Sizzling September: Over 22 cos approach Sebi for IPOs

As many as 22 companies filed draft papers for initial share offers in September, the highest in any single month of 2010 so far, according to data from market regulator Sebi.

As per details available with the Securities and Exchange Board of India (Sebi), over 22 companies filed draft red herring prospectus (DHRP) for their proposed initial public offers in September.

The DRHP of at least 22 firms has already been uploaded on the Sebi website, while some are still to be uploaded. The maximum number of DHRPs filed in a single month this year so far was 18 in March.
    
The companies that jumped on the IPO bandwagon during September include state-run Manganese Ore India Ltd and Hindustan Copper.
    
Some other big names include L&T Finance Holdings (Rs 1,500 crore), Kalpataru Ltd (Rs 1,000 crore) infra major HCC- promoted Lavasa Corporation (Rs 2,000 crore) and Kishore Biyani-promoted Future Ventures India (Rs 750 crore).
    
The rally in the secondary market and some good listings in recent weeks have also encouraged India Inc to tap the capital markets, analysts said.
    
The BSE benchmark Sensex regained the magical 20,000-level in September after a gap of 32 months. Equity analysts said the rally was driven by huge inflows from FIIs, which have invested over Rs 80,000 crore in local stocks so far this year.