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IPOs Revitalized once again?

Sep 2, 2000

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.

Name of the companyTypeOffer Price
Offer size
(Rs m)
Issue Opening
Hughes Tele.comBook-Building12 7,492 29th August
ICICI Safety BondsBonds - 2,500 28th August
Pritish Nandy CommunicationsBook-Building155 406 4th September
MRO-TEK LimitedBook-Building95 238 4th September
Zen TechnologiesPublic IssueN/AN/A4th September
Tips Industries Ltd. Book-Building325 1,000 5th September
Tabassum InternationalPublic Issue10 40 6th September
Twin Cities InfotechPublic IssueN/AN/A14th September
Ontrack Systems Ltd. Public Issue20 47 20th September
Indian Overseas BankPublic Issue 10.00 1,112 25th September
Ceat Financial ServicesRights Issue 10.00 1,109 28th September
Creative Eye Ltd. Book-Building150-200 400 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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