Tale of the Tape 

Good evening everyone!

Nifty (-0.3%) and Sensex (-0.4%) cooled off from the highs to end in the red. Broader markets saw deeper cuts as Midcaps (-0.8%) and Smallcaps (-0.9%) witnessed selling pressure. 380 stocks in the NSE 500 ended lower.

Not a single sector finished in the green. PSU Banks (-1.5%) led the sell-off, followed by Real Estate (-0.9%) and Oil & Gas (-0.8%).

In today’s issue of the Daily Rip, we cover LG Electronics’ blockbuster listing, IREDA and Anand Rathi Wealth’s Q2 results, the biggest newsmakers and more.

Honourable Mentions:

RBL Bank was in focus after reports said Emirates NBD could acquire a majority stake in the lender. MCX (+5%) hit a 52-week-high after raising margins on silver contracts amid global supply uncertainty.

Check out the NSE 500 heatmap:

Stock
Dhamakedaar Listing!

LG Electronics lived up to its crazy IPO hype! The stock listed at Rs 1,710 p/sh; a whopping +50% premium to its issue price. FYI - this makes it the best billion-dollar IPO listing since Zomato’s in 2021. Here’s a quick look at LG’s IPO magic and the way ahead.

Indian equities have underperformed their Asian rivals this year, but our IPO market remains red hot. The stats speak for themselves.  LG’s IPO was oversubscribed 54x making it the most-subscribed IPO since Reliance Power back in 2008. Fun fact: with its INSANE listing today, LG India’s market cap (~$12.7 billion) is now more than its Korean parent (~$9.8 billion). 

The thirst for quick gains isn’t limited to retail investors either. A tiny microcap firm called Winro Commercial, placed bids for a whopping Rs 748 cr. That’s right. They were allotted 37,482 shares, netting them an easy ~Rs 2.3 cr in gains. The company is an NBFC so even if you assumed they borrowed the money, that’s still ~Rs 1.7cr in profit for a week’s work. Not bad at all…

Everyone who missed the IPO lottery is only thinking - Should I buy here? Emkay is the biggest bull on the Street and sees a further +21% upside from current levels. The brokerage cites export potential (~15% of topline by FY30 vs 6% now), a new mass premium product push (helped by its new $600 million upcoming plant in Andhra Pradesh) and a revival in consumption growth led by the GOI’s tax cuts as key triggers.