Mumbai: India’s IPO boom is increasingly being used by companies for repairing leveraged balance sheets instead of funding growth, with debt repayment emerging as the single largest end-use of the proceeds from recent share sales.

Data compiled from Prime Database showed that of the approximately ₹1.47 lakh crore earmarked across all stated fund utilisation categories by IPO-bound companies in 2024, 2025 and 2026 so far, around ₹35,055 crore has been allocated toward repayment of borrowings.

Debt repayments by 95 companies constitute nearly a quarter of funds raised in the latest share sales.

Balance Sheet Needs
A deleveraged capital structure emerges as the top goal of an initial share sale.

Indeed, debt repayment trumps even capital expenditure and expansion, which accounts for Rs 34,458 crore, or 23.3%, of the funds garnered at nearly 200 issuers, the data showed.
“On the face of it, it begins to look like promoters and lenders are using a hot IPO market to offload risk at full price to the public,” said Pradyumna Nag, founder, Prequate Advisory, an investment banking advisory firm. “From a purely technical point of view, it shows that these offers are being engineered around an issuer’s balance sheet needs and building liquidity for insiders – both of which are not focused on building investor wealth or much needed oxygen for productive new projects.”
The data showed that working capital requirements form the next large bucket – at Rs 26,928 crore across 71 issuers, while general corporate purposes, often seen as the least transparent category, accounted for Rs 16,355 crore across 145 companies.
The tilt toward deleveraging is evident in issuance trends.

In 2024, 39 of the 93 IPOs included debt reduction as an objective. That number climbed to 51 out of 103 IPOs in 2025. In 2026 so far, 5 of the 12 IPO launches have already earmarked funds for paring debt.

IPO advisory firms said that this trend is not a positive sign from a capital markets standpoint as this also means the multiplier effect of an IPO’s proceeds is taking place outside the company’s balance sheet rather than within it.

“Until disclosure and investor scrutiny shifts from ‘who is the IPO of’ or ‘how big is the IPO’ to fundamentals such as ‘what share goes into projects earning more than the cost of equity’, India’s IPO boom will keep amplifying the mismatch between subsequent earnings releases and the price at IPO a few years back,” said Nag.

Recent Trend
To be sure, the data showed that this tilt toward deleveraging is a relatively recent phenomenon.

In 2020 and 2021, capital expenditure comfortably outpaced debt repayment as the primary use of IPO proceeds. The crossover came in 2024, when allocations toward debt repayment at Rs 12,014 crore exceeded capex spending of Rs 9,807 crore for the first time.

In 2025, capex regained ground at Rs 21,839 crore compared with Rs 16,733 crore for debt reduction, but the aggregate trend for 2024-2026 still leaves debt marginally ahead.

Not all market participants see this shift as a cause of concern, however.

Many view it as a prudent financial strategy in a buoyant equity market.

“This reflects a conscious move toward optimal capital restructuring, enabling firms to swap debt for equity in a bullish market and de-risk their financial profiles,” said Samir Bahl, CEO, Anand Rathi Advisors.

“Companies are able to increase their PAT margins by lowering interest costs, resulting in savings flowing directly to the bottom line,” Bahl said. “Also, deleveraging strengthens coverage ratios and boosts credit ratings. Ultimately, this positions firms for resilient, efficient, and sustainable growth with a stronger financial runway and greater autonomy.”

The shift toward debt reduction is also driven by its immediate impact on financial metrics. Lower leverage reduces interest burden, improves profitability and strengthens cash flows, while also enhancing valuations.

Apple’s long-rumored foldable iPhone is solidifying as one of the most anticipated devices of 2026, with fresh details emerging on its design, software enhancements, production ramp-up and premium pricing. Bloomberg reported March 11 that the device, often dubbed the “iPhone Fold,” will feature significant iOS updates enabling iPad-like layouts, side-by-side app multitasking and tablet-style interfaces when unfolded — a major shift for Apple’s mobile ecosystem.

The book-style foldable will sport an inner display roughly the size of an iPad mini, estimated at 7.8 inches, transforming the phone into a compact productivity tool. When closed, it offers a 5.5-inch outer screen, blending phone portability with tablet functionality. This hybrid approach has excited analysts and fans, with 9to5Mac describing it as combining the beloved iPhone mini and iPad mini into one device.

Software optimizations are key to the experience. Bloomberg’s Mark Gurman noted that iOS will adapt dynamically, supporting multitasking features absent from standard iPhones. This could position the foldable as a bridge between smartphones and tablets, appealing to professionals needing more screen real estate without carrying multiple devices.

Display technology remains a focal point. Early rumors touted a completely crease-free screen thanks to advanced Samsung-supplied panels, including laser-drilled metal plates for stress dispersion and self-healing coatings. However, Gurman tempered expectations, stating the crease is significantly reduced but “not perfect” or entirely eliminated. MacRumors highlighted this nuance in a March 13 roundup, suggesting users temper hype around vanishing creases seen in some prototypes.

Production appears on track for a September 2026 unveiling alongside iPhone 18 Pro models. Forbes reported March 16 that Apple boosted its Samsung Display panel orders to 20 million units from an initial 13-15 million forecast, signaling strong confidence in demand. Mass production of displays is slated to begin in May, with Foxconn handling assembly, TSMC producing the A20 Pro chip on a 2nm process, and other Taiwanese suppliers like Largan Precision and Shin Zu Shing contributing lenses and hinges.

Pricing is expected to reflect the premium positioning, with estimates ranging from $2,000 to $2,400 — well above Samsung’s Galaxy Z Fold 7 at $1,999 and Google’s Pixel 10 Pro Fold at $1,799. PCMag noted the high cost could deter buyers despite advanced features like in-display sensors, 12GB RAM (matching iPhone Air and Pro models) and potential Touch ID integration via the power button instead of Face ID.

The device’s entry comes seven years after Samsung’s first foldable, underscoring Apple’s cautious approach to ensure durability, software polish and market readiness. Supply chain boosts, including a 20% inventory increase reported by Economic Daily News, indicate Apple anticipates robust initial sales, potentially 14 million units in an optimistic scenario.

Speculation about a clamshell “iPhone Flip” variant persists, but current focus remains on the book-style model. No official confirmation has come from Apple, which typically reveals products close to launch.

As the foldable market matures, Apple’s entry could catalyze growth, pressuring competitors to innovate further. With mass production nearing and software tailored for larger screens, the iPhone Fold promises to redefine multitasking on mobile devices.

Industry observers watch closely for any last-minute design tweaks or delays, though consensus points to a fall debut. For now, the device represents Apple’s boldest smartphone evolution in years, blending familiar iOS elements with foldable innovation.

ET Intelligence Group: Shares of cable and wire companies have dropped 6-17% in March so far as a sudden jump in copper and aluminium prices has dampened investor sentiment. The pullback comes despite a steady underlying demand, suggesting investors are reacting more to rising input costs and temporary operational disruptions amid geopolitical issues than to any structural shift in the sector’s fundamentals.

Analysts believe the near-term pressure is more on revenues than margins since cost pass-throughs may protect profitability. Dispatches are slowing mainly because of channel destocking – dealers who loaded up between December and February are now waiting for prices to cool before placing new orders. This could weigh on reported sales for a couple of months.

Sterlite Technologies has been an outlier, gaining 11% in March so far since the company manufactures optical fibre cables (OFC) and, therefore, has lesser exposure to copper and aluminium.

For other companies, copper and aluminium make up nearly two-thirds of production costs, leaving the sector highly sensitive to metal inflation. While price increases are typically passed on, the adjustments come with a lag. A sudden spike, therefore, may result in higher working capital needs.

Adding to the pressure, supply disruptions in LPG and natural gas have constrained production for some companies. “While January and February had normal dispatch trends, momentum weakened in early March, a critical month that typically contributes about half of quarterly volumes,” said Manish Valecha, research analyst, Anand Rathi Institutional Equities. He expects muted to mid-single-digit volume expansion depending on how demand shapes up through the rest of the month.

According to Aakash Fadia, lead analyst – consumer durables, YES Securities, customers may defer purchases briefly in anticipation of price corrections though it may be short lived as purchase delays beyond 15-20 days risk pushing their project timelines, thereby affecting profitability. He added that the export segment faces a bigger drag due to high shipping costs and vessel shortages.
“The consumer durables sector will feel a sharper pinch, as intense competition restricts its ability to pass on the copper-price surge, putting margins at risk. In contrast, wires and cables should see only a milder impact because pass-throughs are smoother and margins are structurally higher,” said Fadia. While he is yet to revise estimates, he cautions that industry projections may be trimmed once conditions normalise or even towards the end of the month. For now, the weakness appears operational rather than structural.

Fort Lauderdale-Hollywood International Airport (FLL) grappled with major disruptions Monday and into Tuesday, as more than 70 flights were canceled, leaving hundreds of passengers stranded, rebooking or facing overnight stays. The cancellations, part of a broader wave of U.S. air travel chaos, stemmed primarily from severe weather across the Midwest and Northeast, compounded by an ongoing partial government shutdown straining TSA staffing during peak spring break travel.

Flight-tracking data from FlightAware and local reports indicated at least 70 to over 100 cancellations at FLL on March 16, with hundreds more delays rippling through the day. One outlet reported precisely over 70 cancellations in a short window, stranding travelers on domestic and connecting routes. Miami Herald coverage detailed 198 cancellations and 370 delays at FLL on Monday, attributing most to winter storm and severe weather impacts in other U.S. regions. CBS News Miami highlighted nearly 700 combined delays and almost 500 cancellations across Miami (MIA) and FLL, with long lines snaking out terminal doors at FLL.

The primary driver was a massive storm system pummeling the eastern U.S., bringing heavy snow, high winds, blizzards and thunderstorms that triggered FAA ground stops at hubs like Atlanta, Charlotte and parts of the Northeast. Ripple effects hit South Florida hard, as incoming aircraft and crews were delayed or diverted, preventing timely departures from FLL. WPTV reported spring break travelers facing frustrating delays not from local issues but from upstream weather chaos in the Midwest and Northeast.

Compounding the weather woes was the partial government shutdown, now in its second month, affecting TSA operations. Staffing shortages — with some agents calling out or quitting amid missed paychecks — led to extended security lines and slower processing. NBC Miami and CBS affiliates showed long TSA queues at FLL and MIA, exacerbating passenger frustration during the busy spring break period. While some lines eased compared to weekend peaks, the shutdown continued pressuring throughput at checkpoints.

FLL spokesperson Arlene Satchell told the Miami Herald that cancellations and delays were “primarily driven by winter storm/severe weather impacts across various U.S. regions.” She noted that weekend TSA lines resulted from converging high passenger volumes during spring break and cruise season, but Monday’s issues tied more to external factors.

Passengers described chaotic scenes: hours stuck on tarmacs, last-minute cancellations, missed connections and scramble for rebookings. Some faced unexpected hotel costs or ground transport challenges in Broward County. Airlines including Spirit, JetBlue, Delta and Southwest — major carriers at FLL — bore the brunt, with operational strain amplified by the dual pressures of weather and staffing.

Nationally, FlightAware tallied more than 3,500 U.S. flights canceled and over 6,300 delayed on March 16, with severe weather cited as the main culprit. The FAA warned of potential ongoing ground stops and delay programs at affected hubs, including central and southern Florida airports like FLL, MIA, TPA and MCO.

As of early Tuesday, March 17, disruptions appeared to ease somewhat at FLL, though isolated cancellations and delays lingered. No new major surge was reported overnight, but travelers were urged to check status frequently. The FAA’s daily air traffic report for March 16 had forecasted rain, wind and thunderstorms impacting central and southern Florida, aligning with observed issues.

Passengers affected by cancellations are entitled to options under U.S. Department of Transportation rules. Airlines must rebook on the next available flight or provide refunds for significant disruptions. Many carriers offered waivers for change fees and flexible rebooking, though hotel and meal vouchers depend on the cause — weather-related cancellations often qualify for assistance, while staffing issues may vary.

Tips for stranded or delayed travelers include:

– Monitor flight status via airline apps, FlightAware or the FLL website.
– Contact airlines directly for rebooking; avoid airport counters if possible to reduce wait times.
– Check for DOT protections on refunds and accommodations.
– Prepare for longer security lines by arriving early and using TSA PreCheck if available.
– Stay updated via local news like CBS Miami, NBC6 or WPTV for real-time airport conditions.

The convergence of late-winter storms, spring break crowds and the prolonged shutdown has created a “perfect storm” for travel woes in South Florida. As the government impasse drags on and weather patterns remain volatile, FLL and nearby airports may see continued ripple effects into the week.

Authorities and airlines continue urging patience and proactive planning. With spring travel at its peak, the situation underscores vulnerabilities in the U.S. aviation system amid overlapping crises.

Venezuela staged another dramatic comeback Monday night, overcoming an early deficit to defeat Italy 4-2 in the semifinals of the 2026 World Baseball Classic at loanDepot park in Miami. The victory propelled Venezuela to its first-ever appearance in the WBC championship game, where it will face Team USA on Tuesday night.

The game, broadcast on FS1, drew 35,382 fans and showcased the resilience that has defined Venezuela’s tournament run. Italy, the surprise story of the Classic after going undefeated in Pool B play, struck first with two runs in the bottom of the second inning. Bases-loaded walks and a fielder’s choice plated the runs against starter Keider Montero, who allowed both before exiting after 1 1/3 innings.

Venezuela chipped away in the fourth when Eugenio Suárez launched a solo home run to trim the deficit to 2-1. The bullpen then took over, delivering 7 2/3 scoreless innings to keep Italy off the board. The decisive moment came in the seventh: Ronald Acuña Jr. tied the game with an RBI infield single, and Maikel Garcia followed with a go-ahead RBI single. A three-run outburst turned the momentum decisively.

Reliever Anthony Zerpa earned the win with 0.2 innings of scoreless relief, striking out two. Closer Daniel Palencia sealed it by striking out Sam Antonacci swinging with the bases loaded in the ninth, sending Venezuelan fans into celebration.

Venezuela’s path to the final has been marked by clutch performances. The team upset defending champion Japan in the quarterfinals with a similar late rally, showcasing depth in hitting and pitching. Stars like Acuña Jr., Garcia, Suárez and others delivered in high-leverage spots, while the bullpen proved lights-out.

Italy’s Cinderella run captivated fans worldwide. Ranked No. 14 entering the tournament, the Azzurri dominated Pool B with a 4-0 record, eliminating Mexico and advancing past expectations. Players like Jac Caglianone, Zach Dezenzo and Andrew Fischer provided power, and the team embodied underdog spirit with gritty play. Though eliminated, Italy’s performance boosted baseball’s profile in Europe and earned widespread praise.

The semifinal unfolded at loanDepot park, which hosted Pool D games and knockout rounds. Venezuela topped Pool D with a 3-1 record behind the Dominican Republic, while Italy’s perfect Pool B showing set up the intriguing matchup.

Key stats from the box score: Venezuela collected 8 hits to Italy’s 5, with no errors on either side. Italy left 8 runners on base compared to Venezuela’s 6. The game featured tense moments, including Italy’s early lead and Venezuela’s late surge.

Postgame, Venezuelan players expressed pride in reaching the final. Acuña Jr. highlighted team unity, while manager emphasized resilience. Italy’s squad reflected on the journey, with many noting the experience as a foundation for future growth.

The 2026 WBC final pits Venezuela against the United States on Tuesday at 8 p.m. ET, also at loanDepot park and televised on FOX. Team USA advanced Sunday with a win over the Dominican Republic. The matchup promises star power, with Venezuela seeking its first title and the U.S. aiming to reclaim glory.

Venezuela’s run has energized fans in Miami and beyond, with large crowds supporting the team throughout. The victory over Italy capped a tournament of comebacks and highlights, setting the stage for a championship showdown.

As the Classic concludes, attention turns to the final: two powerhouses vying for global supremacy in baseball’s premier international event.

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Fund Managers

Jim StoeffelPortfolio Manager, Principal

• 16Years at Royce
• 32Years of Experience

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• 10Years at Royce
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Action icon Arnold Schwarzenegger has ignited excitement among fans by confirming he is in active discussions to reprise two of his most legendary roles: Major Alan “Dutch” Schaefer in a forthcoming Predator installment and Conan the Barbarian in a new sequel titled King Conan. The revelations came during a candid conversation at the Arnold Sports Festival in Columbus, Ohio, over the weekend, where the 78-year-old star shared updates on multiple franchise revivals.

Schwarzenegger, whose career-defining performances in the 1987 sci-fi horror classic Predator and the 1982 fantasy epic Conan the Barbarian launched him to superstardom, detailed ongoing talks that signal a major Hollywood comeback for the Austrian-born actor. Speaking to a rapt audience, he highlighted renewed interest from studios, particularly 20th Century Studios (formerly Fox), in leveraging his enduring appeal.

On the Predator front, Schwarzenegger revealed direct conversations with director Dan Trachtenberg, the filmmaker behind the acclaimed 2022 prequel Prey and the recent Predator: Badlands. “They did an additional Predator and the director Dan Trachtenberg has been doing a great job of that. Now, he wants me to be in the next Predator. We’ve talked about it,” Schwarzenegger said, drawing applause. He added that studio executives have approached him directly, stating, “We want you to do Predator,” amid a broader rediscovery of his star power.

The potential return would mark Schwarzenegger’s first on-screen appearance in the franchise since the original film nearly 40 years ago, where his portrayal of the elite commando facing off against the alien hunter became iconic. Trachtenberg has previously expressed admiration for Schwarzenegger and hinted at possibilities for Dutch’s involvement in future stories. While no formal casting announcement has been made, the discussions align with the franchise’s ongoing momentum following Badlands’ release and its integration of broader sci-fi elements like Weyland-Yutani.

For Conan, Schwarzenegger confirmed that 20th Century Studios has attached acclaimed director Christopher McQuarrie — known for helming the last four Mission: Impossible films and Top Gun: Maverick — to write and direct King Conan. “They just hired a fantastic writer/director who did Tom Cruise’s last four movies to write and direct King Conan,” Schwarzenegger announced. He described the project as a legacy sequel that would embrace his age, promising “all kinds of madness” and a different tone where “I’m still going to kick some ass, but it will be kind of a bit different.”

The film would serve as a direct follow-up to Conan the Barbarian (1982) and Conan the Destroyer (1984), potentially framing Schwarzenegger’s Conan as an older king drawn back into battle — a concept echoing legacy sequels like Top Gun: Maverick. Previous attempts to revive the franchise, including a 2011 reboot with Jason Momoa, met mixed results, but Schwarzenegger’s involvement and McQuarrie’s track record have generated significant buzz.

Schwarzenegger also mentioned receiving a script for Commando 2, teasing a return as retired Green Beret Colonel John Matrix from the 1985 action hit. “Fox Studios has kind of rediscovered Arnold. They’ve come to me and said, ‘We want you to do Predator, we just got a script for you to do Commando 2,’” he shared. The studio’s enthusiasm underscores a strategy to capitalize on nostalgia for 1980s action heroes amid a wave of revivals.

Fans have long clamored for Schwarzenegger’s returns to these roles, with online communities and petitions advocating for Dutch’s comeback in Predator sequels. His recent animated likeness in Predator: Killer of Killers further fueled speculation. At 78, Schwarzenegger remains active, blending acting with fitness advocacy through his Arnold Sports Festival and other ventures.

No release dates or official production starts have been confirmed for Predator or King Conan, but the talks represent tangible progress after years of rumors. Industry observers note that McQuarrie’s attachment to King Conan elevates its prospects, given his success with high-stakes action and character-driven stories. Trachtenberg’s Predator run has similarly revitalized the series with fresh takes, making a Schwarzenegger cameo or starring role a potential box-office draw.

Schwarzenegger’s comments reflect his enduring passion for these characters. “The studio has plenty of money to make those really big,” he quipped, hinting at ambitious scopes for the projects. As Hollywood leans into legacy sequels and established IP, his potential returns could anchor major tentpoles in the coming years.

For now, fans await further developments. With discussions advancing, 2026 could mark the beginning of a new chapter for two of Schwarzenegger’s most enduring legacies.

K-pop powerhouse Blackpink continues to dominate headlines following the February 27 release of their third mini-album “Deadline,” the group’s first full group project in over three years since 2022’s “Born Pink.” The five-track EP, led by the EDM-infused title track “GO” and featuring the previously released single “JUMP,” has achieved massive commercial success, breaking records for first-week sales among K-pop girl groups and securing strong Billboard chart positions.

“Deadline” sold 1.46 million copies on its first day, according to Korea JoongAng Daily, setting a new benchmark for highest first-day sales by a K-pop girl group. First-week sales reached 1.77 million units, further solidifying Blackpink’s global dominance. In the U.S., the EP debuted at No. 8 on the Billboard 200 with 52,000 equivalent album units (including 41,000 pure sales), marking their fourth top 10 on the Top Album Sales chart. It also landed at No. 3 on Independent Albums. The lead single “GO” entered the Billboard Hot 100 at No. 63, giving Blackpink their 11th entry on the chart and extending their record as one of the most successful K-pop acts internationally.

Critics have praised the release for its bold sonic evolution while noting the group’s chemistry remains intact. People magazine highlighted that Blackpink is “better together than apart,” with “Deadline” proving untapped potential despite long gaps between group activities. Korea JoongAng Daily described it as walking a “fine line between reinvention and evolution,” blending high-energy EDM with the quartet’s signature confident style. The album’s production involved contributions from the members themselves, including co-writing credits on “GO” alongside Chris Martin of Coldplay, adding a fresh collaborative layer.

Promotion has been active on Korean music shows. Blackpink secured wins for “GO” on Inkigayo and Show Champion in early March, with performances drawing widespread acclaim for their high-energy choreography and stage presence. The music video for “GO” features sci-fi visuals that have resonated with fans, amassing millions of views shortly after release.

Despite the comeback’s triumph, uncertainty looms over Blackpink’s long-term future. Reports indicate the group’s current group contract with YG Entertainment — renewed in 2023 for approximately three years — is set to expire in late 2026, potentially around their 10th anniversary. Discussions for a second renewal could begin in the second half of 2026, according to industry sources cited in outlets like The Korea Herald and YouTube analyses. YG’s recent announcement of 2026 plans for its artists notably omitted specific group activities for Blackpink beyond the “Deadline” era, sparking fan frustration on platforms like Reddit and Facebook.

A YG video outlining company initiatives for the year mentioned Blackpink only in passing, tying them to the label’s 30th anniversary without detailing comebacks, tours or content. Fans expressed disappointment over the lack of plans during the group’s milestone year, with some speculating a potential hiatus or shift in management. While individual members — Jisoo, Jennie, Rosé and Lisa — have thrived with solo projects through their own labels or partnerships, group activities have remained sporadic.

Blackpink’s members have balanced solo endeavors successfully. Lisa has been filming in Indonesia, Jisoo appeared at Dior events in Japan and starred in projects like “Boyfriend on Demand,” Rosé and Jennie pursued music and fashion ventures. Their individual successes have not diminished group impact; “Deadline” underscores their synergy when united.

The EP’s rollout followed a 2025 world tour that included the pre-released “JUMP” as a summer highlight. No encore dates or new tours have been announced post-“Deadline,” though fans anticipate further promotions. Blackpink also achieved a historic milestone by surpassing 100 million YouTube subscribers earlier this year, cementing their status as the most-subscribed artist on the platform.

As March progresses, attention turns to potential extensions or changes in their YG partnership. Industry observers note that while YG values Blackpink’s commercial power, the members’ independent paths could influence negotiations. For now, Blinks worldwide celebrate “Deadline’s” chart wins and hope for more group music amid the contract buzz.

Blackpink’s trajectory remains one of unprecedented global reach. With strong sales, music show victories and ongoing solo momentum, the quartet’s influence shows no signs of waning — even as questions about their collective future persist into late 2026.