After 4 bleak years, cos bag Rs 14,461 cr via IPOs in FY16
After four dismal years for the IPO market, 24 companies hit Dalal Street last fiscal to raise Rs 14,461 crore, highest in five years. The Initial Public Offer market looks promising for the current financial year as well, with 25 companies already receiving the Sebi approval to raise over Rs 12,500 crore via this route, Prime Database MD Pranav Haldea said. Besides, six more firms are awaiting Sebi’s clearance to raise Rs 3,000 crore. In addition, many more filings are expected in the near future. According to an analysis based on information available with stock exchanges, 24 main-board IPOs collectively raised Rs 14,461 crore in 2015-16 despite turbulent secondary markets, much higher than eight IPOs that mopped-up Rs 2,770 crore in the preceding year. Last fiscal, ended March 31, also marks the highest fund mobilisation since 2010-11, when companies had raised Rs 33,098 crore through IPOs. Companies had together mobilised Rs 1,205 crore, Rs 6,497 crore and Rs 5,893 crore in 2013-14, 2012-13 and 2011-12, respectively. Moreover, 2015-16 again witnessed significant activity in the SME platforms as there were as many as 50 SME initial share-sale programmes which collected Rs 311 crore.