On January 21, 2025, shares of Vedanta Ltd experienced a notable increase, rising over 1% to ₹465 following a significant upgrade from Fitch Ratings. The global rating agency raised Vedanta Resources Ltd’s (VRL) long-term foreign-currency issuer default rating (IDR) from B- to B+ while simultaneously changing the outlook to stable.
The SME IPO of Capital Numbers Infotech, which kicked off on Monday, witnessed a robust demand, being subscribed by 5.5 times so far on the second day of the bidding process.
Retail investors showed a strong interest in the offering, subscribing to the issue by 7.5 times, followed by the non-institutional investors (NIIs), who subscribed to the issue by 4.7 times. Meanwhile, the qualified institutional buyers (QIBs) category witnessed an overall subscription of 2.8 times.
The company, through this IPO, intends to raise around Rs 169 crore, an issue which includes a fresh equity sale worth Rs 85 crore and an offer for sale (OFS) of 32.2 lakh shares.
In the IPO, approximately 50% of the shares will be reserved for qualified institutional buyers (QIBs), while retail investors and non-institutional investors can bid in categories with reservations of 35% and 15%, respectively.
Proceeds from the IPO will be allocated towards technical advancements, business development expenses, investments in subsidiaries, funding inorganic growth, and general corporate purposes.
About Capital Numbers Infotech IPO
The company is engaged in the business of digital consulting and IT engineering, offering end-to-end software development solutions to enterprises and startups worldwide.
It provides services in technological advancement, offering a comprehensive suite of services, including digital engineering, data analytics, artificial intelligence, cloud engineering, UI/UX design, and advanced technologies.
The company has more than 500 IT professionals and consultants to serve more than 250 clients worldwide, delivering services from various locations across India.
“We were able to develop a customer-centric focus that aims to fulfill their immediate business requirements and to provide them with strategically viable, futuristic, and transformative digital solutions,” the company said in its RHP.
Market Reaction
The market response to Fitch’s upgrade has been largely favorable, reflecting renewed confidence among investors regarding Vedanta’s financial outlook. Analysts suggest that this upgrade could lead to increased interest from institutional investors who may have previously viewed the stock as too risky due to its credit rating.
Investors are encouraged by the company’s proactive measures to strengthen its balance sheet and manage refinancing risks effectively. As Vedanta continues to navigate challenges within the mining sector and broader economic landscape, its ability to maintain operational efficiency and financial stability will be critical.