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BW Businessworld

Secrets To A Successful IPO: Shining Stars In A Dark Sky

The market mood was not quite right for IPOs, yet Affle and IndiaMART did make a spash with their public offers. A BW Businessworld analysis with expert viewpoints

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The IPO market in 2019 has been challenging. While in 2018, 24 companies had raised Rs 30,959 crore, in the current year only 11 companies have so far gone public, raising Rs 10,300 crore.

The economic slowdown, dampened market sentiments, a threat of global recession, and US-China trade war are all said to have contributed to this lacklustre show.

While 90 companies had approached SEBI for raising funds through an IPO in 2018, this year the figure stands at a measly 23.

Many firms have put on hold their IPOs even after getting the go-ahead from SEBI due to the aforesaid factors.

The top five companies by subscription to have come up with a public offer in 2019 are Affle India, Polycab India, Neogen Chemicals, Indiamart and Metropolis Healthcare. Of these, only Affle and Indiamart went ahead with their public issue post-election, post-Budget.

Other two entities that went for an IPO around the same time were Sterling and Wilson and Spandana Sphoorty but they didn’t do well.

In the following pages, we look at the two successful IPOs, post-election, post-Budget and try to decode the secret to a good IPO.

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ipo market