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Mint
09-07-2025
- Business
- Mint
Crizac IPO listing date today. GMP, analysts signal strong debut of shares in stock market today
Crizac IPO Listing: Crizac shares are set to make their debut in the Indian stock market today list on the stock exchanges tomorrow after the conclusion of its initial public offering (IPO). Crizac IPO listing date is today, July 9, and the equity shares will be listed on BSE and NSE. The subscription period of the public issue was from July 2 to July 4, and IPO allotment date was July 7. Crizac IPO listing date is 9 July 2025. 'Trading Members of the Exchange are hereby informed that effective from Wednesday, July 9, 2025, the equity shares of Crizac Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities,' said a notice on the BSE. Crizac shares will be a part of Special Pre-open Session (SPOS) on Wednesday, July 9, 2025, it added, and the stock will be available for trading from 10:00 AM. Ahead of Crizac IPO listing today, investors watch out for the latest trends in grey market premium (GMP) to estimate the Crizac share listing price. Crizac IPO GMP today and stock market analysts indicate a decent listing for the equity shares. Crizac shares are trading at a decent premium in the grey market. Crizac IPO GMP today is ₹ 41 per share, according to market experts. This means that Crizac shares are trading higher by ₹ 41 than their issue price in the grey market. Considering Crizac IPO GMP today, the estimated listing price of Crizac shares would be ₹ 286 apiece, which is at a premium of nearly 17% to the IPO price of ₹ 245 per share. Analysts also expect Crizac shares to list with a strong premium to the issue price. 'Crizac is expected to list at a 14% – 17% premium which appears justified given the company's strong fundamentals, solid overall subscription, and strong anchor book participation. At the IPO price the company is valued at around 28x FY25 earnings, which seems reasonable considering its high revenue growth, consistent margins,' said Mahesh M. Ojha, AVP Research and Business Development at Hensex Securities Pvt Ltd. In summary, the listing premium appears fundamentally supported and Crizac offers both short-term gains and long-term potential, he added. According to Bhavik Joshi, Business Head, INVasset PMS, for long-term investors, Crizac share listing may offer a differentiated, globally diversified bet on cross-border education demand. 'But given the full pricing and policy overhangs in key geographies, a staggered post-listing approach could still be more prudent than an upfront allocation,' said Joshi. Crizac IPO opened for subscription on July 2, and closed on July 4. The IPO allotment date was fixed on July 7, and the Crizac IPO listing date is today, July 9. Crizac shares will be listed on both the stock exchanges - BSE and NSE. The ₹ 860-crore worth Crizac IPO comprised an offer-for-sale of 3.51 crore equity shares at a fixed price band of ₹ 245 per share. Crizac IPO was subscribed 59.82 times in total, NSE data showed. The retail portion was booked 10.24 times while the non-institutional investor (NII) quota was subscribed 76.15 times. The qualified institutional buyers (QIB) segment received 134.35 times bids. Equirus Capital is the book-running lead manager of the Crizac IPO, while MUFG Intime India (Link Intime) is the IPO registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


Mint
04-07-2025
- Business
- Mint
Travel Food Services IPO is ready for boarding. Is this your destination for returns?
Travel Food Services Ltd (TFS), which operates quick-service restaurants (travel QSR) and lounges in Indian airports, is making its market debut on Monday at a price band of ₹1,045– ₹1,100 per share. Founded in 2007 as Bombay Pure Foods Pvt. Ltd, the company now commands a 26% share in India's travel QSR market and has a 45% share in premium airport lounges across 14 major Indian airports, including Delhi, Mumbai, and Bengaluru. It also has a presence in international markets like Malaysia and Hong Kong. Backed by global travel retail major SSP Group and India's largest privately held food and beverage player, K Hospitality Corp, this travel dining powerhouse is gearing up for a ₹2,000 crore initial public offering, entirely an offer-for-sale by the Kapur Family Trust, one of the company's promoters. Could this be your chance to own a stake in India's fast-growing aviation-linked consumption story? Also Read: FY25 dividend payouts: Cash-rich BFSI and IT companies dominate Flying high on margins While this travel QSR and lounge leader may trail larger QSR players in top-line growth, it leads the pack when it comes to profitability. Between 2022-23 and 2024-25, TFS's revenue recorded a compound annual growth rate (CAGR) of 25.9% slightly behind KFC and Pizza Hut outlet operator Devyani International Ltd's 28.9% and Domino's Pizza and Dunkin' Donuts outlet operator Jubilant FoodWorks Ltd's 26.8%. However, where it truly stands out is in margins. In the last three years, TFS delivered an impressive median Ebitda margin of 40.8% and a profit after tax (PAT) margin of 21.6%. In comparison, Jubilant reported Ebitda and PAT margins of 20.6% and 5.5%, while Devyani lagged further behind at 19.1% and 2.8%, respectively. Ebitda is short for earnings before interest, taxes, depreciation, and amortization. 'Our performance has been quite steady, both annually and quarterly," said Varun Kapur, managing director and chief executive, in an interview with Mint. 'Unlike other QSR players, our exclusive focus on the aviation sector gives us a premium consumer base—business and leisure travellers with higher spending capacity—and drives stronger unit-level economics." Highlighting the company's strategic positioning, Bhavik Joshi, research analyst at INVASSET PMS, said: 'Headline revenue may look flatter due to JV accounting (a method where companies report their share of profits from joint ventures instead of fully consolidating the revenue, promoting better capital discipline), but PAT is increasingly driven by recurring profits from strategic locations with high footfall." 'The IPO gives investors exposure to a dominant, cash-generating, asset-light operator embedded in India's airport ecosystem," he added. Also Read: PSUs show dividend fatigue as payout ratios hit decade's low in FY25 The company also benefits from minimal debt and strong cash flow generation. Borrowings dropped to ₹37.5 crore in 2024-25 from ₹114.8 crore in 2023-24. Operating cash flows rose 46% year-on-year to ₹514.8 crore, helping fund expansion internally. Despite the IPO being a full OFS, Kapur said the company has no funding constraints. 'We have over ₹600 crore in cash, and our capital needs are covered through strong internal accruals," he added. Risk radar However, not all clouds are clear. TFS operates in a highly concentrated environment, with 86-90% of revenue over the last three years coming from just five airports. Its fortunes are tightly linked to periodic contract renewals with airport operators such as Adani Airport Holdings Ltd and GMR Airports Infrastructure Ltd. These concessions often involve minimum guarantees, which can weigh on margins if traffic dips. To address this, TFS has shifted from short-term contract models to perpetual JVs with major airport players. 'Earlier, we formed SPVs (special purpose vehicles) for specific contracts. Now, the JV is permanent, winning larger contracts with strong top-line and bottom-line contributions," said Vikas Vinod Kapoor, whole-time director and chief financial officer at TFS. 'Moving to JVs with GMR and Adani shifts TFS from direct operations to profit sharing, boosting long-term margins but reducing near-term visibility," said Joshi. 'While losing operational control may impact service consistency, structured governance can deliver higher ROCE (Return on Capital Employed) with less capital. Analysts must now assess growth using core Ebitda + JV profits—this isn't value erosion but a margin-rich, capital-efficient model." The company's contract retention rate has been robust—93.94% since 2009—and it continues to expand, recently securing 11 new outlets in the Bengaluru Airport's Terminal 2, according to an Axis Capital IPO note. Still, another operational challenge looms: high attrition. TFS reported attrition rates between 58-66% over the last three years, though it remains within industry norms for travel QSRs. 'Despite the churn, the company hasn't faced labour shortages, reflecting operational resilience," said Joshi. 'But sustaining service quality at scale will depend on better workforce retention." Further, at the upper price band, the company is valued at 40x FY25 earnings. While this reflects its robust margins and premium positioning, it leaves little room for upside if market sentiment turns cautious. The absence of fresh capital infusion also means growth will rely entirely on internal execution. 'TFS's valuation is justified when viewed through the lens of economic substance—strong cash flows, high-margin stability, and embedded optionality across its business model," Joshi said. Also Read: Promoters pocket half of India Inc's massive dividend payouts despite sluggish earnings Market momentum Meanwhile, given that the industry tailwinds remain strong, its runway for expansion remains long. According to Crisil, India's airport QSR sector is expected to grow at a CAGR of 17-19% between 2024-25 to 2033-34, reaching ₹170-180 billion. Meanwhile, the airport lounge segment, currently underpenetrated, is projected to grow even faster at 22-24% CAGR, touching ₹155-165 billion. As of September 2024, Indian airports had an average of just 0.7 lounges per airport, far below global norms. Even major hubs like Delhi and Mumbai host only 8-10 lounges, offering ample headroom for premium service growth. 'Looking ahead, India is poised to be a major global growth story over the next 50 years, and aviation is set to play a central role in that. The past 7-8 years have seen strong momentum, and the next decade looks even more promising," Kapur said.


Mint
03-07-2025
- Business
- Mint
Indogulf Cropsciences shares trade flat after muted listing. Should you buy, sell or hold?
Indogulf Cropsciences share price traded flat after making a muted debut in the Indian stock market today. The initial public offering (IPO) of the company received decent response, and the Indogulf Cropsciences IPO listing date was today, July 3. Indogulf Cropsciences shares were listed at ₹ 111 apiece on the BSE and NSE, same as the issue price. The stock failed to gain buying momentum after a flat debut and was trading around its listing price. On BSE, Indogulf Cropsciences share price gained as much as 1.44% to an intraday high of ₹ 112.60 apiece, while the stock rose 1.8% to ₹ 113 apiece on NSE. Indogulf Cropsciences IPO listing was below Street estimates, as analysts and grey market premium (GMP) indicated listing with modest premium. Analysts expected listing gains of around 8-10%, Indogulf Cropsciences IPO GMP today ahead of listing also signalled a premium of 16%. Indogulf Cropsciences entered the public markets at a time when India's agri-input sector is undergoing structural transformation. 'Given its pan-India reach, global footprint across 34 countries, and alignment with India's agri-policy thrust, Indogulf Cropsciences sits well in the mid-cap growth bucket. Post-listing, investors should watch for sustained margin expansion and execution on the DF plant. We believe it holds merit for medium- to long-term allocation in diversified portfolios,' said Bhavik Joshi, Business Head, INVasset PMS. Mahesh M. Ojha, AVP Research & Business Development at Hensex Securities Pvt. Ltd. suggested investors with a 2-3 year horizon to hold Indogulf Cropsciences shares for a long term after listing, on the back of strong fundamentals and fair valuations. Indogulf Cropsciences IPO hit the markets on Thursday, June 26. The IPO's subscription period ended on Monday, June 30, while the IPO allotment date was July 1. Indogulf Cropsciences IPO listing date was today, July 3, and the Indogulf Cropsciences shares are listed on both the stock exchanges, BSE and NSE. The ₹ 200-crore Indogulf Cropsciences IPO was subscribed 25.98 times in total. Indogulf Cropsciences IPO price band was ₹ 105 to ₹ 111 per share. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


News18
26-06-2025
- Business
- News18
Bank Nifty Hits Record High Of 57,076; HDFC Bank, Axis Bank Lead The Rally
Last Updated: Bank stocks saw strong buying interest on June 26, propelling the Nifty Bank index to a fresh all-time high Bank Nifty Hits Record High: Bank stocks saw strong buying interest on June 26, propelling the Nifty Bank index to a fresh all-time high of 57,076.95, driven largely by private sector lenders. Heavyweights HDFC Bank and Axis Bank were among the top performers in the banking pack. Shares of Axis Bank jumped over 1.5 per cent to trade at Rs 1,231.60, while HDFC Bank soared to a new record of Rs 2,008 per share. The rally in these two majors also lifted the benchmark Sensex and Nifty indices significantly. HDFC Bank extended its gains for the third consecutive session, buoyed by strong investor interest in its subsidiary HDB Financial Services' upcoming Rs 12,500 crore IPO. Additionally, the bank has set June 27 as the record date to determine shareholder eligibility for its declared dividend, further fuelling buying interest. Broader Sector Performance Other private lenders, including AU Small Finance Bank and ICICI Bank, were trading nearly 1 per cent higher. IndusInd Bank and Kotak Mahindra Bank also saw marginal gains. On the flip side, public sector banks such as State Bank of India (SBI), Federal Bank, Bank of Baroda, Canara Bank, PNB, and IDFC First Bank traded with minor losses. Can Bank Nifty Hit 58,000? What's Fueling the Rally? Ajay Bagga, Independent Analyst, attributed the rally to a combination of strong macroeconomic factors. 'With the RBI cutting rates, injecting liquidity, and adopting macro-prudential easing, banks are well positioned for growth in the coming quarters. Falling inflation, income tax relief, and a favourable monsoon have created a positive backdrop for credit growth." Bhavik Joshi, Business Head at INVasset PMS, cited liquidity-driven macro reforms as a major catalyst. 'The RBI has taken bold steps, including 100 basis points in repo rate cuts this year and a 100 bps CRR reduction. Its recent $10 billion USD/INR swap further injected long-term liquidity into the system. Bank Nifty's performance reflects this macro transformation." Sunny Agrawal of SBI Securities highlighted that HDFC Bank and ICICI Bank together account for nearly 50 per cent of Bank Nifty's weight. 'Today's rally in HDFC Bank to lifetime highs significantly lifted the index. ICICI Bank is also trading close to its record levels. While NIMs may see some pressure in Q1 FY26, improved credit growth and favourable rate conditions should drive strong exits in Q4 FY26." Meanwhile, the Nifty Financial Services Index surged nearly 1 per cent, hitting a record 27,144. Top gainers included ICICI Prudential Life Insurance, Jio Financial Services, Shriram Finance, and Bajaj Finance, each rising over 2 per cent. First Published: June 26, 2025, 14:57 IST


Mint
29-05-2025
- Business
- Mint
Returns trump valuations: Are these stocks screaming a buy?
In a market wary of stretched valuations, a cohort of Indian stocks have delivered over 30% returns despite falling P/E ratios — a rare show of strength grounded in earnings alone. A Mint analysis of 3,700 BSE-listed companies finds that 212 stocks have delivered over 30% returns in the past year even as their price-to-earnings (P/E) ratios declined. This rare divergence suggests a shift in investor focus — from re-rating-driven gains to core earnings performance. The list spans four large-cap and nine mid-cap stocks, but is dominated by small caps. Their outperformance is largely anchored in fundamentals, with 72% reporting healthy core earnings and strong growth in earnings per share (EPS), excluding exceptional items. The P/E ratio, one of the most closely tracked metrics in equity markets, measures how much investors are willing to pay for each rupee of earnings. A rising P/E typically reflects optimism about a company's growth prospects and can amplify share-price gains. Conversely, a declining P/E — or de-rating — is often seen as a sign of caution, driven by macro concerns or uncertainty around earnings visibility. Read this | What's behind steep stock market valuations? Kotak's Sanjeev Prasad has a surprise answer While the ideal scenario sees rising earnings fuel both share price and P/E growth, these 212 stocks offer a different narrative. Their earnings have surged, even as valuations have compressed. 'The fall in P/E ratios signals caution. But this divergence reflects a nuanced market dynamic where returns are primarily driven by robust core performance rather than investor-driven re-rating," says Bhavik Joshi, research analyst at Invasset PMS. 'This trend reflects a shift in market behaviour." Also read Aegis Vopak tanks up for growth with ₹2,800 crore IPO—but is the price too high? De-rating typically signals scepticism, Joshi explained. It can be due to global headwinds, sector-specific concerns, or muted earnings expectations. But when paired with sharp EPS growth, it can also indicate market mispricing rather than fundamental weakness. So what's holding back re-ratings? "Short-term global uncertainties and a wait-and-watch approach toward earnings consistency have contributed to the market's reluctance to re-rate companies," said Ranju Rajan, head of managed accounts at Axis Securities. 'However, the Indian economic structure continues to strengthen on several fronts." For these select stocks, fundamentals clearly took charge. Take telecom giant Bharti Airtel, the standout large-cap performer in this group. Its P/E dropped sharply from 139x to 56x, yet the stock gained 35% over the year. The real driver? A tripling in EPS (excluding one-offs or exceptional gains), from ₹11 in FY24 to ₹35 in FY25. The company's EPS is projected to rise further to ₹69.23 by FY27, even as the P/E is expected to fall to 26.86x, as per Bloomberg estimates. Among mid-caps, GE Vernova T&D India has posted a return of 69%, with P/E falling from 186x to 94x. A sharp improvement in execution helped push EPS to ₹24 in FY25, up from ₹7 the previous year. EPS is projected to reach ₹42 by FY27, with valuations expected to continue easing. Hitachi Energy India saw its stock rally 76% while its P/E declined from 270x to 213x, supported by EPS nearly doubling to ₹90. Further, Laurus Labs climbed 37% with EPS growing to ₹7, while its P/E fell to 87x from 108x. Both firms are expected to continue delivering double-digit EPS growth over the next two years. Fortis Healthcare, which saw its EPS rise to ₹2 in FY25 from ₹1 in FY24, delivered a 53% stock return. Bloomberg estimates point to robust earnings growth ahead, with EPS projected at ₹13.7 in FY26 and ₹17.8 in FY27 — potentially bringing down its projected P/E to 52x and 40x, respectively. 'Despite strong earnings and solid returns, companies like Bharti Airtel and GE Vernova have seen valuation multiples compress, reflecting a market shift toward core performance over re-rating," said Joshi. 'This trend highlights the need to focus on fundamentals and earnings as key drivers of value." Also read Powering auto giants: Can Belrise's IPO charge up your portfolio? For now, macro trends and earnings performance remain key to market direction. 'In the current environment, large caps and select mid/small caps with strong balance sheets are well-positioned to outperform. In the near term, macroeconomic indicators and earnings will continue to guide market direction. As cyclical and structural drivers align, re-rating opportunities will emerge, though this will be a gradual recovery which will be sailed through by investor patience to identify turnaround stories," said Rajan.