Why did Blackstone walk away from the Haldiram’s deal? The private equity giant spent seven months evaluating the opportunity but ultimately backed out. The primary reasons? Valuation disagreements and a clash over IPO timelines.
- Blackstone valued Haldiram’s at $8 billion, while the Indian snack giant insisted on $10 billion.
- This 25% valuation gap proved to be a deal-breaker.
- Blackstone wanted an IPO within three years of investment.
- Haldiram’s preferred to wait for five years before going public.
What does this mean for Haldiram’s? With Blackstone out of the picture, Temasek remains in the race to acquire a minority stake. Will they align better on valuation and strategy?
- Haldiram’s controls 13% of India’s $6.2 billion savoury snacks market.
- Its strong brand presence and expansion plans make it an attractive investment—but at what price?
The Big Question: Did Blackstone walk away from a golden opportunity, or did it dodge an overvalued deal? The next move by Haldiram’s and Temasek will be one to watch!
Unlisted Shares News
- Tata Capital plans to launch India's biggest IPO of 2024, targeting an $11 billion valuation and aiming to raise $2 billion. The company’s board has approved listing 230 million shares and a rights issue worth ?15.04 billion.
- Oyo is fast-tracking its IPO plans as creditors demand founder Ritesh Agarwal repay $383 million of his $2.2 billion loan by year-end unless the company goes public. The startup is in talks with bankers for an IPO at a valuation of up to $5 billion.
- Apollo Green Energy plans to invest ?500 crore to develop a 1GW renewable energy portfolio by FY26, focusing on solar and hydrogen-based storage solutions. The company is also preparing for an IPO in 2025 to expand its green energy initiatives.
- NSE has changed the expiry of all Nifty, Bank Nifty, FinNifty, Nifty Midcap Select, and Nifty Next50 F&O contracts from Thursday to Monday, effective April 4, 2025. The last Monday of the expiry month will now be the new expiry date for these contracts.
Sectoral Highlights
- Nifty PSU Bank was the top sectoral gainer, driven by Union Bank and IOB.
- Nifty FMCG declined, reversing yesterday’s gains, dragged by Nestle and Dabur.
- Nifty Pharma also reversed gains, weighed down by Divi’s Labs and Cipla.
- Nifty Realty gained for the second straight session, led by Mahindra Lifespaces and Brigade Ent.
- Nifty Metal extended its winning streak, supported by Hindustan Zinc and Jindal Steel.
- Nifty Energy ended a six-session losing streak.
- Nifty declined for the 10th consecutive session, pulled down by Bajaj Auto and Hero Moto.
- Nifty Bank ended in green after two negative sessions, led by SBI and Canara Bank.
- Nifty Midcap gained for the second consecutive session.
- Nifty Smallcap broke its six-session losing streak, closing in the green.
- Nifty Auto was the top sectoral loser, dragged by Hero Moto and MRF.
- Nifty IT was the second-biggest sectoral loser, impacted by Persistent Systems and HCLTech.
Top Gainers
- India Cements (+15%) – Among top midcap gainers
- Swiggy & Zomato (+2-7%) – Moved higher on a positive brokerage note
- Defence & Railway Stocks – HAL & BEL among top gainers
- OMCs (Oil Marketing Companies) – Stocks up 3-4% following a big fall in crude
Top Losers
- Bajaj Auto (-5%) & Hero Moto (-3%) – Hit 52-week lows, dragging the auto sector
- Adani Green, Supreme Industries, Paytm, Jubilant Food, Coromandel – Top midcap losers
- Midcap IT Stocks – LTIM, Persistent Systems, OFSS among top losers
- Auto Sector – 3 of the top Nifty losers were auto stocks
FII DII
IPO Corner
Upcoming IPOs in 2025
Markets regulator SEBI has approved the IPOs of Belrise Industries and Paramesu Biotech, paving the way for their public listings.
- Belrise Industries aims to raise ?2,150 crore through a fresh issue of equity shares. The company plans to utilize ?1,618 crore from the proceeds to repay debt.
- Paramesu Biotech plans a ?600-crore IPO, comprising a ?520 crore fresh issue and an ?80 crore Offer for Sale (OFS) by its promoter. A portion of the funds (?330 crore) will go toward setting up a new 1,200 TPD maize-based processing plant in Madhya Pradesh.
Meanwhile, SFC Environmental Technologies and Advanced Sys-tek have withdrawn their IPO filings, possibly due to weak market conditions.
Shreenath Paper Products’ Disappointing Listing
Shreenath Paper Products made a weak debut on the BSE SME platform, listing at a 20% discount at ?35.2 per share against the issue price of ?44. The stock further hit the lower circuit limit of ?33.44, leading to investor losses.
- The IPO saw strong retail demand, with 3x subscription in the retail category, but poor response from institutional investors.
- The company had aimed to raise ?23.36 crore, with a major portion allocated to working capital requirements.
