IPO mart revs up in 3 yrs of Modi govt, garners Rs 45,000 cr

Strong liquidity, from mutual funds and foreign institutional investors, supported the IPO market

Three years since Narendra Modi was sworn in as prime minister, the mood in the primary market has improved. Fifty-seven Initial Public Offers of equity (IPOs) have hit the market in this period and collectively garnered about Rs 45,000 crore. In this period, the benchmark indices surged 24 per cent.

Of these offers, 16 had an issue size in excess of Rs1,000 crore. The biggest IPOs were of ICICI Prudential Life Insurance (Rs6,057 crore), Inter Globe Aviation (Rs 3,025 crore), PNB Housing (Rs3,000 crore) and Equitas Holdings (Rs2,177 crore).

Investment bankers say strong liquidity, particularly from mutual funds and foreign