Equity capital market (ECM) activity more than halved in 2022-23 (FY23) in the midst of a sharp spike in volatility due to aggressive monetary tightening by the US Federal Reserve. Mop-up via initial public offerings (IPOs) dropped 52 per cent year-on-year to ₹54,344 crore in FY23, compared with a record ₹1.12 trillion in 2021-22 (FY22).
Funds raised by qualified institutional placements declined 67 per cent to ₹9,335 crore. Funds mobilised via offer for sale and real estate investment trusts/infrastructure investment trusts fell 23 per cent and 92 per cent, respectively, according to PRIME Database.
Overall, ECM fundraising dropped 56 per cent to ₹76,076 crore, from ₹1.74 trillion in the previous financial year (FY22).
About 20,557 crore, or 39 per cent, of the amount raised in FY23 was by Life Insurance Corporation (LIC) of India alone, without which the IPO fundraising would have been just 31,559 crore. The amount raised in FY23 is still the third highest ever in terms of IPO fundraise," observes Pranav Haldea, managing director, PRIME Database Group.
After LIC, the biggest IPOs were Delhivery (₹5,235 crore) and Global Health (₹2,206 crore). The average deal size for IPOs was a high ₹1,409 crore.
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