Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Auto component maker Sona BLW Precision Forgings and integrated metal producing firm Shyam Metalics and Energy, which recently concluded their IPOs, will make debut on the stock exchanges on Thursday. The equity shares of these companies will be listed on BSE and National Stock Exchange (NSE).
Sona BLW Precision Forgings (Sona Comstar) successfully raised Rs 5,550 crore through its IPO, which included Rs 2,498 crore that was mobilised from anchor investors. Shyam Metalics garnered Rs 909 crore from its public issue, including Rs 270 crore from anchor investors.
The Rs 5,550-crore IPO of Sona Comstar, which opened for subscription during June 14-16, was subscribed 2.33 times at a price band of Rs 285-291 per share.
The portion meant for qualified institutional buyers (QIBs) was subscribed 3.54 times, retail individual investors (RIIs) 1.61 times and non-institutional investors 40 per cent.
The IPO comprised fresh issue of shares amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,250 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc.
The Blackstone-backed company is into designing, manufacturing and supplying highly engineered critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors and motor control units Shyam Metalics’ Rs 990-crore initial share-sale was subscribed over 121 times at a price band of Rs 303-306 apiece. The IPO was opened for public subscription on June 16 and concluded on June 16.
The category reserved for QIBs was subscribed 156 times, non-institutional investors 340 times and portion set aside for retail investors was subscribed 11.62 times.
The IPO comprised fresh issuance of equity shares worth up to Rs 657 crore and an offer for sale to the tune of Rs 252 crore by existing shareholders.
The Kolkata-based long steel products and ferro alloy focused company sells intermediate and final products across the steel value chain catering to institutional and end use customers through 42 distributors, brokers across 13 states and one union territory.
It, currently, operates three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.