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Indian firms raise Rs 6,482 cr through 14 IPOs in first quarter of 2019: EY

In the latest quarter, the main markets (BSE and NSE) witnessed five IPOs

Press Trust of India  |  New Delhi 

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raised $940 million (about Rs 6,482.48 crore) through 14 in the first quarter of 2019 and the is expected to gather more steam post elections, an EY report said Tuesday.

The report also noted that during January-March 2019, (and NSE, including SMEs) ranked fourth globally in terms of number of

According to the 'EY India IPO Trends Report: Q1 2019', capital were energised in the reported quarter on hopes of a stable outcome of Lok Sabha elections.

In the latest quarter, the main (and NSE) witnessed five IPOs, while SME market saw nine spread across different sectors, such as transportation, infrastructure, IT consultancy, etc.

"Investors and other stakeholders are waiting for the outcome of national elections....till then, are expected to remain at low levels," Sandip Khetan, Partner and National Leader, Financial Accounting Advisory Services (FAAS), EY India said.

Khetan further noted that if a stable government is formed, are likely to gather momentum and there could be flood of and fundraising activities in the second half of 2019.

Around 70 companies have received clearance from regulator Sebi, but are waiting for election results. About 19 firms are awaiting clearance from the regulator, which indicates a strong pipeline of IPOs, the report said.

Going forward, the factors that could affect markets and in 2019 include RBI's measures to ease tight liquidity, increased election-related government spending and consequent rise in corporate earnings for the coming quarters.

In global context, Europe Middle East, India and Africa (EMEIA) region's two largest IPOs in the quarter came from NSE, accounting for 94 per cent of India's IPO proceeds and 66 per cent of EMEIA's proceeds for the reported quarter.

First Published: Tue, April 02 2019. 17:00 IST