectus for the IPO on December 30.

Meanwhile, rival NSE too filed draft papers with Sebi last month for an estimated Rs 10,000-crore IPO.&nbsp;Among the existing BSE, shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, a Mauritius-based arm of American investor George Soros&#39; Quantum Fund and foreign fund Atticus.

There are an estimated 9,000 shareholders at BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments.

The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.

BSE is the world&#39;s largest exchange by the number of listed companies. It is India&#39;s largest and the world&#39;s 10th largest exchange by market capitalisation.&nbsp;The market capitalisation of BSE-listed companies stands at Rs 1,11,56,778 crore.

Multi Commodity Exchange of India is the only listed bourse in the country.&nbsp;

(PTI)

The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares

BSE's initial public offer -- the first by a domestic stock exchange in India -- to raise up to Rs 1,243 crore was fully subscribed by the afternoon trade today, the second day of the offer. The IPO, which closes tomorrow, received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares, data available with the NSE till 1330 hrs showed. The stock exchange aims to raise up to Rs 1,243 crore from the IPO, which is priced at Rs 805-806 per share. During the initial share sale -- which is also a first by any company this year -- shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band. The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE. Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter. Last Friday BSE had raised Rs 373 crore by allotting shares to anchor investors. The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares (WION) × BSE shares will be listed on NSE as Sebi rules do not allow self-listing for an exchange. Capital market regulator Sebi had given its final go- ahead to the draft prospectus for the IPO on December 30. Meanwhile, rival NSE too filed draft papers with Sebi last month for an estimated Rs 10,000-crore IPO. Among the existing BSE, shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, a Mauritius-based arm of American investor George Soros' Quantum Fund and foreign fund Atticus. There are an estimated 9,000 shareholders at BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments. The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals. BSE is the world's largest exchange by the number of listed companies. It is India's largest and the world's 10th largest exchange by market capitalisation. The market capitalisation of BSE-listed companies stands at Rs 1,11,56,778 crore. Multi Commodity Exchange of India is the only listed bourse in the country. (PTI)

India: BSE's Rs 1,243 crore IPO fully subscribed

Postal Savings Bank of China (PSBC), a state-owned bank, today launched up to 8.1 billion Dollars in an Initial&nbsp;Public Offering (IPO) in Hong Kong. 
 
&nbsp;The deal was majorly covered by cornerstone investors, IFR a Reuters publication reported. 
 
A term sheet of the transaction revealed that the bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 each. 
 
A conglomerate of six investors including, CSIC Investment One Limited, Shanghai International Port Group, Victory Global Group and State Grid agreed to buy $5.86 billion worth of shares or 72 per cent of the IPO. 
 
This will put it near 77 per cent cornerstone&nbsp; 
 
That would put it near the record 77 percent cornerstone piece for the 810 million Dollar listing of China Development Bank Financial Leasing Co Ltd. 
 
Once the shares start trading, large investments by cornerstone investors will hurt liquidity for IPOs, as for at least six months the stock will be locked up. 
&nbsp; 
The cornerstone money can also pressure the stock as the expiration of the lock-up period comes closer. 
 
On September 20, IPO is slated to be priced and its debut set for September 28, on Hong Kong stock exchange. 
 
(WION with inputs from Reuters)

PSBC bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 to each cornerstone investor

Postal Savings Bank of China (PSBC), a state-owned bank, today launched up to 8.1 billion Dollars in an Initial Public Offering (IPO) in Hong Kong. The deal was majorly covered by cornerstone investors, IFR a Reuters publication reported. A term sheet of the transaction revealed that the bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 each. A conglomerate of six investors including, CSIC Investment One Limited, Shanghai International Port Group, Victory Global Group and State Grid agreed to buy $5.86 billion worth of shares or 72 per cent of the IPO. This will put it near 77 per cent cornerstone That would put it near the record 77 percent cornerstone piece for the 810 million Dollar listing of China Development Bank Financial Leasing Co Ltd. Once the shares start trading, large investments by cornerstone investors will hurt liquidity for IPOs, as for at least six months the stock will be locked up. The cornerstone money can also pressure the stock as the expiration of the lock-up period comes closer. On September 20, IPO is slated to be priced and its debut set for September 28, on Hong Kong stock exchange. (WION with inputs from Reuters)

China Postal Savings Bank launches 8.1 billion Dollars Initial Public Offering

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world&#39;s biggest tech listing this year. 
 
Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan&#39;s finance ministry showed on Monday. 
 
It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. 
 
Line, owned by South Korea&#39;s Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. 
 
&quot;This is seen as an event by many domestic retail investors. I think the price will rise in the short term,&quot; said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. 
 
But he added that investors will also need to look at whether the company increases profits in the long term. 
 
Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of its revenue comes from games and sales of emojis and electronic stickers. 
 
Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. 
 
($1 = 100.8100 Yen) 
 
(Reuters)

Line is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world's biggest tech listing this year. Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan's finance ministry showed on Monday. It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. Line, owned by South Korea's Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. "This is seen as an event by many domestic retail investors. I think the price will rise in the short term," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. But he added that investors will also need to look at whether the company increases profits in the long term. Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of its revenue comes from games and sales of emojis and electronic stickers. Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. ($1 = 100.8100 Yen) (Reuters)

Japan's messaging app Line prices IPO at top of the range, may raise up to $1.3 billion

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. 
 
Line&#39;s initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line&#39;s home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. 
 
In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. 
 
The bulk of Line&#39;s revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. 
 
&quot;Localisation of the service, of the marketing, of the stickers that we provide - this is very important,&quot; CEO Takeshi Idezawa told Reuters in April. 
 
Fund managers who have watched Line&#39;s growth slow in a crowded global messaging app market assess the plan with caution. 
 
&quot;I&#39;m not interested,&quot; said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). &quot;Its growth outlook is very poor.&quot; 
 
&quot;Among the four countries that it&#39;s focusing on, only Indonesia has big room for growth in use,&quot; he added. &quot;Even there, the business outlook is not that easy.&quot; 
 
Growth in Line&#39;s monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn&#39;t providing much visibility about the future either - it says in its filing that limited operating history makes it &quot;difficult&quot; to forecast future results. 
 
Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook&#39;s WhatsApp and Tencent&#39;s WeChat. 
 
Earthquake Aftermath 
 
The company will fix its IPO price range on Monday. There is no change to the listing&#39;s schedule following Britain&#39;s vote to leave the European Union, a Line spokeswoman said on Friday. 
 
The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country&#39;s largest listing since Japan Post&#39;s $12 billion offering last year. 
 
Line&#39;s likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. 
 
Line declined to comment, citing a media blackout period ahead of the IPO. 
 
Line&#39;s messaging app was launched as NHN Japan in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
However, in that period, it identified what it described in its IPO filing as &quot;material weaknesses&quot; in controls over financial reporting. 
 
Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. 
 
Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. 
 
Pushed as value pay 
 
Idezawa, who became Line&#39;s chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. 
 
Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. 
 
&quot;When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised,&quot; said a person involved in the IPO. &quot;It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company.&quot; 
 
Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. 
 
While that story has been met favourably by Japan&#39;s risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line&#39;s ad-driven growth push. 
 
&quot;I went to the company&#39;s meeting with investors... but nothing moved me,&quot; said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. &quot;It&#39;s not clear how it can make money out of its advertisement business.&quot; 
 
(Reuters)

Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. Line's initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line's home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. The bulk of Line's revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. "Localisation of the service, of the marketing, of the stickers that we provide - this is very important," CEO Takeshi Idezawa told Reuters in April. Fund managers who have watched Line's growth slow in a crowded global messaging app market assess the plan with caution. "I'm not interested," said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). "Its growth outlook is very poor." "Among the four countries that it's focusing on, only Indonesia has big room for growth in use," he added. "Even there, the business outlook is not that easy." Growth in Line's monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn't providing much visibility about the future either - it says in its filing that limited operating history makes it "difficult" to forecast future results. Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook's WhatsApp and Tencent's WeChat. Earthquake Aftermath The company will fix its IPO price range on Monday. There is no change to the listing's schedule following Britain's vote to leave the European Union, a Line spokeswoman said on Friday. The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country's largest listing since Japan Post's $12 billion offering last year. Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. Line declined to comment, citing a media blackout period ahead of the IPO. Line's messaging app was launched as NHN Japan in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. However, in that period, it identified what it described in its IPO filing as "material weaknesses" in controls over financial reporting. Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. Pushed as value pay Idezawa, who became Line's chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. "When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised," said a person involved in the IPO. "It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company." Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. While that story has been met favourably by Japan's risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line's ad-driven growth push. "I went to the company's meeting with investors... but nothing moved me," said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. "It's not clear how it can make money out of its advertisement business." (Reuters)

Line struggles to demonstrate its growth plan

Japanese messaging app operator Line Corporation&nbsp;plans to list shares worth as much as $1.05 billion in Tokyo and New York next month&nbsp;in what would be Japan&#39;s biggest initial public offering (IPO) this year.

The Tokyo-based firm&nbsp;will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each.

That will value the entire company at 588 billion Yen ($5.5 billion).

Line is currently 100 per cent owned by South Korea&#39;s largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand.

Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen.

Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt.

Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013.

Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November.

Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

The South-Korean owned company's move will be Japan's largest IPO this year

Japanese messaging app operator Line Corporation plans to list shares worth as much as $1.05 billion in Tokyo and New York next month in what would be Japan's biggest initial public offering (IPO) this year. The Tokyo-based firm will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each. That will value the entire company at 588 billion Yen ($5.5 billion). Line is currently 100 per cent owned by South Korea's largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand. Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen. Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt. Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013. Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November. Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

Japanese messaging app Line to list shares for $1.05 billion

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