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Despite turbulence, the equity capital market (ECM) activity in 2020 was the best in a decade, driven by follow-on transactions.
Funds raised through initial public offerings (IPOs) and follow-on transactions, such as qualified institutional placements (QIPs) and rights issues, totalled Rs 1.7 trillion in 2020 — most in 10 years. Of this, Rs 1.44 trillion was raised through QIPs and rights issues.
Though fundraising activity almost came to a standstill for a month after the Covid outbreak, it gathered momentum from May onwards. In the new phase of fundraising, known as “Covid Capital”, companies raised money through QIPs and rights to shore up their balance sheet and for consolidation began.
