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The Week that Was: Indian Startup News Overview (13 August - 17 September)

The Week that Was: Indian Startup News Overview (13 August - 17 September)
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Decoding the factors behind the popularity of crypto among corporates

Decoding the factors behind the popularity of crypto among corporates SECTIONS Last Updated: Aug 02, 2021, 05:47 PM IST Share Synopsis Cryptocurrency and blockchain technologies were a relatively small and sophisticated niche of the tech industry - preserving the nerds. Companies didn’t have the workforce to interpret this new concept and break down the revolutionary impact it has on the sustainability of their brands. ET Spotlight Special A few years ago, much of the corporate world shunned the crypto industry. They had written off cryptocurrencies and dismissed the revolutionary blockchain technology on which they were created. Some even bought into the narrative that cryptos are a fraudulent scheme targeting the gullible in the society and luring them to invest in a product with no intrinsic value. To most, it was an ingenious tech-based pyramid scheme that was bound to fail.

laxmi organic ipo subscription status: Laxmi Organic IPO subscribed 2 62 times on Day 2 so far

NEW DELHI: The IPO of Laxmi Organic was subscribed 6.05 times on the second day of the bidding process on Tuesday. The IPO was subscribed 2.28 times on the first day. The issue received 19,68,68,270 bids as of 5:00 pm, against a total offer of 3,25,58,138 shares. The issue is priced in the range of Rs 129-130 per share. Dealers of unlisted shares said the stock is trading at Rs 232-235 range in the grey market, meaning a premium of 81 per cent over the upper limit of the band price. “At Rs 130, the stock is available at 48.8 times FY20 EPS. We believe valuations are on the higher side given it is a commodity business. We also believe that upcoming incremental opportunity from fluoro specialties division for three/four years forward is also largely discounted in the price and thus leaves limited opportunity on the table,” said Mitesh Shah and Dhavan Shah of ICICI Securities.

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