Samvat 2078 has been encouraging for IPOs but the situation in the new year is challenging

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Mumbai: 40 companies in the country have raised a record Rs 88,474 crore in the year ended 2078 so far as raising funds through public offerings (IPOs) is concerned. Earlier in Samvat 2077, 47 companies have raised Rs 81655 crore through IPO.

Despite high volatility in the secondary market, overall funding numbers have been high due to two major IPOs LIC and Paytm in the past year.

Due to the interest of retail investors and global liquidity, it was easy for companies to raise money, but now in view of the increase in interest rates by the central banks and the decrease in liquidity from the market, Samvat 2079 is set to be a challenge for the country's IPO market, said a research report.

It remains to be seen whether companies that have filed draft red herring prospectuses now come to market. In Samvat 2078, LIC raised Rs 21,008 crore through public subscription while Paytm raised Rs 18,300 crore.

As many as five large bharnas came into the market in the first five-six months of Samvat 2078 when investor sentiment was positive and liquidity in the market was also high. However, investors' minds are currently in a quandary due to the high volatility in the secondary market.

The BSE IPO Index, which tracks new listings, has fallen 29.60 percent in the last 12 months, while the Cenquex has lost 2.50 percent. The weak listings have also forced the Securities and Exchange Board of India (SEBI) to tighten some norms.


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