Paras Defence becomes most oversubscribed IPO🛰

Oyo appoints banks for IPO, Accenture posts strong Q4 results and more.

Hi 👋🏻,

Start your day, the smart way!

Top tech news of the day delivered straight to your inbox.

1 Mail | 2 Minutes | 3 Stories

Paras Defence and Space Technologies IPO sees highest-ever subscription of 304 times🛰

The initial public offer (IPO) of Paras Defence and Space Technologies broke all records of subscription on the last day of bidding on Thursday.

The offer was subscribed nearly 304.3 times as of 5:00 pm. Before this, Salasar Techno with a subscription of 273.05 times was the most subscribed IPO.

As per data available on BSE, the non-institutional investors quota was subscribed 928 times, retail 112 times and QIB 169 times so far. Overall, investors have bet over Rs 38,000 crore on this Rs 171 crore IPO.

Paras Defence is one of the leading ‘Indigenously Designed Developed and Manufactured’ (IDDM) category private sector companies engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions.

Oyo appoints banks for IPO, set to file draft papers in October📈

Hospitality unicorn Oyo Hotels & Homes has appointed bankers and lead book managers for its domestic public listing and is expected to file its draft red herring prospectus (DRHP) by mid-October.

Oyo is the seventh Indian tech unicorn that has plans to tap the public markets.

The IPO has been tentatively pegged at between $1 billion and $1.2 billion and will comprise a fresh issue of shares and an offer for sale (OFS) from existing shareholders, the source said. The SoftBank-backed firm has appointed Kotak Mahindra Capital, JP Morgan and Citigroup to manage the public issue.

Microsoft recently invested $5 million in the company at a valuation of $9.6 billion. Also backed by Airbnb and Grab, Oyo operates in 35 countries.


Hot Shorts⚡

  • Fittr, a community-based health and online fitness marketplace, has raised $11.5 million in Series A funding led by Dream Sports’ corporate venture fund Dream Capital and Elysian Park Ventures.

  • Karbon Card, a fintech startup offering corporate cards, has raised $12 million in a funding round that also included US-based fintech unicorn Ramp, Rainfall Ventures, Roka Works, and Y Combinator.

Accenture posts strong Q4 results, annual revenue at record $50.5 Bn💰

US-based IT major Accenture reported robust revenue growth for the quarter ending August 2021, crossing the milestone of $50 billion in annual revenue for FY21.

This translates to incremental revenue of close to $6 billion in a single year.

The company reported $13.4 billion in revenue, up 24% year-on-year (YoY), for its fourth quarter ended August 2021. The strong result is a positive sign for the Indian IT sector as well. The company’s revenue was $10.83 billion for the same period last year. Accenture follows September to August for its fiscal.

Accenture has 6,24,000 employees and has over 2 lakh employees in India.

Tweet of the day🐥

Paytm Founder Vijay Shekhar Sharma gets new stock options ahead of Paytm IPO.

Freshworks IPO has made 500 employees crorepatis, 70 of whom are aged below 30, says CEO Girish Mathrubootham.

“We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty.”

―Maya Angelou

Thanks for reading😊

We'll be back with more interesting stories and updates tomorrow.

Hit 💜, if you enjoyed the article.

Share Rise n Shine ☀