A turbulent stock market notwithstanding, India Inc has raised more than four billion dollars through IPOs in 2008, but had it not been for Anil Ambani-led Reliance Power, this amount would have been just about one-fourth.
The 4.2-billion-dollar raised through 21 IPOs since the beginning of 2008 marks an increase of 62 per cent from 2.6 billion dollars raised through 50 deals in the same period in 2007, according to global deal data provider Dealogic.
However, excluding the Reliance Power IPO, that mopped up a record three billion dollars, the Indian IPO market fell by 52 per cent in volume in 2008 as against the same period in 2007, Dealogic said.
About four billion dollar raised through IPOs in the first quarter of 2008 is also the second highest for a quarter in the Indian capital’s history after over five billion dollar raised in fourth quarter of 2006.
Besides, Deutsche Bank has been ranked as the leading bookrunner of the Indian IPOs, accounting for 16 per cent market share so far in 2008, it added.
Reliance Power IPO issue managers were ABN Amro, Deutsche Bank, Enam Financial Consultants, ICICI Bank, JM Financial, JP Morgan, Kotak Mahindra Finance and UBS.
Although, firms managed to raise 4.2 billion dollars this year also witnessed three IPO withdrawals including that of Emaar MGF, Wockhardt and SVEC Constructions.
The three IPOs had to be withdrawn because of the low response received from investors due to meltdown in the secondary Markets and weak global cues.
Other successful IPOs in the first five months include state-run Rural Electrification Corporation (REC), Future Capital Holdings, Anu Laboratories and Gammon Infrastructure projects.
Meanwhile, a host of firms have filed their draft prospectus with market regulator SEBI recently for entering the capital market and experts believe the coming months may lead to improved situations in the primary Markets.
Around four draft offers have been filed by firms in May itself which include -- Adani Power, retail firm Gini and Jony, Infinite Computer Solutions and Triveni Infrastructure Development Company.
Besides, in April, six firms including Bharat Oman Refinery, Rites Ltd and VRL Logistics had filed their draft offers with the regulator.
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