Sizzling September: 22 firms file for IPOs

As many as 22 companies filed draft papers for initial public offers (IPOs) in September, the highest in any single month of the calendar year 2010 so far, according to data from the Securities and Exchange Board of India (Sebi).

Draft red herring prospectuses (DRHPs) of at least 22 firms have already been uploaded on the Sebi website. The highest 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, 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 had encouraged India Inc to tap the capital markets, analysts said. The BSE benchmark Sensex regained the 20,000-level in September after a gap of 32 months. 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.