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The company run by husband-wife co-founder duo of Varun and Ghazal Alagh capitalised on the "large unsolved need" for toxin-free baby and skin care products in India. While Varun comes from an FMCG market background (Coca-Cola, HUL, Diageo), Ghazal started her career as a corporate trainer.

The IPO comprises a fresh issue of Rs 760 crore and an offer-for-sale (OFS) of Rs 200 crore. Under the OFS, promoters Thomas John Muthoot, George Muthoot, Preethi John Muthoot, Remmy Thomas, and investor Greater Pacific Capital will offload shares.

The top gainer from the pack was Ugar Sugar Works, which shot up nearly 15% in the early trade. Others including Triveni Engineering & Industries, Balrampur Chini, Shree Renuka Sugars, Rana Sugar, Dwarikesh Sugar, and Eid Parry (+3.49%) gained up to 6.16% around 10:10 am.

The stock quoted a 52-week high of Rs 9191.1 and a 52-week low of Rs 5708.1.

A total of 184 shares changed hands on the counter till time (IST).

The microfinance firm aims to augment its capital base through the proceeds from the initial public offering. As per the RBI regulations, microfinance institutions are required to maintain a minimum capital adequacy of 15% consisting of tier-I capital and tier-II capital.

"On the other hand, most economists see relatively muted growth for the western world in 2024 which could mean that the global facing sectors like commodities (metal, chemicals etc), energy, IT etc could see relatively modest growth. From a flow point of view, we see domestic flows remaining resilient in addition to some pick up in flows from FPIs. Again, from a bond market as well, India’s inclusion in bond indices etc should drive some amount of fixed income flows as well into the country."

"With extensive market knowledge, SEDL is a market leader in the combined South-Central Mumbai submarkets. Yet, the company must contend with competition from a range of national and regional real estate developers. The IPO is coming at a P/E of 35.64, which looks fairly priced, so we recommend applying for this IPO for listing gains," said Swastika Investmart.

Financial asset price volatility, and its potential to undermine financial stability, has been a subject of concern.

A host of important triggers are likely to have an impact on Paytm, SJVN, and Century Ply. While Macquarie has retained a neutral stance on Paytm after the management meeting, Goldman Sachs has downgraded SJVN’s rating but increased the price target. As for Century, domestic brokerage Spark Capital has revised the ratings upwards while hiking its price targets.