Nykaa IPO subscribed 132% so far, Microsoft nearly overtakes Apple, Funding Deals & more.
Start your day, the smart way!
Top tech news of the day delivered straight to your inbox.
1 Mail | 2 Minutes | 3 Stories | Funding Deals
Let’s get started
Facebook Changes Its Name To ‘Meta’ In Rebranding Exercise
Facebook chief Mark Zuckerberg on Thursday announced the parent company’s name is being changed to “Meta” to represent a future beyond just its troubled social network.
The rebrand was announced on Thursday afternoon by Zuckerberg at the Facebook Connect augmented and virtual reality conference as a curtain draped over its iconic ‘Like’ sign outside the company’s Silicon Valley headquarters was pulled down to reveal the new branding.
Meta refers to the ‘metaverse,’ which is the company’s new venture into shared augmented reality and virtual world environments for working and playing that people can access via the internet.
Facebook – will keep its moniker, but Facebook Inc., the parent company that also owns Instagram and WhatsApp, will now go under the new title. It is also set to trade under MVRS from December 1.
Read our explainer here: Why Facebook wants to rebrand itself for the ‘Metaverse’
Nykaa IPO ends day 1 on a strong note
The initial share sale of FSN E-Commerce Ventures Ltd, which runs Nykaa, opened to a robust response on Thursday as investors bet on the future growth prospects of the online beauty and personal care startup.
The three-day initial public offering (IPO), which closes on 1 November, was subscribed 1.56 times, excluding the anchor allotment. As of 5pm, the institutional investor category received subscriptions of 1.4 times the 14.2 million shares on offer.
The company is selling shares in the offering in the price band of ₹1,085-1,125 apiece. It will achieve a market capitalization of ₹52,574 crore at the upper end of the price band.
FSN has expanded the fresh issue to ₹630 crore from ₹525 crore previously. It has also reduced the offer for sale to 41.97 million shares from 43.11 million shares.
- Fintech startup Drip Capital has raised $175 million in fresh capital to power its next phase of growth. Funds raised include a $40 million Series C equity investment and $135 million in warehouse debt facilities.
- Hyper-local e-commerce platform LoveLocal has raised $18 million (Rs 143 crore), in a Pre-Series B investment round led by Vulcan Capital.
- Technology-led non-banking finance company (NBFC) Avanti Finance has raised $ 15 million (around Rs 111 crore) as part of its Series A extended round.
- Vakilsearch, a legal tech startup, has secured $10 million from InCorp India.
Microsoft nearly overtakes Apple as most valuable company
A surge in Microsoft’s shares nearly unseated Apple Inc. as the world’s most valuable company on Wednesday, a day before the iPhone maker reports its quarterly results.
Fueled by strong quarterly growth in its Azure cloud-computing business, Microsoft’s shares jumped 4.2% to end at a record $323.17, elevating the software maker’s market capitalisation to $2.426 trillion, just short of Apple’s $2.461 trillion valuation, according to Refinitiv data.
Apple’s stock market value overtook Microsoft’s in 2010 as the iPhone made it the world’s premier consumer technology company. The two companies have taken turns as Wall Street’s most valuable company in recent years, with Apple holding the title since mid-2020.
Tweet of the day
• Elon Musk and Jeff Bezos are now worth almost half a trillion dollars
• WazirX rides the Shiba Inu wave; records highest daily trading volume
“Change is the law of life. And those who look only to the past or the present are certain to miss the future.”~ John F. Kennedy
Thanks for reading
We’ll be back with more interesting stories and updates tomorrow.