Main-board IPOs weather global headwinds, collect Rs 52,000-cr

In the dynamic landscape of 2023, the Indian Initial Public Offering (IPO) market exhibited resilience and adaptability, facing global volatility driven by rising interest rates and geopolitical risks. Despite a dip in the capital generated through mainboard IPOs to just over Rs 52,000 crore, experts maintain a strong bullish outlook for 2024, citing increased focus on profitability, reasonable pricing, and a robust regulatory framework.

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Excluding the blockbuster LIC IPO in 2022, IPO collections actually increased by 36% in 2023, with mid and small-cap companies taking center stage. The year started on a tepid note due to global headwinds but gained momentum, with 58 maiden public issues raising Rs 52,637 crore.

Mahavir Lunawat, Managing Director at Pantomath Capital Advisors, highlighted the increased focus on profitability and reasonable pricing as key factors driving IPO interest. V Prashant Rao, Director & Head – ECM, Investment Banking at Anand Rathi Advisors, expressed optimism, believing that the momentum from 2023 will spill over into 2024, creating a potential golden period for Indian primary markets.