Silver lining amid dark clouds

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Although the year 2013 didn't see much primary market activity, the few public offerings that saw good participation, such as Just Dial or PowerGrid, delivered good returns to investors. Just Dial, the largest IPO of 2013, has gained nearly three times from its issue price, while the recently concluded PowerGrid FPO, which saw 400,000 retail applications, has given almost 20 per cent returns to small investors. Interestingly, the BSE IPO index, a barometer for performance post listing, gained nearly three times in 2013. Besides nearly three dozen tiny IPOs by SMEs, last year was primarily dominated by offer for sales by companies with high promoter holding. Share sales by companies such as Tata Communications, Thomas Cook and AstraZeneca made good returns for investors