MONEY MASTER

Shares of Waaree Energies Ltd. , India’s largest solar panel maker, surged nearly 75% on their first day of trading, following a highly successful $514 million initial public offering (IPO) . This strong debut has revitalized optimism in India's IPO market, especially after Hyundai Motor India Ltd.'s disappointing listing last week. The stock climbed to 2,624.40 rupees from its issue price of 1,503 rupees , with the IPO drawing significant interest, being oversubscribed more than 70 times . Major investors like Goldman Sachs, BlackRock, and Morgan Stanley participated in the offering. The successful debut reflects growing interest in India’s renewable energy sector , which has seen significant investment due to the government's push to expand renewable energy production . Waaree’s strong presence in the solar sector value chain positions it well for future growth, according to analysts like Nitin Mangal from Trudence Capital Advisors. Waaree's performance contrasts...

Royal Philips NV has reduced its sales-growth forecast for 2024, citing sluggish demand from China , which has impacted the company's order intake. Philips now expects comparable sales growth of up to 1.5% for the year, a sharp decline from its previous forecast of up to 5% . The company saw a 2% drop in order intake during the third quarter, driven by the slowdown in China. The Dutch medical technology firm has been affected by China's anti-corruption campaign in the healthcare sector, which includes tighter scrutiny on local medical-technology procurement . The country has also imposed stricter requirements for domestic products in various categories, further affecting demand. Roy Jakobs, Philips' CEO, noted that uncertainty in China is likely to persist over the next few quarters , while the company continues to see solid growth in other regions globally. Philips reported adjusted operating earnings of €516 million ($557 million) for the third quarter, which ali...

South Korea’s Cuckoo Holdings Co. is planning to raise as much as 750 million ringgit (US$172 million) through an initial public offering (IPO) of its Malaysian unit, Cuckoo International (Mal) Sdn. , in Kuala Lumpur as early as next year, according to sources familiar with the matter. The IPO could value the Malaysian unit at up to 3 billion ringgit , though details such as the size and timing of the offering could still change, the sources noted. Founded in 2014, Cuckoo International started as a distributor of rice cookers and water purifiers in Malaysia. Since then, the company has expanded its product lineup to include air purifiers, kitchen appliances, and other home products . Cuckoo's parent company, traded in Seoul, has seen its shares rise about 47% this year . According to a recently filed IPO prospectus, Cuckoo plans to sell up to 222 million existing shares and about 143 million new shares , with the final pricing yet to be determined. Other companies, including S...