With realty giant DLF finally filing offer document for a mega Rs 13,500-crore IPO and Rs 5,260-crore Cairn India issue getting fully subscribed, the money raised through the IPOs by the corporates this fiscal is likely to be around Rs 35,000 crore with some more issue in the pipeline.
"There were 37 IPOs during the period April-November 2006 which raised Rs 15,189 crore as compared to Rs 5,890 crore raised through 41 IPOs during the same period in the previous fiscal," the SEBI bulletin issued in December said. In fiscal 2006, some mega IPOs like Reliance Petroleum and Cairn India hit the market to raise more than a billion dollar each.
While Reliance Petroleum, Tech Mahindra and Sobha Developers raised investor interest to new highs by getting oversubscribed by huge numbers, Deccan Aviation and Cairn India just managed to scrape through. Drama unfolded on the last trading day of 2006 when Nissan Copper IPO was listed on the BSE and NSE and rose by nearly 248 per cent due to alleged manipulations by the promoters as the circuit filter don't operate on the day of listing.
Among the other IPOs that raised money from primary market in the fiscal 2007 so far were Parsvnath Developers, Gwalior Chemicals, Gayatri Projects, Usher Agro, Patel Engineering, Rathi Udyog, Development Credit Bank, Blue Bird, LT Overseas, Opto Circuit and Plethico Pharma. The revival of the primary market started in 2003-04, gathered momentum in 2004-05, received overwhelming response in 2005-06 and during the first eight months of 2006-07.
Source: The Economic Times, Mumbai
