10 banks selected by govt to manage LIC IPO as per reports
The Centre has selected 10 investment banks, including Goldman Sachs, Citigroup and SBI Capital Markets, to handle the initial public offering of LIC, according to reports. JM Financial Ltd, Axis Capital, Nomura, BofA Securities, JP Morgan India, ICICI Securities and Kotak Mahindra are reportedly the other selected banks. The Centre expects to raise ₹80,000 crore-₹90,000 crore from its stake sale.
Google to pay Apple $15 bn to remain default Safari search engine: Report
Google will be paying Apple $15 billion to remain as the default search engine for its devices in 2021. Estimates suggest that payments will increase to somewhere between $18 billion and $20 billion in 2022. Analyst Toni Sacconaghi said that Google is likely “paying to ensure Microsoft doesn’t outbid it”.
India emerges best-performing equity market in world on yearly, YTD basis
India’s equity market has emerged as the best-performing amongst main economies on a year-on-year and year-to-date (YTD) basis, a report stated. It added India outperformed MSCI World index and MSCI Emerging index by 15% and 29%, respectively. Indian equities added about $1 trillion to the market capitalisation in the past 12 months, taking it to over $3 trillion, report said.
Pharmeasy plans to file IPO papers by October
India’s largest e-pharmacy platform Pharm-Easy is gearing up to file draft papers by October before an Initial Public Offering (IPO) later in the fiscal year. Pharmeasy is on track for an IPO but is still negotiating with new investors to raise between $200 million and $300 million at a valuation of around $5.6 billion. Talks with SoftBank have reportedly fallen through.