October 12, 2024 19:06 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Ensure safety and security of Hindus: India to Bangladesh amid reports of attack on Durga Puja pandal | Nexus of crime and politics: Mohan Bhagwat on RG Kar rape-murder case | Hindus should be united and strong, being weak is a crime: RSS chief Mohan Bhagwat | Muslim men threatened to break Durga idol storming into pandal in dispute over music, alleges Kolkata puja club | Tamil Nadu derailment: 19 injured in Darbhanga Bagmati Express collision with goods train, 13 coaches jump track
September to be busiest month for IPOs in last 14 years, says RBI report
Photo Courtesy: Pixabay

September to be busiest month for IPOs in last 14 years, says RBI report

| @indiablooms | 20 Sep 2024, 11:30 pm

Mumbai: September is on track to be the busiest month for initial public offerings (IPOs)—both mainboard and SME—in 14 years, with over 28 companies entering the market so far, Moneycontrl reported, citing the latest monthly bulletin from the Reserve Bank of India (RBI).

The bulletin also noted that an increasing number of listed companies are opting for qualified institutional placements to raise capital, with approximately Rs 60,000 crore secured in the first eight months of 2024.

Despite intermittent corrections driven by global cues, benchmark indices in the secondary market have risen, and the outlook remains bullish, according to the bulletin.

The primary equity market has seen a notable surge of interest in IPOs from small and medium enterprises (SMEs), including significant oversubscriptions from domestic mutual funds. It was also observed that 54 percent of IPO shares allotted to investors were sold within a week of listing.

The RBI Bulletin, a monthly publication that provides insights into domestic and global economic developments, clarified that the views expressed do not necessarily reflect the central bank’s official stance.

In August, 10 companies raised a total of Rs 17,048 crore, the highest in 27 months, marking the strongest primary market activity since May 2022.

Of the funds raised in August, 57 percent—around Rs 9,715 crore—came from fresh capital issues, while Rs 7,333 crore was from offers for sale (OFS).

So far in 2024, 56 IPOs have raised Rs 65,000 crore, compared to just 20 IPOs that raised slightly over Rs 15,051 crore in the first eight months of 2023, with no offerings in January and February.

The renewed interest in IPOs is evident, with 25 companies filing draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) in August alone.

In total, 92 firms have filed DRHPs in 2024, the highest since 2021, when 120 companies submitted draft papers.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.