<ul><li>The QIB portion of the issue was subscribed 115 times the shares on offer. </li><li>NII and retail portions were subscribed 33x and 13x respectively. </li></ul> The ₹593 crore initial public offer (IPO) of Mumbai-based stationery maker <keyword id="7090241" type="General" weightage="20" keywordseo="Flair-Writing" source="Orion">Flair Writing</keyword> was subscribed 46.6 times the shares on offer. Qualified institutional buyer (QIB) portion of the issue was subscribed 115 times, with non-institutional and retail portions subscribed 33x and 13x respectively. Flair Writing Industries has raised ₹177 crore from 23 anchor investors like SBI Consumption Opportunities Fund, HDFC Mutual Fund, Aditya Birla Sun Life and more. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">115.60 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.37 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.01 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46.68 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: BSE The company which manufactures and sells Flair brand of pens, also acquired rights to international brands like Hauser and Pierre Cardin’s writing instruments. Its products currently reach 3.15 lakh wholesalers and retailers. The issue comprises fresh issue to the tune of ₹292 crore; and an offer for sale of ₹301 crore. The net proceeds from the fresh issue will be used to set-up a new manufacturing facility for writing instruments in Valsad, Gujarat. It will use the rest to fund capex; working capital requirements, loan payment and more. The company’s revenues have been growing at a compounded annual growth rate (CAGR) of 22.85% from FY21 to FY23. “We have been consistently growing and outperforming the market. We are confident that we will be able to keep up with the growth rates seen historically,” said Rathod. Its net profit almost doubled in FY23 as compared to the year before. “In FY23, the company’s operating margin moved upward as EBITDA margins increased 300 basis points and stood at 19.47% versus 16.9% on a YoY basis,” said a report by Kunvarji Wealth Solutions which gave a ‘subscribe’ rating to the IPO. Plant shutdowns, its inability to carry through its expansion plans, labour unrests, regulatory and other issues have been cited by the company as risk factors in its RHP. It also adds that increased competition could have a material impact on its business. In FY23, the market share of organized players in the writing instrument space is around 78-80% with the rest being catered to by unorganized players, according to CRISIL.

Flair Writing IPO pens a success story, subscribed 46.6x

<ul><li>Flair Writing is expected to announce its share allotment status on Wednesday, November 29.</li><li>The shares of Flair Writing were subscribed 46.68 times.</li><li>The shares are expected to be listed on the stock exchanges on November 30.</li></ul> Mumbai-based Flair Writing, a stationery maker which manufactures and sells Flair brand of pens is expected to announce the allotment status of its initial public offering (IPO) on Wednesday, November 29. The <keyword id="6907359" type="General" weightage="20" keywordseo="flair-writing-ipo" source="Orion">Flair Writing IPO</keyword> opened on November 22 and closed on November 24. The price band for the IPO was ₹288 to ₹304 per share. <cmsannotation type="cmsannotation" annotationid="Robust subscription" comment="subhead" text="Robust subscription">Robust subscription</cmsannotation> On the last day, the Flair Writing IPO was subscribed 46.68 times, receiving bids for 67.28 crore equity shares against 1.44 crore shares on offer. While the qualified institutional buyer portion was subscribed 115.60 times, the non-institutional investors portion was subscribed 33.37 times. The retail portion also witnessed good participation and was subscribed 13.01 times. <cmsannotation type="cmsannotation" annotationid="Grey market premium" comment="subhead" text="Grey market premium">Grey market premium</cmsannotation> The shares of Flair Writing are currently commanding a grey market premium (GMP) of ₹80 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <cmsannotation type="cmsannotation" annotationid="Here’s how to check the IPO’s allotment status" comment="subhead" text="Here’s how to check the IPO’s allotment status">Here’s how to check the IPO’s allotment status</cmsannotation> You can check the allotment status on the registrar’s website. <ul><li>To check the <keyword id="19647392" type="General" weightage="100" keywordseo="flair-writing-ipo-allotment" source="Orion">Flair Writing IPO allotment</keyword> status, visit the registrar’s website<a href="https://linkintime.co.in/IPO/public-issues.html"> here</a>.</li><li>Click on ‘Select Company’ and then select ‘Flair Writing’.</li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC.</li><li>Now, enter the captcha.</li><li>Click on submit.</li></ul>You will be able to see your application status. It will display the number of shares that Flair Writing IPO listing dateyou have applied for and the number of shares that have been allotted to you. You can also check the Flair Writing IPO allotment status on the BSE and NSE websites. To check the allotment status on BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>.</li><li>On the website, click on 'Equity' and then select ‘Flair Writing’ from the dropdown menu.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li></ul>You will be able to see the number of shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your allotment status on NSE. <cmsannotation type="cmsannotation" annotationid="Flair Writing IPO listing date" comment="subhead" text="Flair Writing IPO listing date">Flair Writing IPO listing date</cmsannotation> The shares of Flair Writing will be listed on the stock exchanges on November 30. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/105563003.cms">Tata Technologies IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/stock-market/news/gandhar-oil-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/105566781.cms">Gandhar Oil IPO allotment – How to check allotment, GMP, listing date and more</a>

Flair Writing IPO allotment – How to check allotment, GMP, listing date and more

<ul><li>The company makes and markets the Flair brand of pens, with rights to brands like <keyword id="2099374" type="General" weightage="50" keywordseo="hauser" source="Orion">Hauser</keyword> and <keyword id="116476" type="General" weightage="50" keywordseo="pierre-cardin" source="Orion">Pierre Cardin</keyword>.</li><li>It intends to raise as much as ₹593 crore via the public issue.</li><li>Net proceeds from the issue will be to set-up a new facility in Valsad, amongst others. </li></ul>Mumbai-based stationery maker Flair Writing opens its initial public offer (IPO) for subscription on November 22, and closes on November 24. It has fixed a price band of ₹288-304 for the issue, and intends to raise as much as ₹593 crore via the issue. Investors can bid for a minimum of 49 equity shares and in multiples thereof. The company which manufactures and sells Flair brand of pens, also acquired rights to international brands like Hauser and Pierre Cardin’s writing instruments. Its products currently reach 3.15 lakh wholesalers and retailers. It’s also charting an expansion strategy, and is also expanding its manufacturing capacities. It’s also venturing into houseware and other school and office supplies. “We also seek to focus on growing our existing product portfolio and diversification of our product range, emphasise on mid-premium segment and premium segment to increase margins, continue to increase production capacity and enhance capacity utilization, strategically expand exports, deepen our sales and distribution network and further strengthen our brands,” the company said in its RHP. It’s also setting its sights on increased exports. The company has a market share of 7.1% in the export of writing and creative instruments industry in FY23. It’s expecting to gain from the China +1 strategy adopted by many international companies. “We have received feedback from many international OEMs to make vacuum bottles and more such. It’s a good business which can add to our topline and bottomline both,” Sumit Rathod, whole time director at Flair Writing Industries told Business Insider India. The issue comprises fresh issue to the tune of ₹292 crore; and an offer for sale of ₹301 crore. The net proceeds from the fresh issue will be used to set-up a new manufacturing facility for writing instruments in Valsad, Gujarat. It will use the rest to fund capex; working capital requirements, loan payment and more. Financials &amp; risk factors The company’s revenues have been growing at a compounded annual growth rate (CAGR) of 22.85% from FY21 to FY23. “We have been consistently growing and outperforming the market. We are confident that we will be able to keep up with the growth rates seen historically,” said Rathod. Its net profit almost doubled in FY23 as compared to the year before. “In FY23, the company’s operating margin moved upward as EBITDA margins increased 300 basis points and stood at 19.47% versus 16.9% on a YoY basis,” said a report by Kunvarji Wealth Solutions which gave a ‘subscribe’ rating to the IPO. The company’s peers in the market include the recently listed Cello World, Linc and <keyword id="1889881" type="General" weightage="50" keywordseo="kokuyo-camlin" source="Orion">Kokuyo Camlin</keyword>. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹942 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹577 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹297 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹118 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹98 lakh </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: RHP Plant shutdowns, its inability to carry through its expansion plans, labour unrests, regulatory and other issues have been cited by the company as risk factors in its RHP. It also adds that increased competition could have a material impact on its business. In FY23, the market share of organized players in the writing instrument space is around 78-80% with the rest being catered to by unorganized players, according to CRISIL. “At times, retailers offer products from local manufacturers or unbranded items at lower prices or in ‘combo-offers’ with 45 other stationery items. Our inability to adequately address competitive pressures from the organized and unorganized players, may have a material adverse effect on our business, operations, prospects or financial results,” the company said in its RHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/stock-market/news/ireda-ipo-to-open-on-november-21-price-band-fixed-at-30-32/share/articleshow/105263776.cms">IREDA IPO to open on November 21, price band fixed at ₹30-32/share</a> <a href="https://www.businessinsider.in/stock-market/news/fedbank-financial-services-ipo-to-open-on-november-22-price-band-fixed-at-133-140/sh/articleshow/105292752.cms">Fedbank Financial Services IPO to open on November 22; price band fixed at ₹133-140/sh</a>

Flair Writing hopes to gain from the China +1 strategy

<ul><li>Flair’s stock listed at ₹452 as compared to its issue price of ₹304 per share.</li><li>The grey market was expecting 30% listing gains from the stock.</li><li>The company’s market cap stood at ₹5,301 crore according to Bombay Stock Exchange. </li></ul><keyword id="7090241" type="General" weightage="20" keywordseo="flair-writing" source="Orion">Flair Writing</keyword> made a stellar debut on the D-Street at a premium of 65% on early Friday. However, the stock corrected during the day, ending the day with 49% listing gains. This is much ahead of grey market predictions which was hoping for 30% listing gains from the stock. The stock closed at ₹452 as compared to its issue price of ₹304 per share. The company’s market cap stood at ₹5,301 crore according to Bombay Stock Exchange. The ₹593 crore issue was subscribed 46.6x with outsized interest from institutional investors. The QIB portion of the issue was subscribed 115.6 times the shares on offer. The optimistic mood seen in the markets with regards to public offers, can rub off, say experts. “We believe the healthy listing is justified on the back of high growth seen in the writing instruments and stationery segment etc. and ongoing expansion plans to tap the future growth. We recommend allotted short term investors to book profits over and above 25% gains while long term investors can hold,” said <keyword id="19676170" type="General" weightage="80" keywordseo="rajan-shinde" source="Orion">Rajan Shinde</keyword>, research analyst, Mehta Equities. Here are the listing gains provided by the companies that debuted on D-Street this week. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grey market premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marketcap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription details </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flair Writing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">49% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,301 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46.6x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52,734 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">69x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gandhar Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,573 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fedbank Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,161 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IREDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,123 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.8% </td></tr></tbody></table> The company which manufactures and sells Flair brand of pens, also acquired rights to international brands like Hauser and Pierre Cardin’s writing instruments. Its products currently reach 3.15 lakh wholesalers and retailers. The IPO comprises fresh issue to the tune of ₹292 crore; and an offer for sale of ₹301 crore. The net proceeds from the fresh issue will be used to set-up a new manufacturing facility for writing instruments in Valsad, Gujarat. It will use the rest to fund capex; working capital requirements, loan payment and more. The company’s revenues have been growing at a compounded annual growth rate (CAGR) of 22.85% from FY21 to FY23. Its net profit almost doubled in FY23 as compared to the year before. Plant shutdowns, its inability to carry through its expansion plans, labour unrests, regulatory and other issues have been cited by the company as risk factors in its RHP. It also adds that increased competition could have a material impact on its business. In FY23, the market share of organized players in the writing instrument space is around 78-80% with the rest being catered to by unorganized players, according to CRISIL. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a> <a href="https://www.businessinsider.in/stock-market/news/tata-tech-and-gandhar-oil-shine-on-debut-while-fedbank-falters/articleshow/105610067.cms">Tata Tech and Gandhar Oil shine on debut, while Fedbank falters</a>

Flair pens a successful debut, lists at 49% premium

<ul><li><keyword id="18177119" type="General" weightage="100" keywordseo="fedbank-financial" source="Orion">Fedbank Financial</keyword> shall announce its share allotment status on Wednesday, November 29.</li><li>The shares of Fedbank Financial were subscribed 2.20 times.</li><li>The shares are expected to be listed on the stock exchanges on November 30.</li></ul>Mumbai-based Fedbank Financial, a retail-focused non-banking finance company that provides gold loans, home loans, and more is expected to announce the allotment status of its initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>) on Wednesday, November 29. The <keyword id="13959480" type="General" weightage="50" keywordseo="fedbank-financial-ipo" source="Orion">Fedbank Financial IPO</keyword> opened on November 22 and closed on November 24. The price band for the IPO was ₹133 to ₹140 per share. <cmsannotation type="cmsannotation" annotationid="Average subscription" comment="subhead" text="Average subscription">Average subscription</cmsannotation> On the last day, the Fedbank Financial IPO was subscribed 2.20 times, receiving bids for 12.30 crore equity shares against 5.59 crore shares on offer. While the qualified institutional buyer portion was subscribed 3.51 times, the non-institutional investors portion was subscribed 1.45 times. The retail portion also witnessed good participation and was subscribed 1.82 times. The employee portion was subscribed 1.34 times. <cmsannotation type="cmsannotation" annotationid="Grey market premium" comment="subhead" text="Grey market premium">Grey market premium</cmsannotation> The shares of Fedbank Financial are currently not commanding a grey market premium (GMP). GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <cmsannotation type="cmsannotation" annotationid="Here’s how to check the IPO’s allotment status" comment="subhead" text="Here’s how to check the IPO’s allotment status">Here’s how to check the IPO’s allotment status</cmsannotation> You can check the allotment status on the registrar’s website. <ul><li>To check the <keyword id="19652611" type="General" weightage="20" keywordseo="Fedbank-Financial-IPO-allotment" source="Orion">Fedbank Financial IPO allotment</keyword> status, visit the registrar’s website<a href="https://linkintime.co.in/IPO/public-issues.html"> here</a>.</li><li>Click on ‘Select Company’ and then select ‘Fedbank Financial’.</li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC.</li><li>Now, enter the captcha.</li><li>Click on submit.</li></ul>You will be able to see your application status. It will display the number of shares that you have applied for and the number of shares that have been allotted to you. You can also check the Fedbank Financial IPO allotment status on the BSE and NSE websites. To check the allotment status on BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>.</li><li>On the website, click on 'Equity' and then select ‘Fedbank Financial’ from the dropdown menu.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li></ul>You will be able to see the number of shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your allotment status on NSE. <cmsannotation type="cmsannotation" annotationid="Fedbank Financial IPO listing date" comment="subhead" text="Fedbank Financial IPO listing date">Fedbank Financial IPO listing date</cmsannotation> The shares of Fedbank Financial will be listed on the stock exchanges on November 30. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/flair-writing-ipo-how-to-check-allotment-and-gmp-value/articleshow/105579554.cms">Flair Writing IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/gandhar-oil-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/105566781.cms">Gandhar Oil IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/105563003.cms">Tata Technologies IPO allotment – How to check allotment, GMP, listing date and more</a>

Fedbank Financial Services IPO allotment – How to check allotment, GMP, listing date and more

<ul><li>Even though five public issues opened this week, they received stellar subscriptions.</li><li>Smaller and niche companies are also finding favour with all classes of investors along with big issues like IREDA and Tata Tech.</li><li>The <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> party will roll over into the New Year too, as investors are keen to participate in India’s growth story. </li></ul>India’s primary market is showing no signs of slowing down, even after mopping-up ₹1.5 lakh crore from investors this week. An eclectic mix of companies are hitting the primary markets ranging from ‘gathia’ (Gujarati snack) makers, apparel brands to marketing agencies will make their case for investors in the coming months. This flow of new IPOs will continue to hit the market, experts predict, thanks to the stellar response received of the issues that hit this week. All IPOs, barring the Fedbank Financial Services issue, were subscribed at least twice over on the first day. Tata Technologies offering was lapped up like hot cakes on a winter morning as it was swiftly overbooked within hours. “Investors have come through,” Munish Aggarwal, managing director of Equirus Group tells Business Insider India. “In fact, a lot of them were launched parallelly because there is a lot of equity in the market. QIBs are very active too,” he comments. The QIB quota of four of five IPOs live this week, barring Fedbank, were subscribed over 100 times the shares on offer. Until Elections do us apart Next week, there will be a breather to the mainboard IPO rush, but five SME issues will be live. Going by the number of draft red herrings filed by 48 companies in the first half of FY24, the IPO party might roll over to the next year too. “If you see corporate India, a lot of them are now raising funds for capacity building as opposed to deleveraging as seen in the last decade. Since they’re seeing sustained growth, the activity will continue unless there is a significant spike in volatility prior to general elections next year,” said Aggarwal. Consumer-centric companies like ghatia-maker Gopal Snacks, Choice Brands which sells men’s apparel, marketing agency Graphisads, Net Avenue Technologies that sells Indian ethnic wear directly to consumers are some of the issues that will make a bid for investors. “The huge appetite for equities stems from the confidence that investors have in the India growth story and the large universe of fast-growing, well-managed companies, which are expected to deliver good profits,” said Mahavir Lunawat, MD of Pantomath Capital Advisors. Upcoming public issues <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exchange </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue size </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopal Snacks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mainboard </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹650 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DRHP filed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Brands </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mainboard </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA (19.63 mn shares) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DRHP filed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Graphisads </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SME </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens Nov 30-Dec 5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Avenue Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SME </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10.26 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens Nov 30-Dec 4 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deepak Chemtex </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SME </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23.04 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens Nov 29-Dec 1 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AMIC Forging </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SME </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34.8 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens Nov 29-Dec 1 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swashthik Plascon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SME </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40.7 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nov 24-29 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>IPO bidding patterns have also changed due to regulations where listing timeframe changed from extant T+6 to T+3. It means an issue can now debut on exchanges within three days of receiving subscriptions. And many companies are choosing to go for it, which means IPO bid amount is blocked for shorter timelines. “Investors now have the opportunity for having early credit and liquidity for their investment, which enable investors to analyse and participate in more number of IPOs opening parallel, as we gear for bigger capital formation,” says Lunawat. Listing gains in focus next week If the grey market premiums are anything to go by, next week will be much better for the issues that were open this week. Analysts say that those who missed out on share allotment due to heavy oversubscription might try to buy from the secondary market – and that’s pushed the listing gains expected for issues live this week — anywhere between 23-78%. Even as the response to IREDA and Tata Technologies was expected as they have strong legacy and brand names, investors are also willing to make their bets on smaller, newer and niche companies. Gandhar Oil Refinery’s book is just as busy as that of Tata Technologies, even though it’s a much smaller issue. “It has leading market share in the Indian white oil market with significant overseas presence; and a well-diversified product portfolio with an extensive customer base,” comments Kunvarji Wealth Solutions. Pen manufacturer Flair Instruments too is getting good interest. “Being among the top three players in the overall writing instrument industry with a market share of 9% in the overall writing and creative instruments industry in India, we believe the company is strategically positioned coupled with a track record of sustained growth,” said Rajan Shinde, research analyst at Mehta Equities. No business is too small or too niche for investors who are all set to buy into the India growth story Institutions as well as retail investors are ready to make their bets on new, fast-growing companies. And, IPOs are coming for them.

November Rain For Primary Market: Great IPO party helps companies mop up ₹1.5 lakh crore

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Hate to start your weekend off with some bad news, but here goes: <a target="_blank" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">Costco is raising the price of its membership</a>.In today's big story, Google risks facing a massive lawsuit <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">over its Search business</a>. But it might have <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">a backup plan</a>.What's on deck:<ul><li>Markets: From the New York Knicks to the Army Rangers to Blackstone, Marshall Plumlee's career <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has had plenty of twists and turns</a>.</li><li>Tech: Amazon's AI chatbot <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">is having some issues</a>, leaked messages reveal.</li><li>Business: Jessica Fern's 'Polysecure' promised a world beyond monogamy. <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">She didn't say it would be easy</a>.</li></ul>But first, try searching "how to avoid a massive lawsuit."<hr />If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><hr /><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Searching for a solution</h2><div type="image" title="google CEo" height="900" width="1200" msid="113133212" hostid="261" sizebytes="71180"></div>Google's no longer feeling lucky.The search giant is already facing a <a target="_blank" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">federal judge's ruling</a> that it violated antitrust laws. The Justice Department and Google are scheduled to appear in court today to discuss the next steps for resolving the company's monopoly.Some of the <a target="_blank" href="https://www.businessinsider.com/google-search-index-monopoly-remedy-doj-antitrust-2024-8">proposed resolutions are extreme</a> — like breaking it up — but it's not Google's only problem.The ruling opens up Google to lawsuits alleging that it <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">artificially raised ad prices for years</a>, writes Business Insider's Hugh Langley. Yelp has already filed one about search referencing, and advertisers could be next.Ultimately, Google could face a lawsuit seeking more than $100 billion in damages, according to one analyst.The rationale for the suit goes as follows. A judge ruled that Google suppressed competition in the search market. That meant Google was the only game in town, enabling it to raise its ad prices knowing customers had no other option but to pay up.But a 12-figure suit isn't just terrifying for Google. Apple, Meta, and Amazon are also dealing with antitrust suits. The judge's ruling <a target="_blank" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">was bad enough for Google's Big Tech peers</a>. A hefty lawsuit could foreshadow even more trouble.<div type="image" title="Google's campus" height="1333" width="2000" msid="113133208" hostid="261" sizebytes="352696"></div>It's not all bad news for Google.While its search business might be in trouble, another part of the company is red hot.Subscriptions are <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">becoming a key way Google makes money</a>, writes Hugh. The group, described as "subscriptions, platforms, and devices," has had better revenue growth than Search the past three quarters.YouTube, which has <a target="_blank" href="https://www.businessinsider.com/youtube-has-become-must-have-service-ahead-of-netflix-2024-6">become a top streamer</a> and the <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">go-to spot for content creators</a>, is a big part of that segment. But it also includes its storage services and, potentially, AI.A premium version of Google's chatbot, Gemini, is being rolled out for $19.99 a month. But AI tools haven't necessarily been the revenue boon tech giants had been hoping for thus far, <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">so don't hold your breath</a>.Still, Google is willing to take the risk. Even with Search's regulatory issues, advertising remains a volatile business. Investors view subscriptions as a better, stable bet.<hr /><h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>4 victims on Mike Lynch's yacht were <a target="_blank" href="https://www.businessinsider.com/4-mike-lynch-yacht-victims-trapped-air-bubbles-suffocate-report-2024-9">trapped inside air bubbles</a> before suffocating, report suggests.</li><li><a target="_blank" href="https://www.businessinsider.com/spacex-employees-told-not-to-travel-to-brazil-elon-musk-2024-9">SpaceX tells employees</a> not to travel to Brazil, as Elon Musk's fight with its Supreme Court over X intensifies.</li><li>Tesla stock rises as carmaker unveils full self-driving plans for China and Europe <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-full-self-driving-release-fsd-robotaxi-outlook-2024-9">ahead of next month's Robotaxi reveal</a>.</li><li>How AuditBoard went from a potential IPO to a <a target="_blank" href="https://www.businessinsider.com/how-auditboard-potential-ipo-to-private-equity-hg-takeover-2024-9">$3 billion takeover</a> by private-equity firm Hg in just two months.</li><li>Mark Cuban offers to serve in <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">the Harris White House</a>.</li></ul><hr /><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Steve Eisman collage" height="1000" width="2000" msid="113133206" hostid="261" sizebytes="116556"></div><ol><li>The guy who called the last financial crisis isn't sold on it happening this time around. 'Big Short' investor Steve Eisman told BI <a target="_blank" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">he refuses to peddle negativity about a financial system he's not overly worried about</a>. "I'm not going out of my way to predict the end of the world when I don't see the end of the world," he said.</li><li>JPMorgan's surprising tool in its bid to attract wealthy customers. Bank branches might not be sexy, but they are a key part of JPMorgan Wealth Management CEO Kristin Lemkau's strategy. <a target="_blank" href="https://www.businessinsider.com/jpmorgan-kristin-lemkau-branches-wealth-management-advisors-2024-9">She told BI how they fit into her plan</a>, and who she's hiring to staff them.</li><li>Just your normal NBA-Army Ranger-Blackstone career path. Marshall Plumlee's road to Wall Street <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has been unique, to say the least</a>. The former New York Knick described transitioning from pro sports to the military before joining Blackstone's tactical opportunities group.</li></ol><hr /><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Amazon Q logo in a speech bubble cracking" height="1500" width="2000" msid="113133211" hostid="261" sizebytes="94766"></div><ol><li>Leaked messages show early challenges for Amazon's AI chatbot Q. In internal Slack discussions, <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">Amazon employees voiced concerns</a> about high costs and lack of features for the nascent chatbot. As a result, some employees are worried the company could lose customers to Microsoft Copilot.</li><li>Can we keep TikTok, actually? Americans don't want to ban TikTok anymore. According to a Pew Research survey, <a target="_blank" href="https://www.businessinsider.com/the-ban-tiktok-movement-is-losing-momentum-among-americans-2024-9">support for a TikTok ban among US adults is declining</a>, down to a third of Americans from half of all US adults in March 2023. The clock is still ticking on the impending sale-or-ban ruling by early next year the app is facing.</li><li>Silicon Valley's split over "Founder Mode." An essay by Y Combinator cofounder Paul Graham about the best way to run a company has the tech scene forming factions. It weighs a hands-off approach against a hands-on approach of leadership. <a target="_blank" href="https://www.businessinsider.com/founder-mode-manager-dividing-silicon-valley-2024-9">Here's where SV's leaders stand</a>.</li></ol><hr /><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jessica Fern" height="1333" width="2000" msid="113133209" hostid="261" sizebytes="108704"></div><ol><li>Meet the woman behind the polyamory movement. Jessica Fern's 2020 sleeper hit "Polysecure" has become the new polyamory bible — and a status symbol for the sexually enlightened. How she turned her failed open marriage <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">into a literary phenomenon</a>.</li><li>Elon Musk is a Trump win away from serious federal power. In a speech at the Economic Club of New York, Trump outlined <a target="_blank" href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9">a plan proposed by Elon Musk</a> to create a new government commission to cut government spending and regulation. Musk previously said he "can't wait" to work in Trump's White House should he win in November.</li><li>Frequent flyer fleecing? The feds want to make sure you're getting the most out of those airline rewards programs. The Department of Transportation is <a target="_blank" href="https://www.businessinsider.com/airlines-rewards-programs-investigation-united-delta-american-southwest-2024-9">probing the four largest US airlines</a> — Southwest, United, American, and Delta — to make sure customers are "getting the value that was promised to them," Secretary Pete Buttigieg said.</li></ol><hr /><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/jd-vance-lower-childcare-costs-grandma-grandpa-help-retirement-crisis-2024-9">JD Vance's plan to lower childcare costs</a>: have grandma and grandpa 'help a little bit more.'</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/telegram-ceo-breaks-silence-after-arrest-2024-9">Telegram's CEO broke his silence after his arrest</a>, saying it's not true that the platform is an 'anarchic paradise.'</li><li>Trump will mimic Harvey Weinstein's successful appeal to fight his own sexual assault verdict Friday. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-mimics-harvey-weinstein-arguments-e-jean-carroll-appeal-2024-9">It won't be as easy</a>.</li><li>There's a hiring frenzy for big ad sales roles in traditional media — <a target="_blank" href="https://www.businessinsider.com/legacy-media-ad-hiring-tear-to-fix-declining-business-2024-9">but that doesn't mean the industry is thriving</a>.</li><li>What Nvidia leadership should be doing <a target="_blank" href="https://www.businessinsider.com/nvidia-artifical-intelligence-department-of-justice-investigation-antitrust-2024-9">to prepare for a possible DOJ case</a>.</li></ul><hr /><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Defense Secretary Lloyd Austin hosts Ukraine Defense Contract Group meeting in Germany.</li><li>Bureau of Labor Statistics releases August employment report.</li></ul><hr />The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Google could face a lawsuit seeking more than $100 billion in damages, but it's not all bad news for the tech giant

<ul><li>Tata Technologies stock zoomed by 162% in early trade on debut.</li><li>Gandhar Oil too exceeded grey market expectations with 78% listing gains.</li><li>Fedbank Financial Services held on to its issue price, with 0% listing gains. </li></ul>Two of three public issues that debuted on D-Street gave stellar listing gains to investors on Thursday. While Tata Technologies stock zoomed by 162% on debut day, Gandhar Oil too exceeded grey market expectations with 78% listing gains at the time of closing. The stock of Fedbank Financial Services barely moved as it started trading on Thursday with 0% listing gains. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grey market premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marketcap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription details </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52,734 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">69x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gandhar Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,573 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fedbank Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,161 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IREDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,123 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.8% </td></tr></tbody></table> Hold, buy-on-dips and book profits say analysts Most experts and the grey market predict all companies to provide double-digit listing gains, with the exception of Fedbank Financial Services. Tata Technologies IPO which broke a record with the number of applications is expected to provide super premium listing gains on the back of its lineage and a well-established business model of the engineering R&amp;D player. “There is a high possibility that Tata Technologies can be a doubler candidate post listing. Given the growth potential in outsourcing, the business model would be in great demand going forward. We recommend allotted investors to book 50% profits over and above our expectations and retain the rest for the long-term,” said Prashanth Tapse, research analyst, senior VP of research at Mehta Equities. While oil manufacturer Gandhar Oil also saw healthy subscriptions, and its niche play has also appealed to the brokerages and investors alike. “We recommend allotted investors to book listing day profits over and above our expectations of 30-40% listing gains. Considering limited upside post listing, investors who failed to get allotments in the public offer can accumulate on dips post listing,” says Rajan Shinde, research analyst at Mehta Equities. Flair Writing which is known for its stationery products is also branching out into houseware, steel bottles and appliances. While short-term investors who see over 25% listing gains can choose to book profits, there is a case for long-term investors to hold on or accumulate on dips, advises Shinde.

Tata Tech and Gandhar Oil shine on debut, while Fedbank falters

The long, strange decline of one of America's most influential brands

Dear Readers,Well, that was quick: A week after Lyft's splashy IPO and shares of the ride-hailing company have already come crashing back to earth. Lyft priced its IPO at $72 a share last Thursday evening and opened the next day at $87.24 a share. After a volatile few days of trading, shares closed at $74.69 as of Friday.One analyst slapped a sell rating on the company this week and initiated with a $42 price target, nearly half its IPO price."In order to justify its current market valuation, investors need to take a big leap of faith that the millennials and later generations will forego ownership of a car and opt instead for reliance on a ridesharing service," the research firm Seaport Global Securities said in an investor note."Despite the optics of vehicles being an underutilized asset, we believe people will continue to own their own vehicles as primary transportation and instead rely on the ridesharing services as a convenient supplement."And in the latest blow to Lyft, investors are already placing bets that shares will fall even further. According to Markit's analysis of borrowing activity and the associated fees, <a href="https://markets.businessinsider.com/news/stocks/lyft-stock-price-traders-already-betting-big-against-lyft-2019-4-1028083100">Lyft has already become the most expensive US-listed stock to borrow</a> with over $5 million in balances.If you're new to the Wall Street Insider newsletter, <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">you can sign up here</a>.And if you're an existing Prime subscriber,<a href="https://bievents.typeform.com/to/thLadq"> please take our reader survey here</a>.It's clear there were red flags from the start. During Lyft's roadshow, prospective investors grilled the company about its path to profitability.But what's notable about this particular case is that Lyft's bankers knew how much was at stake. If Lyft flopped, it might close the window for companies like Uber, Pinterest, Slack and others to go public. Investors I spoke with during the Lyft roadshow said the banks took pains to run a disciplined process and not to push the valuation too high. And despite all this, it's been a rocky start for Lyft.To be sure, a number of tech companies including Facebook saw their shares sink following their public market debuts. Facebook is doing just fine now.It'll be interesting to watch Lyft in the coming weeks ... I'm still expecting an Uber filing any day now!To read many of the stories below, <a href="https://www.businessinsider.com/subscription/prime">you can subscribe to Prime</a> or email me at ooran@businessinsider.com for a free trial. As always, please reach out with any comments, tips, or feedback.Thanks for reading! Olivia<hr /><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/53d10181eab8eab0255f8402-1349/screen shot 2014-07-24 at 85144 am.png" border="0" alt="Ken Griffin" data-mce-source="CNBC/ Heidi Gutman" />CNBC/ Heidi GutmanKen Griffin.</div></div></div>Inside the Chicago hedge-fund turf war between billionaire Ken Griffin and Dmitry BalyasnyThe headquarters of Ken Griffin's Citadel and Dmitry Balyasny's eponymous hedge fund are separated by one mile, the Chicago River, and plenty of bad blood.All hedge funds are rivals in some sense, fighting each other for talent, data, and alpha, though Balyasny and Citadel appear to be in different leagues given their asset base and recent performance. But several sources have told Business Insider <a href="https://www.businessinsider.com/inside-the-chicago-hedge-fund-turf-war-between-ken-griffin-balyasny-2019-4">t</a><a href="https://www.businessinsider.com/inside-the-chicago-hedge-fund-turf-war-between-ken-griffin-balyasny-2019-4">hat the turf war between the two Chicago-based hedge funds has reached new heights</a>.The clearest example given by sources inside Citadel took place in March during the firm's all-hands annual meeting when Griffin displayed an internal email that Balyasny had sent his staff in April of last year with the subject line "Adapt or Die."A source close to Citadel said that Griffin used the Balyasny email as an example of what "poor culture can do to a firm," adding that he also mentioned Enron in the same meeting. Yet sources inside Citadel say their takeaway from the meeting was that they needed to beat Balyasny, and that it wasn't about the benefits of a strong workplace culture.<a href="https://www.businessinsider.com/inside-the-chicago-hedge-fund-turf-war-between-ken-griffin-balyasny-2019-4">READ MORE HERE &gt;&gt;</a>Goldman Sachs is exploring plans to create a Netflix for data, and it marks a new frontier for Wall StreetAt some point in the not-too-distant future, investors may find themselves ponying up monthly subscription fees to Wall Street banks in much the same way they subscribe to <a href="https://www.businessinsider.com/ap-netflix-raising-prices-for-58m-us-subscribers-as-costs-rise-2019-1">Netflix</a> or <a href="https://www.businessinsider.com/hulu-and-spotify-premium-bundle-costs-999-details-2019-3">Spotify</a>.At least that's the hope of bankers searching the depths of their institutions for data sources that investors may buy.And now a <a href="https://www.linkedin.com/jobs/view/data-analytics-sales-for-the-securities-division-at-goldman-sachs-1116135027/?utm_campaign=google_jobs_apply&amp;utm_source=google_jobs_apply&amp;utm_medium=organic">job ad</a> from Goldman Sachs provides probably the clearest picture yet for what the business model might look like.<a href="https://www.businessinsider.com/goldman-sachs-developing-subscription-service-around-data-2019-3">According to a recent LinkedIn posting</a>, the company is looking to hire an entry-level salesperson whose job would include selling internal data, analytics, and risk models as part of a subscription model.Much like Netflix offers movies and TV shows and Spotify offers music and podcasts, Wall Street bankers have started describing themselves as content creators of a sort, writing research, designing models, devising trade ideas, and coming up with novel ways to fill orders.<a href="https://www.businessinsider.com/goldman-sachs-developing-subscription-service-around-data-2019-3">READ MORE HERE &gt;&gt;</a><div data-sticky="subnav" data-ad-subnav="">Investors are hot on hedge funds again, but old-school stock pickers are getting left in the coldThe hedge-fund industry's exponential growth over the past couple of decades can be at least partially be attributed to <a href="https://www.businessinsider.com/hedge-funds-are-becoming-less-risky-2019-2">the near-mythological status that the early top stock-pickers enjoyed among investors</a>.Tens of billions poured into these funds and their spin-offs as investors trusted investors like Tiger Management founder Julian Robertson to win big bets in the stock market.Now, <a href="https://www.businessinsider.com/investors-boost-hedge-funds-this-year-not-traditional-stock-picking-2019-4">investors are turning to machines over people for their stock hit</a>, and asking hedge funds still run by humans for strategies that can't be replicated by a computer.Despite bounce-back performances <a href="https://www.businessinsider.com/investors-pull-billions-from-traditional-equity-funds-2019-2">from well-known stock-pickers like David Einhorn and Bill Ackman this year</a>, money has flowed out of these funds faster than any other category - bleeding more than $6 billion through February, while the overall industry is up $1.6 billion, according to eVestment. Last year, the category saw $10.7 billion leave in net redemptions.<a href="https://www.businessinsider.com/investors-boost-hedge-funds-this-year-not-traditional-stock-picking-2019-4">READ MORE HERE &gt;&gt;</a>A 'hidden asset' at Citigroup has given the bank a dominant position in the fastest-growing business on Wall Street - but challengers are knocking on the doorA "hidden asset" at Citigroup <a href="https://www.businessinsider.com/citigroups-9-billion-tts-business-undervalued-by-wall-street-2019-3">has given the bank prime position in Wall Street's fastest-growing business.</a>The Treasury and Trade Solutions division is Citi's crown jewel, pulling in $9.3 billion in revenue in 2018.While less glamorous, transaction banking is a $95 billion-a-year market and will continue to be Wall Street's engine of growth in the near future, according to industry research.Citi has for years dominated the field, and its treasury unit may be the secret weapon in unlocking the bank's potential and satisfying investors like the <a href="https://www.businessinsider.com/valueact-has-amassed-a-12-billion-stake-in-citigroup-2018-5">activist ValueAct</a>.But other big banks are making investments and looking to dislodge Citi's stranglehold over the top spot.<a href="https://www.businessinsider.com/citigroups-9-billion-tts-business-undervalued-by-wall-street-2019-3">READ MORE HERE &gt;&gt;</a>'If you pick a favorite and you're wrong, you're fired': Banks are debating how to use Amazon, Microsoft, and Google as they shift to the cloud<div class="KonaFilter image-container display-table center"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ca6309977584e66b2574f86-1200/banks and public cloud providers 2x1.png" border="0" alt="banks and public cloud providers 2x1" data-mce-source="Samantha Lee/Business Insider" data-mce-caption="After years of hesitancy, Wall Street is finally turning the corner on its acceptance of the public cloud." />Samantha Lee/Business InsiderAfter years of hesitancy, Wall Street is finally turning the corner on its acceptance of the public cloud.</div></div></div>After years of hesitancy, owing largely to concerns over security and regulatory compliance, Wall Street is finally turning the corner <a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2">on its acceptance of the public cloud</a>.A recent survey of <a href="https://www.businessinsider.com/heres-a-breakdown-of-how-much-us-banks-are-spending-on-technology-2019-3">banks' IT budgets</a> showed that 60% of respondents at large firms believed more than half of their workload would reside in the public cloud <a href="https://www.businessinsider.com/ubs-report-on-tech-spend-at-banks-says-more-ma-2019-3">within the next three years</a>. As it is, just 20% of respondents said they've moved that much to the public cloud.It shouldn't come as a total surprise that banks are finally interested in moving some of their systems off premise and on to shared remote servers. In making the shift, banks stand to save money previously spent to maintain older technology systems. But, more important, the move will allow banks to innovate faster - a key benefit for Wall Street as it competes with <a href="https://www.businessinsider.com/challenger-banks-like-monzo-n26-and-chime-pose-a-disruptive-threat-2019-2">fast-moving newcomers looking to steal market share from them</a>.And while banks are no longer questioning if a move to the public cloud is the right one, they're worried about how they'll do it. With three cloud businesses dominating the space - Amazon Web Services, Microsoft Azure, Google Cloud - the <a href="https://www.businessinsider.com/banks-public-cloud-aws-google-microsoft-2019-3">choice either to pick one or to work with several remains top of mind.</a><a href="https://www.businessinsider.com/banks-public-cloud-aws-google-microsoft-2019-3">READ MORE HERE &gt;&gt;</a>Peter Thiel-backed digital bank N26 is considering a cash-back-type offering as it eyes US expansionN26 has built a successful digital banking business in Europe that's helped it nab over $500 million in funding and <a href="https://www.businessinsider.com/peter-thiel-backed-digital-bank-n26-raises-300-million-2019-1">a $2.6 billion valuation</a>.But as <a href="https://www.businessinsider.com/n26-launching-in-us-in-2019-2018-10">it prepares for a launch in the US</a>, the Peter Thiel-backed fintech is <a href="https://www.businessinsider.com/peter-thiel-backed-n26-considering-cash-back-for-us-launch-2019-4">considering ways to better appeal to American clients.</a>Nicolas Kopp, the US CEO of N26, told Business Insider that one nuance between the US and the European markets is American customer's expectation of some type of points program with their banking products.N26's standard account in Europe doesn't have any points or cash-back programs, Kopp said. N26 Business, which is geared toward freelancers or the self-employed, does offer .1% cash back on purchases made with the account's Mastercard.Kopp declined to comment on how exactly N26 would roll out the program beyond saying it would function slightly differently than a traditional points program typical of many credit cards.<a href="https://www.businessinsider.com/peter-thiel-backed-n26-considering-cash-back-for-us-launch-2019-4">READ MORE HERE &gt;&gt;</a>Quote of the week:"Due to their environmental activism, they are reluctant to co-brand with oil, drilling, mining, dam construction, etc. companies that they view to be ecologically damaging. This also includes any religious group/Churches, food groups, political affiliated companies/groups, financial institutions, and more." -a Patagonia reseller on why the retailer, <a href="https://www.businessinsider.com/the-midtown-uniform-is-now-in-peril-as-patagonia-isnt-accepting-new-finance-clients-for-its-ubiquitous-fleece-vests-2019-4">whose fleece vests have become a staple of the Midtown Uniform,</a> is no longer in the business of branding Wall Street or Silicon Valley.In markets:<ul><li><a href="https://www.businessinsider.com/facebook-open-compute-project-data-center-revenues-2019-2"></a><a href="https://www.businessinsider.com/stock-market-outlook-4-drivers-dictating-2nd-quarter-price-action-jpmorgan-2019-4">JPMORGAN: These 4 drivers are all you need to understand if you want to make a killing in markets this quarter</a></li><li><a href="https://www.businessinsider.com/how-to-invest-stock-market-and-economy-downturn-imminent-morgan-stanley-2019-4">Morgan Stanley's recession dashboard is flashing a signal it's never shown before - and the firm has put together a game plan to avoid the losses to come</a></li><li><a href="https://www.businessinsider.com/stock-market-investing-secrets-for-finding-hidden-gems-gerry-frigon-2019-4">This stock picker is crushing 95% of his peers investing mostly in companies you haven't heard of. Here are his secrets for uncovering those hidden gems.</a></li></ul>In tech news:<ul><li><div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-slideshow-warroom-subnav-desktop-5ca69bafc94492.81550795" data-force="" data-type="ad" data-adunit="business-insider/strategy/slideshow" data-secvert="prime,sai" data-pagetype="slideshow" data-tag="jeff-bezos,amazon,innovation,bi-prime" data-authors="alyson-shontell" data-views="4128" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-tile-order="false" data-url="4-strategies-jeff-bezos-uses-to-build-a-100-year-company-with-amazon-2019-4" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CM2ay-zTt-ECFedtwQodlhIGzg"><div id="google_ads_iframe_/4442842/business-insider/strategy/slideshow_0__container__"><a href="https://www.businessinsider.com/4-strategies-jeff-bezos-uses-to-build-a-100-year-company-with-amazon-2019-4">The average large company dies at age 30. Here are 4 strategies Jeff Bezos uses to make sure Amazon isn't one of them.</a></div></div></div></li><li><a href="https://www.businessinsider.com/wayne-jackson-sonatype-ceo-on-building-a-tech-unicorn-2019-4">A CEO who sold a startup for $1 billion, led a big IPO for another, and raised $80 million for a 3rd shares some simple advice on building a tech unicorn</a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/politico-is-spending-10-million-to-keep-politico-pro-competitive-2019-3">Politico is pumping $10 million into its subscription product as new tech startups muscle into the pricey DC market</a></li><li><a href="https://www.businessinsider.com/harvard-business-school-generalists-versus-specialists-2018-9">The dean of Harvard Business School explains what personality types he looks for in MBA candidates</a></li><li><a href="https://www.businessinsider.com/health-insurance-startups-clover-oscar-bright-devoted-annual-results-projections-2019-4">Health-insurance startups like Oscar Health and Clover Health have raked in $1.3 billion in the past year. We took a look at their financials, which show how hard it is to get a foothold in the industry.</a></li></ul></div>

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