PUBLIC SURGE
- AROUND ₹17,500 CRORE HAS BEEN RAISED TILL AUGUST THROUGH MAINBOARD AND SME IPOS
- HOWEVER, THERE IS A STRONG PIPELINE WITH ISSUES WORTH OVER ₹80,000 CRORE
- MOST OF THE NEW LISTINGS OF 2023 HAVE DONE WELL AND ARE TRADING ABOVE THEIR ISSUE PRICE
- SIGNIFICANT FALL IN IPO FUNDRAISING IN 2023 COMPARED TO THE PAST TWO YEARS
GOOD, BUT CAN do better.” This clichéd response is a ritual at parent-teacher meetings in schools. Now, though, it has also become a constant refrain in one unlikely place: the primary market.
Ask any market participant now about the primary market, and pat comes the reply: It’s doing fine, but it can definitely do better in the months ahead.
This is because there has been a notable increase in primary market activity, led by small and medium enterprises (SMEs), coming after two roller-coaster years when market participants first experienced exhilarating highs in 2021 before activity tapered and then plunged by the end of 2022. But there is a glimmer of hope that the strong pipeline of initial public offerings (IPOs)—or public issues in local parlance— could spark a repeat of 2021. IPOs worth over ₹80,000 crore are waiting to be launched.
This cautious optimism, to use a staple of market-speak, has taken a while to build because 2023 began with a visible lull in the primary market—the section of the market where new or unlisted companies get listed on the stock exchanges through IPOs. Then in March, a slow trickle of IPOs began—just two to three a month—that has gained volume and momentum to the extent that there were around 20 IPOs—including mainboard and SME issues—in September. This included public issues of well-known companies like JSW Infrastructure and Yatra Online.
This story is from the October 29, 2023 edition of Business Today India.
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This story is from the October 29, 2023 edition of Business Today India.
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