Secondary Market Update:

  • Indian indices corrected marginally by Nifty 50 and Sensex gaining 2% at 19,638.30 and 1.04% at 65,508.32 respectively.
  • In September, FPI sold total equities worth Rs 14,768 Crores.
  • During September, despite of the global concerns and subdued overseas cues, Nifty 50 had reached a significant milestone of 20,000 points.
  • Since April, Nifty has surged by an impressive 17%, driven by inflow of over $18.90 Billion. Domestic institutional investors have also played a pivotal role, buying Rs 33,397 Crore worth of stock during this period.
  • The positives for the Indian market include increased government infrastructure spending and recovery in private capex and real estate cycle.
  • Improvement in Power Sector was because of healthy pickup in hydro generation. Overall power generation is estimated to have risen 9-10% on-year in September to 150-152 BU, after surging to a record high of 159 BU in August 2023. To cater to the rising demand for electricity, generators have increasingly been turning to the short-term power market.

Primary Market Update:

There were 11 main board IPO in September, 2023 of Yatra Online Limited, Sai Silks (Kalamandir) Limited, Signature Global India Limited, Zaggle Prepaid Ocean Services Limited, Samhi Hotels Limited, EMS Limited, R R Kabel Limited, Jupiter Life Line Hospitals Limited, Rishabh Instruments Limited, Ratnaveer Precision Engineering Limited, and Vishnu Prakash R Punglia Limited against 6 IPO in August, 2023. There were 3 SME IPOs in September, 2023 as against 5 SME IPOs in August.

Jupiter Life Line Hospitals Limited

Established in 2007, Jupiter Hospital is a tertiary and quaternary healthcare hospital located in Thane, Pune and in Indore with Vishesh Jupiter Hospital established in 2020. The hospital hosts more than 1100+ beds across three cities.

Funds Utilization

The funds will be utilized towards the Repayment of debt amounting to Rs 510.40 Crores. It intends to be debt free using the IPO Proceeds.

IPO Performance

The Rs 869 Crore IPO had a fixed band price of Rs 735 per share. The IPO was subscribed nearly 64 times and listed at a 32% premium to issue price.

Funds Mobilization by Corporates (Rs. In Crore)




I. Equity Issues



a. IPOs (i+ii)



  i. Main Board



  ii. SME Platform



b. FPOs



c. Equity Rights Issues



d. QIPs/IPPs



e. Preferential Allotments



II. Debt Issues



a. Debt Public Issues



b. Private Placement of Debt



Total Funds Mobilized




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This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

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