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IPOs Revitalized once again? - Views on News from Equitymaster
 
 
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  • Sep 2, 2000

    IPOs Revitalized once again?

    The Initial Public Offering market is set to heat up this month with more than 11 issues slated to hit the market. The total sum to be raised from these issues amounts to Rs 14 bn. This includes bond issue from ICICI limited; Rights issue from Ceat Financial Services and Book Building issues from Pritish Nandy, MRO-TEK, Tips Industries and Creative Eye Limited.

    Mediatainment
    Name of the company Type Offer Price
    (Rs)
    Offer size
    (Rs m)
    Issue Opening
    date
    Hughes Tele.com Book-Building 12 7,492 29th August
    ICICI Safety Bonds Bonds - 2,500 28th August
    Pritish Nandy Communications Book-Building 155 406 4th September
    MRO-TEK Limited Book-Building 95 238 4th September
    Zen Technologies Public Issue N/A N/A 4th September
    Tips Industries Ltd. Book-Building 325 1,000 5th September
    Tabassum International Public Issue 10 40 6th September
    Twin Cities Infotech Public Issue N/A N/A 14th September
    Ontrack Systems Ltd. Public Issue 20 47 20th September
    Indian Overseas Bank Public Issue 10.00 1,112 25th September
    Ceat Financial Services Rights Issue 10.00 1,109 28th September
    Creative Eye Ltd. Book-Building 150-200 400 Mid September
    Total 14,344

    These companies (Creative Eye, MRO-TEK, and Tips) postponed their issue plans due to depressed sentiment and poor response to some of the previous issues like SIP Technology and Arraycom. In fact, these two companies reimbursed application money.

    Why is there a sudden improvement in sentiment? The main reason for this could be attributed to public issue of Hughes Tele.com, which has come out with a book building issue to raise Rs 7 bn at a floor price of Rs 12 per share. This has triggered sentiment in primary market, which has been witnessing a series of issues from small software companies.

    The IPO market may further heat up if the public issue from Hughes Tele.com goes through successfully. This may add spark to the primary markets, which has been showing lacklustre performance for the past six months.

     

     

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