AceVector, the company behind Snapdeal, raised Rs 189 crore from anchor investors ahead of its initial public offering, which opens for public subscription on September 25. The company allotted 5.9 crore shares to anchor investors at Rs 32 per share, the upper end of its IPO price band. Negen Undiscovered Value Fund received the largest allocation in the anchor book, with 1,24,99,812 shares worth about Rs 40 crore. Singularity Growth Opportunities Fund II was the second-largest anchor investor, receiving 84,37,104 shares worth nearly Rs 27 crore.

Turnaround Opportunities Fund was allotted 62.49 lakh shares worth about Rs 20 crore. Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund and LC Pharos Multi Strategy Fund VCC were each allotted 46.87 lakh shares worth about Rs 15 crore.

Other investors in the anchor book include Helios Mid Cap Fund, Helios Small Cap Fund, Ashika Global Finance, Taurus Ethical Fund, Emerge Capital Opportunities Scheme, Saint Capital Fund, ASAS Global Fund Incorporated VCC Sub Fund and TMF Holdings.

Also Read | Snapdeal IPO: GMP, price band among 10 things to know about AceVector public offer

Out of the total anchor allocation, 93.74 lakh shares, or 15.87% of the anchor investor portion, were allotted to two domestic mutual funds through three schemes. These were Helios Mid Cap Fund, Helios Small Cap Fund and Taurus Ethical Fund. The mutual fund allocation was worth about Rs 30 crore.

The company reported no applications from insurance companies and pension funds, so no allocations were made to them.
AceVector’s IPO will open on Friday, September 25, and close on Tuesday, September 29. The anchor investor bidding opened and closed on September 24.Also Read | Missed the NSE IPO? Here are 5 of the largest issues in the pipeline to keep on your radar

The price band has been fixed at Rs 30-32 per share. Investors can bid for a minimum of 468 shares and in multiples of 468 shares thereafter. At the upper price band, the minimum retail application works out to Rs 14,976.

The public issue comprises a fresh issue of Rs 287 crore and an offer for sale of up to 4,15,62,500 shares by existing shareholders. At the upper price band, the OFS is worth about Rs 133 crore, taking the total issue size to around Rs 420 crore.

The fresh issue proceeds will be used for marketing and business promotion expenses of the company’s marketplace business, technology infrastructure costs, inorganic growth through acquisitions and general corporate purposes.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Canada’s push to expand its economic relationships around the world should not be mistaken for a retreat from the U.S., a leading Canadian business voice told FOX Business, warning that continued uncertainty over North American trade risks creating a “capital chill” that could weigh on investment.

Goldy Hyder, president and CEO of the Business Council of Canada, said Canadian companies continue to view the U.S. as their most important market even as Prime Minister Mark Carney’s government accelerates efforts to attract investment and expand trade with Europe and other markets.

“Even a kid with a lemonade stand would know, it’s not good for business to just have one customer,” Hyder said, describing Canada’s approach as a “U.S. Plus” strategy.

“The United States is and will be our most important trading partner,” he added.

The push comes amid a sharp deterioration in the trading relationship between the longtime allies. Nearly 68% of Canadian exports have gone to the U.S. this year, with roughly 80% of those shipments moving duty-free under exemptions provided by the U.S.-Mexico-Canada Agreement, according to Canadian and U.S. government data cited by Reuters.

WHAT ARE THE MAIN STICKING POINTS IN THE TRUMP ADMIN’S TRADE NEGOTIATIONS WITH CANADA, MEXICO?

Washington and Ottawa have exchanged new trade restrictions in recent weeks after negotiations broke down, adding uncertainty over the future of USMCA. The agreement remains in force, although the U.S. declined to renew it in its current form during a July review and has continued negotiations with its North American partners.

“Business does not welcome uncertainty, it shuns uncertainty, and there’s too much of that,” Hyder said.

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“The key here is the uncertainty can create capital chill, it will create hesitancy because we just can’t be sure the environment in which we’re dealing.”

That concern is shared by the U.S. Chamber of Commerce, which is urging all three governments to quickly resolve the issue.

“For businesses and investors, it is essential to restore certainty to a North American economic partnership on which 13 million U.S. jobs depend,” Neil Herrington, the Chamber’s senior vice president for the Americas, told FOX Business.

Herrington said the Chamber wants the process concluded in a way that eliminates tariffs and broader trade restrictions while ensuring the relationship “remains trilateral.”

Carney, meanwhile, is attempting to position Canada as a more diversified destination for global capital. His government has set a goal of helping catalyze 1 trillion Canadian dollars in investment over five years, with a focus on sectors including energy, mining, technology and infrastructure.

Canada has also pursued deeper ties with Europe. The EU is Canada’s second-largest trading partner after the U.S., accounting for $178 billion in total trade last year, Global Affairs Canada spokesperson Renelle Arsenault told FOX Business.

Arsenault said Ottawa remains committed to a “fair and stable economic relationship” with the U.S. while simultaneously diversifying its trade and investment relationships.

Hyder similarly cautioned against interpreting Canada’s outreach abroad as an alternative to North American economic integration.

“I don’t believe there’s any scenario in which we seek to have more regulatory and/or tax or other types of integration with Europe because it’s nowhere near as competitive as we are, and certainly you are in terms of what we have going when it comes to the USMCA,” he said.

“That is the foundational trade architecture under which we operate.”

Hyder also dismissed concerns that Washington’s separate negotiations with Canada and Mexico signal that the three-country framework is fragmenting.

“All roads point to a merger. All roads point to this coming together trilaterally,” Hyder said, adding that businesses are seeking a “timely, trilateral, tariff-exempt” review and renewal of the USMCA.

Global Affairs Canada likewise said all three countries “would benefit from restoring greater certainty” to the North American free-trade arrangement.

Looking beyond the current dispute, Hyder pointed to energy, nuclear power, food security and critical minerals as areas where the three countries could deepen cooperation and strengthen North American supply chains.

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“It shouldn’t be… America at the expense of Mexico and Canada,” Hyder said. “It should be America, Mexico and Canada thinking as North Americans that we can work together to compete with the rest of the world.”

Reuters contributed to this report. 

SEATTLE — Awakened Grains has introduced a process for controlled germination and starch conversion that transforms whole grains into baking flour that provides better flavor, nutrition and performance, according to the Seattle-based grain technology company. Food manufacturers may use the process to make whole grain bread, pastries, snacks, breakfast cereal, pancake mixes, pizza crusts and pasta.

A patent for the process covers cereal and non-cereal grains, ancient grains, legumes, pulses and seeds. Two applications for the Awakened Grains processing technology are in the pipeline. Imperial Flour is available for licensing to baked foods companies, blenders and dry ingredient companies. The company also plans to introduce Power Flour, which is designed to deliver more protein and fiber, as well as less starch, than standard bread flour.

“Awakened Grains exists to help consumers enjoy the bread, cookies, cakes, donuts, pastries, pasta and pancakes they crave while getting more of the whole grain nutrition they need,” said David Naccarato, chief operating officer, inventor and founding partner of Awakened Grains. “Parents and schools no longer have to choose between foods kids will eat and foods that support better nutrition. Our patented process improves grains and legumes by removing natural digestive blockers, making more nutrients metabolically available and creating products that are both comfortable to digest and enjoyable to eat.”

Mayor says ‘I’ve spoken to so many people, who look at their high street, and see a physical sign decline on their doorstep’

The Greater Manchester Mayor has pledged to ‘bring banks back to the high street’ as part of efforts to tackle dying town centres and the cost of living crisis.

The GMCA is working with the Manchester Building Society to increase access to explore turning public spaces into community banking sites. This could include making space in libraries, leisure centres, or Post Offices for banking desks to combat the growing number of towns left without access to in-person services.

Banks have closed down more than 500 branches across the UK in the last year alone, with North West classified as the worst-affected area. Government research shows these closures can exacerbate financial exclusion of vulnerable groups, impact negatively on small businesses, and speed up the decline of high streets.

Ms Craig said: “I’ve spoken to so many people, who look at their high street, and see a physical sign decline on their doorstep. At the same time, they’re being told the city is growing in prosperity. Community banking for me is a massive priority in plugging that gap.

“GMCA and the Manchester Building Society will work together to see how we can expand community banking. I’m particularly interested in the model of shared space, working with charities, working with leisure centres and libraries. Obviously, Manchester Building Society is a business, so, they will cover their costs. But in terms of education, financial inclusion, and outreach into communities, there is an opportunity for working together.

“My challenge is to any other banking institution who wants to get back involved in putting people before profit, and investing in the high street, we’ll welcome it.”

The GMCA is joining forces with the Manchester Building Society, who has already participated in similar schemes with four local authorities across the UK.

Andrew Haigh from MBS said: “We have lost nearly two thirds of our high street bank branches. In many places, that means communities are being left with no services in their area. This isn’t just about access to cash. It’s about the services and support provided. And the people who are most affected by this are the most vulnerable.

“We’re taking away the ability to build trust, to get advice. We can’t simply watch this tragedy happen as more and more people get isolated from in person services and support.”

Mr Haigh spoke at the brand new ‘Cost of Living Summit’ called by the Greater Manchester Mayor. Around 300 businesses and charities attended the event at the Renold Building in the city centre with the aim of getting the private sector involved in ‘tackling the crisis and putting money into people’s pockets’.

Addressing the summit, Ms Craig said Cost of Living remained persistent, with residents increasingly feeling like ‘the deal we have, that if you work hard, things will be better for the next generation, is fragile and eroding’, with 43 per cent of Greater Manchester families struggling to cover the bills. She shared memories from her childhood in Greenisland, outside Belfast.

Ms Craig said: “When I was growing up, I didn’t think I was poor. I thought every kid took less food to the harvest festival than they took home. I thought every child had a church helper visit them with parcels and food. I didn’t think it was unusual that you would get your first computer from a skip when the university was throwing it away.

“It taught me resilience, the same resilience I see across Greater Manchester now.”

But the Mayor called for ‘more support’ from both the public and private sectors to bring ‘greater dignity and hope’ to families struggling in the region.

As well as courting more support from private firms, GMCA is setting up a new website, everydaysupport.org.uk, to pool advice and support from dozens of different local, regional and national sources into a single location.

Darden Restaurants on Thursday reported quarterly earnings and revenue that narrowly missed analysts’ expectations as same-store sales growth at Olive Garden slows.

Shares of the company fell as much as 5% in premarket trading but pared back their losses as executives reassured investors on the company’s earnings conference call. The stock was down about 2% in morning trading.

Short-term challenges like consumers’ cyclospora concerns and the World Cup tournament weighed on Darden’s same-store sales during the quarter, executives said. However, CEO Rick Cardenas said that Darden’s restaurant chains are performing better in September, and costs of key commodities, like beef, are projected to improve later in the fiscal year.

Here’s what the company reported for the quarter ended Aug. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share from continuing operations: $2.05 vs. $2.06 expected
• Revenue: $3.20 billion vs. $3.21 billion expected

Darden reported fiscal first-quarter net income of $233.4 million, or $2.04 per share, down from $257.8 million, or $2.19 per share, a year earlier.

Net sales rose 5.1% to $3.20 billion.

The company’s same-store sales increased 3.1% during the fiscal quarter as each of Darden’s business units reported growth. But the World Cup weighed on demand for Darden’s restaurants early in the quarter, dragging the company’s same-store sales down by 80 basis points, or 0.8%, CFO Raj Vennam said.

LongHorn Steakhouse was once again the top performer of the portfolio this quarter, as same-store sales rose 6.2%. The chain has overtaken Olive Garden to become Darden’s top performer, although it still accounts for a smaller share of the company’s overall revenue.

Olive Garden saw its same-store sales inch up 1.1%. While it is still the company’s largest chain by both number of locations and sales, Olive Garden has seen its growth weaken as diners have become more choosy about their spending.

And while many consumers may think about pasta or breadsticks when they consider dining at Olive Garden, the chain was not immune to industry concerns about the deadly cyclospora outbreaks this summer tied to fresh produce.

“During the quarter, Olive Garden was prepared to communicate about one of its core brand equities, unlimited soup, salad and breadsticks, but quickly pivoted away from their planned marketing support in response to external events that led to broader consumer concern about lettuce,” Cardenas told analysts on the company’s quarterly earnings call.

Instead, Olive Garden will run the campaign during the current quarter.

To fuel sales further, Olive Garden is going to lean into weekday lunch occasions. Cardenas said the team is working on “several opportunities” focused on value to drive more traffic during the relatively sleepy daypart.

Darden’s fine-dining business reported same-store sales growth of 1.6%. The segment includes chains like The Capital Grille and Ruth’s Chris.

Executives said that traffic to the company’s fine-dining restaurants is still below pre-pandemic levels. However, traffic trends have been improving, and those restaurants have taken lower price increases than the rest of Darden’s portfolio.

“We are seeing that business spending is still low,” Cardenas said. “We’re starting to see some growth in private dining.”

The company’s remaining chains, which are grouped under its “other business” division, saw same-store sales grow 3.8% in the quarter. The segment includes Yard House, which saw same-store sales climb 10%, fueled by the World Cup. It was the only Darden chain to report a benefit from the tournament.

“Yard House is a high potential growth brand,” Cardenas said, adding that the beer-centric chain is the company’s third billion-dollar brand, as of last week.

Yard House will open 13 new restaurants in fiscal 2027. Five of those openings will be conversions from Darden’s now-shuttered Bahama Breeze chain.

Darden also reiterated its forecast for fiscal 2027. The company is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35.