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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Seven mainboard and 13 SME initial public offerings (IPOs) are scheduled to open for subscription between September 21 and 25, extending the momentum in the primary market fundraising. The 20 issues have a combined issue size of around ₹4,152 crore.

This follows five mainboard and six SME IPOs that opened for subscription last week, with a combined issue size of around ₹24,563 crore. NSE’s ₹22,561-crore IPO-the largest this year-is set to close on Monday. The issue has been fully subscribed. Among the mainboard issues this week, Elevate Campuses’ ₹2,100 crore IPO will be the largest. All the other issue sizes are below ₹1,000 crore.

Read more: JioBlackRock CIO Rishi Kohli decodes Nifty’s inflection point after two years of weak returns

Listings

The week will also see six mainboard and eight SME companies that launched their IPOs last week list on the exchanges.
Among the mainboard companies, Manika Plastech will list on September 21, while SS Retail, Hero Motors and Jindal Supreme India will list on September 23. NSE and Sonaselection India will list on September 24.

Read more: Will Nifty extend gains to 4th session on Monday? US sanctions on Russia among factors to decide D-Street action
Among SME companies, Injecto Polymers and Century Business Media will list on September 21. Vama Wovenfab, Shakti Polytarp and Quanto Agroworld will list on September 22, followed by SpectrA Technology Solutions and Kheria Autocomp on September 24 and Axiom Gas Engineering on September 25.

ET Intelligence Group: Even as net additions to systematic investment planning (SIP) accounts touched a six month high in August, the year-on-year rate of increase remained volatile amid a higher pace of SIP discontinuations. The number of discontinued SIPs, though lower than fresh additions, rose at a faster rate for the fourth consecutive month in August, according to the data from Association of Mutual Funds in India (AMFI). Discontinued SIPs rose 31% year-on-year compared with a 20% increase in new SIP registrations. As many as 53.8 lakh SIPs were either discontinued or matured in August, against 66.4 lakh new SIP registrations. In the first five months of the current fiscal, a total of 2.9 crore new SIPs were registered, while 2.6 crore SIPs were discontinued or matured.

The growth in contributing SIP accounts has also moderated, suggesting that rising discontinuations are beginning to offset a part of fresh additions. Contributing SIP accounts do not include folios that paused investments for the month. After declining marginally by 85,000 in May, contributing SIP accounts increased by 14.2 lakh in June, but the incremental addition fell to 11.9 lakh in July and further to 11.6 lakh in August. Contributing accounts reached 10 crore in August, up from 9.9 crore in July.
Read more: JioBlackRock CIO Rishi Kohli decodes Nifty’s inflection point after two years of weak returns

Monthly net SIP account additions have increased since May after falling by nearly 58,000 in April. Net additions rose to 12.6 lakh in August from 11.1 lakh in July, 4.9 lakh in June and 2.5 lakh in May.

Read more: Will Nifty extend gains to 4th session on Monday? US sanctions on Russia among factors to decide D-Street action

Net SIP inflow rose 21% year-on-year to ₹32,297 crore in August. SIP inflow has remained in the ₹31,000-32,000 crore range in FY27 so far. Total SIP inflow reached ₹1.6 lakh crore during April-August, implying a year-on-year increase of 15%.

Mumbai: After remaining buyers for about five fortnights, overseas investors again turned sellers in the first half of September, with financials, auto, oil and gas and FMCG seeing the biggest selling. Healthcare witnessed the highest inflows in the period, reflecting the defensive tilt in their near-term outlook for Indian equities.

Foreign portfolio investors sold nearly ₹14,116 crore during the first half of September across sectors, compared with buying of ₹13,000 crore in the second half of August and ₹16,621 crore in the first half of August.

“By and large, FII activity has been subdued in recent times, with stock-specific and sector-specific moves being witnessed in the market,” said Kranthi Bathini, director of equity strategy, WealthMills Securities. “Long-only FIIs are also staying on the sidelines due to the rise in crude oil prices, inflationary worries and geopolitical issues,” he said.

Read more: Will Nifty extend gains to 4th session on Monday? US sanctions on Russia among factors to decide D-Street action

Financial stocks saw the biggest selling at ₹6,204 crore during the period, after FIIs bought ₹3,959 crore worth of the stocks in the second half of August.

They further cut exposure to auto stocks worth ₹2,670 crore between September 1 and 15, after selling to the tune of ₹1,299 crore in the second half of August.
Read more: JioBlackRock CIO Rishi Kohli decodes Nifty’s inflection point after two years of weak returns“FPI selling in financials and automobiles was driven by both global caution and sector-specific concerns,” said Vishad Turakhia, CEO, Equirus Securities. “Financial stocks were hit the hardest because they form a large and liquid part of foreign portfolios, making them the first to be sold when investors reduce risk. Concerns over pressure on banks’ lending margins also led to profit-booking.”

In automobiles, Turakhia said demand remains healthy, but rising input costs and weaker export conditions have raised concerns that strong sales may not translate into equally strong profit growth.

Power stocks saw selling of ₹1,653 crore during the first half of September, compared with selling of ₹389 crore in the second half of August. Telecom and IT stocks saw selling of ₹991 crore and ₹960 crore, respectively, during the period.

Healthcare stocks attracted ₹2,114 crore of FPI buying, after seeing purchases worth ₹3,021 crore in the second half of August. Construction and services stocks saw buying of ₹930 crore and ₹905 crore.

“In the large-cap space, FIIs have been net sellers in the medium to short term, particularly in August and September. The moves have been positive in healthcare and auto ancillary, while FIIs have been buying domestic-centric sectors,” said Bathini.

Mumbai: National Bank for Financing Infrastructure and Development (NaBFID) is looking to raise $500 million through a 10-year bond, marking its debut in the overseas bond market, while separately holding talks with the Multilateral Investment Guarantee Agency (MIGA) to raise around $1 billion through a 15-year bond, people familiar with the development said.

The 15-year bond, which is expected to carry a MIGA guarantee, will help the development finance institution access longer-term overseas funding, a key requirement for a lender financing long-gestation infrastructure projects.

Read more: Will Nifty extend gains to 4th session on Monday? US sanctions on Russia among factors to decide D-Street action
“We are in the market to raise an indicative amount of $500 million, with a tenor of 10 years,” a company executive said.
NaBFID is targeting around $4 billion in dollar funding by December through a mix of loans and bonds, including the current $500 million bond and external commercial borrowings.

The institution is tapping the Reserve Bank of India’s concessional US dollar-rupee swap facility, which was operationalised in June to lower hedging costs for eligible overseas borrowings. The facility provides a concessional swap cost of 1.5% a year for eligible external commercial borrowings and overseas foreign currency borrowings, with drawdowns permitted until December 31.
Read more: JioBlackRock CIO Rishi Kohli decodes Nifty’s inflection point after two years of weak returnsThe cost advantage of overseas borrowing, however, has narrowed as US Treasury yields have risen. After factoring in the 1.5% swap cost, dollar borrowing costs are now closer to domestic bond market rates.

“About two months back the savings were quite substantial. Now it has almost come to the domestic bond market rates. It is slightly cheaper,” the executive said.

Bank of Maharashtra recently raised $500 million through a five-year US dollar bond at 130 basis points over US Treasuries, with a 6.112% coupon. Including the 1.5% swap cost, the effective cost would be around 7.6%, broadly in line with current domestic borrowing costs for comparable institutions.

The cost of NaBFID’s 10-year bond will depend on the prevailing US Treasury yield and the spread at which the issue is priced.

The proposed MIGA-backed borrowing will be a separate 15-year tranche of around $1 billion.

“That will be a 15-year tranche. And that will be almost a billion dollar,” the executive said.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SYDNEY, Australia — pubX Australia Launch Andrew Gilbert Agentic AI initiatives have reached a major commercial milestone as independent advertising technology firm pubX formally enters the Australian and New Zealand markets to deploy autonomous media trading agents across local publisher and brand networks.

The London-headquartered adtech pioneer officially announced its ANZ expansion alongside the appointment of former Afterpay, Yahoo, and Integral Ad Science executive Andrew Gilbert as Country Manager for Australia and New Zealand. Designed to dismantle the costly layers of traditional programmatic media buying, pubX’s modular platform uses independent AI agents to make and execute end-to-end trading decisions directly between advertisers and publishers.

By bypassing legacy Demand-Side Platforms (DSPs) and Supply-Side Platforms (SSPs), the company addresses mounting industry frustration over opaque technology taxes. Citing Association of National Advertisers (ANA) benchmarks showing that traditional open programmatic supply chains deliver just 43 cents of every ad dollar to working media, pubX demonstrates that its agent-to-agent architecture returns up to 78 cents per dollar directly to digital content creators.

Digital media strategists note that deploying autonomous trading agents offers publishers a critical mechanism to reclaim yield margins while providing advertisers with verifiable transaction transparency.

Key Structural Pillars: Independent Agents, Supply Chain Disintermediation, and Transparency

The pubX expansion introduces a fundamental architectural shift to ANZ’s $14 billion digital advertising market, replacing static waterfall bidding with dynamic multi-agent negotiation.

Unlike legacy adtech platforms that attach superficial natural language interfaces to proprietary tech stacks, pubX operates fully independent, task-specific AI agents that communicate across common open protocols. Under the local leadership of Andrew Gilbert, the platform will roll out modular buyer, seller, and governance agents designed to interpret campaign briefs, evaluate audience context, and clear transactions in real time without reliant intermediary markups. Furthermore, the platform incorporates granular decision logging and automated compliance controls, enabling agency trading desks and publisher revenue teams to audit every bid decision without incurring multi-layered platform fees.
The comprehensive framework reflects pubX’s strategy to restore economic equilibrium across the digital publishing ecosystem.

Autonomous Multi-Agent Trading: Deploying independent buyer and seller AI agents to negotiate media transactions in real time outside legacy DSP/SSP walled gardens.
Direct Supply Chain Disintermediation: Eliminating non-working intermediary fees to deliver 78 cents of every campaign dollar to digital publishers compared to the 43-cent programmatic average.
Neutral Modular Architecture: Operating an open, stack-agnostic technology framework that prevents vendor lock-in and aligns with publisher revenue interests.
Comprehensive Governance Logs: Providing real-time auditability and granular context controls to ensure brand safety, data privacy, and verifiable execution.

Re-architecting programmatic infrastructure guarantees that digital publishers capture fair value for premium editorial inventory.

Addressing the “Adtech Tax”: Overcoming Local Lag in Agentic AI Adoption

The primary catalyst driving pubX’s entry into the Australian media market is the widening gap between traditional programmatic complexity and emerging AI capabilities.

While Australia has historically acted as a fast follower in adopting adtech innovations, local industry leaders warn that ANZ lags up to twelve months behind North America in deploying genuine agentic trading solutions.

Most domestic media buyers continue to operate within legacy programmatic supply chains where demand-side, supply-side, and verification markups systematically erode working media value. By establishing a dedicated local presence under Andrew Gilbert—who recently led advisory firm Systems That Decide—pubX offers independent agencies and major publishing houses a turnkey pathway to transition from automated rules-based bidding to fully autonomous AI-driven yield optimization.

Achieving structural fee transparency remains essential to restoring publisher margins and maximizing return on ad spend for enterprise buyers.

Media buyers benefit from direct publisher access, eliminating friction and redundant data-processing costs across the supply chain.

Strategic Impact on the ANZ Media Ecosystem and Agency Dynamics

Establishing independent agentic AI trading in Australia serves as a strategic disrupter to major holding company adtech monopolies.
While global agency networks possess internal resources to experiment with proprietary AI tools, independent Australian agencies and mid-tier digital publishers have struggled with the capital expenditure required to build custom trading algorithms.

pubX’s stack-agnostic, fee-for-service model democratizes access to advanced agent-to-agent trading infrastructure, allowing independent media buyers to execute complex context-based campaigns with institutional efficiency. Furthermore, increasing the proportion of working media spend directly supports quality journalism and digital content creation across Australian newsrooms facing broader economic headwind pressure.

Following the formal market launch, pubX’s ANZ leadership team will initiate technical integration trials with major domestic publisher networks and independent agency groups.

Democratizing agentic adtech ensures independent media buyers and local publishers compete on equal terms against global tech platforms.

Expanding Regional Cleantech for Media and Autonomous Media Infrastructure

The ANZ expansion reinforces pubX’s broader mission to establish a leaner, highly performant global advertising marketplace.

By replacing energy-intensive programmatic auction cascades—which route single ad requests through hundreds of redundant SSP endpoints—with direct agent-to-agent negotiations, pubX significantly reduces compute overhead and associated carbon emissions. The underlying machine learning infrastructure developed by pubX over the past five years will yield continuous efficiency improvements as local transaction volume scales across Australia and New Zealand.

Moreover, establishing a robust local footprint positions ANZ as a key testbed for next-generation agentic commerce and automated media contract execution.

The ongoing deployment of pubX’s agentic trading platform cements Australia’s transition toward a modernized, equitable, and transparent digital media economy.

Sustained innovation in media trading infrastructure remains a cornerstone of long-term publisher sustainability and transparent digital marketing execution.